PENDLE

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.3756%/8h= +411.3% APRnext payment +$4.69 per $10,000 · paid last 24h +0.424%

Price spread now: Hyperliquid against Injective+1.845%7-day average — · you sell dearer than you buy

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

Long on Injective Short on Hyperliquid

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 · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$113 a day on $10k at the current rate, and Hyperliquid is 1.845% dearer against Injective than usual: you sell high and buy low: +$185 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective PENDLE/USDC PERP	2.4550	−0.3656	get 0.0457% / 1h	2m 34s	$2K	$53K	5.5x
Short	Hyperliquid PENDLE	2.5003	0.0100	get 0.0013% / 1h	2m 34s	$12.3M	$6.0M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Injective. 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 InjectivebpFee HyperliquidbpOrdersPrice spread, now +1.845%Rate

Funding earned: $788.76
Price spread: +1.845% → 0.000%: $184.52
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $964.26
Costs to cover: 0.090%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Hyperliquid: live order book, 10 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 Injective no order-book sample	—	—	—	—	—
Sell Hyperliquid live order book, 10 min ago	0.20 bp	17.1 bp −$17	doesn't fit	doesn't fit	doesn't fit

Injective: 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 PERPlong	−0.3656%	1h	2.4550	long leg	$2K	$53K	5.5x
Deribit PENDLE_USDC-PERPETUAL	−0.0270%	1h	2.4984	+1.768%	$29K	$10K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0086%	1h	2.4893	+1.397%	$76K	$239K	50x	as long as short
BloFin PENDLE-USDT	−0.0041%	8h	2.4965	+1.690%	$1.3M	$746K	75x	as long as short
Extended PENDLE-USD	−0.0016%	1h	2.4959	+1.668%	$164K	$526K	10x	as long as short
Binance PENDLEUSDT	−0.0013%	8h	2.4965	+1.690%	$27.0M	$41.3M	75x	as long as short
MEXC PENDLE_USDT	−0.0012%	8h	2.4969	+1.707%	$16.9M	$2.1M	125x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4983	+1.765%	$11K	—	5x	as long as short
Orderly PERP_PENDLE_USDC	+0.0011%	8h	2.4968	+1.703%	$20K	$16K	10x	as long as short
Reya PENDLERUSDPERP	+0.0042%	1h	2.4964	+1.687%	$4K	—	15x	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	+0.0058%	8h	2.4872	+1.310%	$550K	$2.0M	—	as long as short
GRVT PENDLE_USDT_Perp	+0.0060%	8h	2.4917	+1.495%	$414K	$1.6M	10x	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.4966	+1.695%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4980	+1.752%	$528K	$427K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4967	+1.699%	$35K	$20K	10x	as long as short
Hyperliquid PENDLEshort	+0.0100%	1h	2.5003	+1.845%	$12.3M	$6.0M	5x
Aster PENDLEUSDT	+0.0100%	8h	2.4978	+1.744%	$44K	$176K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4964	+1.686%	$15.3M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4990	+1.792%	$3.2M	$6.0M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.4980	+1.752%	$784K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4986	+1.776%	$888K	$597K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4954	+1.646%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4977	+1.739%	—	$35.5M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4905	+1.444%	$25K	$397K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4985	+1.772%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4982	+1.760%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.4979	+1.748%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.5030	+1.955%	$139K	$462K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0688%	1h	2.5013	+1.886%	$356K	$477K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0753%	1h	2.5015	+1.895%	$118K	$305K	20x	as long as short