Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0241%/8h= −26.4% APRpaid last 24h −0.011%

Price spread now: Paradex against Hyperliquid−0.123%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Hyperliquid Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHyperliquid: Season 2 · Paradex: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Paradex is 0.123% cheaper against Hyperliquid than usual: you would sell low and buy high (−$12 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid PENDLE	2.5161	0.0341	pay 0.0043% / 1h	11m 33s	$12.7M	$6.2M	5x
Short	Paradex PENDLE-USD-PERP	2.5130	0.0100	get 0.0100% / 8h	11m 33s	$35K	$18K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex against Hyperliquid. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee HyperliquidbpFee ParadexbpOrdersPrice spread, now −0.123%Rate

Funding earned: −$50.69
Price spread: −0.123% → 0.000%: −$12.27
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$75.96
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 11 min ago; Paradex: no order-book sample. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Hyperliquid live order book, 11 min ago	3.16 bp	17.3 bp −$17	doesn't fit	doesn't fit	doesn't fit
Sell Paradex no order-book sample	—	—	—	—	—

Paradex: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

PENDLE on 30 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective PENDLE/USDC PERP	−0.5000%	1h	2.4940	−0.878%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0346%	1h	2.5168	+0.028%	$30K	$10K	10x	as long as short
BloFin PENDLE-USDT	−0.0075%	8h	2.5147	−0.056%	$1.3M	$708K	75x	as long as short
ApeX Omni PENDLEUSDT	−0.0066%	1h	2.5150	−0.044%	$77K	$239K	50x	as long as short
Binance PENDLEUSDT	−0.0066%	8h	2.5120	−0.163%	$27.2M	$42.1M	75x	as long as short
Extended PENDLE-USD	−0.0064%	1h	2.5120	−0.161%	$165K	$528K	10x	as long as short
MEXC PENDLE_USDT	−0.0063%	8h	2.5152	−0.036%	$17.1M	$1.9M	125x	as long as short
Orderly PERP_PENDLE_USDC	−0.0008%	8h	2.5163	+0.008%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5173	+0.047%	$11K	—	5x	as long as short
GRVT PENDLE_USDT_Perp	+0.0016%	8h	2.5140	−0.083%	$416K	$1.6M	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni PENDLE	+0.0025%	8h	2.5186	+0.101%	$595K	$1.9M	—	as long as short
Reya PENDLERUSDPERP	+0.0046%	1h	2.5108	−0.213%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.5155	−0.024%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5143	−0.072%	$530K	$416K	5x	as long as short
Paradex PENDLE-USD-PERPshort	+0.0100%	8h	2.5130	−0.123%	$35K	$18K	10x
Aster PENDLEUSDT	+0.0100%	8h	2.5180	+0.077%	$47K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5099	−0.246%	$15.5M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5100	−0.242%	$3.2M	$6.0M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5130	−0.123%	$785K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5170	+0.036%	$884K	$600K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5127	−0.135%	$3.7M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5131	−0.119%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5152	−0.034%	$25K	$380K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5135	−0.103%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5162	+0.004%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5175	+0.056%	$5K	—	100x	as long as short
Hyperliquid PENDLElong	+0.0341%	1h	2.5161	long leg	$12.7M	$6.2M	5x
Kraken Futures PF_PENDLEUSD	+0.0596%	1h	2.5200	+0.154%	$119K	$298K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.5340	+0.711%	$141K	$450K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0683%	1h	2.5214	+0.211%	$331K	$489K	15x	as long as short