Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.022%

Price spread now: Hyperliquid against KuCoin+0.160%7-day average +0.124% · you sell dearer than you buy

Net, funding: paid 7d − costs−$129as in the Funding arb table

Net, price: spread back to 7d avg − costs−$128as in the Price arb table

costs, in and out, $10k−$1321.318% of the position

Long on KuCoin Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.024%+$2 on $10k

Price spread, last 7 days−0.019%−$2 · spread now +0.160%, 7d avg +0.124%

Together, before fees+0.005%+ Points / potential airdropHyperliquid: Season 2 · farm board$0 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Hyperliquid is 0.036% dearer against KuCoin than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of +0.124%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin PENDLEUSDTM	2.4405	0.0100	pay 0.0100% / 8h	2h 40m	$859K	$554K	50x
Short	Hyperliquid PENDLE	2.4444	0.0100	get 0.0013% / 1h	40m 49s	$12.6M	$6.1M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against KuCoin. 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 KuCoinbpFee HyperliquidbpOrdersPrice spread, now +0.160%Rate

Funding earned: $0
Price spread: +0.160% → +0.124%: $3.62
Slippage, 4 orders: −$110.77
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$128.15
Costs to cover: 1.318%
Break-even: never at this rate

Slippage from KuCoin: live order book, 54 min ago; Hyperliquid: live order book, 12 min ago.

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 KuCoin live order book, 54 min ago	6.50 bp	45.1 bp −$45	140.7 bp −$1,407	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 12 min ago	1.42 bp	13.6 bp −$14	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	−0.3926%	1h	2.4240	−0.676%	$2K	$54K	5.5x	as long as short
Gate PENDLE_USDT	−0.0053%	8h	2.4380	−0.102%	$716K	$1.1M	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0035%	8h	2.4427	+0.090%	$19K	$15K	10x	as long as short
Extended PENDLE-USD	−0.0008%	1h	2.4384	−0.086%	$157K	$579K	10x	as long as short
Binance PENDLEUSDT	−0.0006%	8h	2.4376	−0.119%	$25.7M	$44.2M	75x	as long as short
MEXC PENDLE_USDT	−0.0006%	8h	2.4400	−0.020%	$17.3M	$2.0M	125x	as long as short
BloFin PENDLE-USDT	−0.0003%	8h	2.4420	+0.061%	$1.1M	$599K	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4406	+0.002%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4431	+0.107%	$24K	$15K	10x	as long as short
Reya PENDLERUSDPERP	+0.0073%	1h	2.4435	+0.123%	$3K	—	15x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PENDLE-PERP	+0.0080%	1h	2.4420	+0.061%	$26K	—	3x	as long as short
GRVT PENDLE_USDT_Perp	+0.0094%	8h	2.4470	+0.266%	$405K	$2.1M	10x	as long as short
Aster PENDLEUSDT	+0.0094%	8h	2.4413	+0.032%	$46K	$171K	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4400	−0.020%	$514K	$415K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4419	+0.059%	$34K	$9K	10x	as long as short
Hyperliquid PENDLEshort	+0.0100%	1h	2.4444	+0.160%	$12.6M	$6.1M	5x
Bybit PENDLEUSDT	+0.0100%	8h	2.4362	−0.176%	$14.2M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4390	−0.061%	$3.1M	$6.4M	50x	as long as short
KuCoin PENDLEUSDTMlong	+0.0100%	8h	2.4405	long leg	$859K	$554K	50x
Bitget PENDLEUSDT	+0.0100%	8h	2.4396	−0.037%	$3.6M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4394	−0.045%	—	$8.4M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4411	+0.024%	$548K	$1.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4457	+0.212%	$24K	$373K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4466	+0.250%	$74K	$233K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4459	+0.221%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4423	+0.074%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4427	+0.091%	$5K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0529%	1h	2.4452	+0.193%	$352K	$402K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.4530	+0.512%	$154K	$520K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1192%	1h	2.4469	+0.261%	$115K	$263K	20x	as long as short