Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0207%/8h= −22.7% APRpaid last 24h −0.013%

Price spread now: SunX against Hyperliquid+0.115%7-day average −0.085% · you sell dearer than you buy

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

Long on Hyperliquid Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.016%−$2 on $10k

Price spread, last 3 days (all we have)−0.190%−$19 · spread now +0.115%, 7d avg −0.085%

Together, before fees−0.206%+ Points / potential airdropHyperliquid: Season 2 · farm board−$21 on $10k · with fees, hour by hour

The price spread pays, funding is against you. SunX is 0.200% dearer against Hyperliquid than usual: you sell high and buy low (spread +0.115% now, against its 7-day average of −0.085%): +$20 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 3.2 days. At the pace of the last 7 days (−0.016% in total) that is about 3 months.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.016% in total (about -0.8% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid PENDLE	2.5109	0.0307	pay 0.0038% / 1h	56m 48s	$12.9M	$6.4M	5x
Short	SunX PENDLE-USDT	2.5138	0.0100	get 0.0100% / 8h	6h 56m	$1K	$1.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

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

latest

Price spreadloading…

Funding on every exchange

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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 SunXbpOrdersPrice spread, now +0.115%Rate

Funding earned: −$43.55
Price spread: +0.115% → −0.085%: $20.02
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee SunX: 4 bp × 2 orders: −$8
Net: −$40.53
Costs to cover: 0.170%
Break-even: from the start

Slippage unknown: Hyperliquid: live order book, 6 min ago; SunX: live order book, 9 min ago. 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, 6 min ago	0.20 bp	16.3 bp −$16	doesn't fit	doesn't fit	doesn't fit
Sell SunX live order book, 9 min ago	500.17 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit

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	−0.4742%	1h	2.4850	−1.032%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0823%	1h	2.5143	+0.135%	$26K	$14K	10x	as long as short
Bybit PENDLEUSDT	−0.0184%	8h	2.5050	−0.235%	$15.3M	$12.0M	50x	as long as short
GRVT PENDLE_USDT_Perp	−0.0145%	8h	2.5176	+0.268%	$416K	$1.7M	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0142%	1h	2.5174	+0.259%	$77K	$237K	50x	as long as short
Extended PENDLE-USD	−0.0112%	1h	2.5068	−0.164%	$163K	$565K	10x	as long as short
Binance PENDLEUSDT	−0.0110%	8h	2.5072	−0.146%	$27.1M	$43.0M	75x	as long as short
MEXC PENDLE_USDT	−0.0110%	8h	2.5079	−0.119%	$17.0M	$1.7M	125x	as long as short
BloFin PENDLE-USDT	−0.0096%	8h	2.5118	+0.036%	$1.3M	$653K	75x	as long as short
Variational Omni PENDLE	−0.0033%	8h	2.5101	−0.033%	$599K	$1.8M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_PENDLE_USDC	−0.0028%	8h	2.5133	+0.096%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5179	+0.279%	$11K	—	5x	as long as short
Aster PENDLEUSDT	+0.0017%	8h	2.5119	+0.039%	$50K	$181K	10x	as long as short
Reya PENDLERUSDPERP	+0.0052%	1h	2.5146	+0.148%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0056%	1h	2.5151	+0.169%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5055	−0.215%	$533K	$414K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5153	+0.175%	$35K	$16K	10x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5050	−0.235%	$3.2M	$6.0M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5120	+0.044%	$785K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5115	+0.024%	$854K	$591K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5046	−0.251%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5086	−0.092%	—	$33.8M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5160	+0.202%	$25K	$379K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5176	+0.267%	$16K	$20K	5x	as long as short
SunX PENDLE-USDTshort	+0.0100%	8h	2.5138	+0.115%	$1K	$1.8M	20x
GMX PENDLE/USD [PENDLE-USDC]	L +0.0158% / S −0.0256%	1h	2.5151	+0.169%	$7K	—	100x	as long as short
Hyperliquid PENDLElong	+0.0307%	1h	2.5109	long leg	$12.9M	$6.4M	5x
Backpack PENDLE_USDC_PERP	+0.0544%	1h	2.5145	+0.143%	$352K	$486K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0632%	1h	2.5190	+0.323%	$144K	$466K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0866%	1h	2.5177	+0.272%	$117K	$291K	20x	as long as short