Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.011%

Price spread now: Hyperliquid against OKX+0.048%7-day average +0.125% · you sell dearer than you buy

Net, funding: paid 7d − costs−$46as in the Funding arb table

Net, price: spread back to 7d avg − costs−$57as in the Price arb table

costs, in and out, $10k−$490.495% of the position

Long on OKX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.037%+$4 on $10k

Price spread, last 7 days−0.064%−$6 · spread now +0.048%, 7d avg +0.125%

Together, before fees−0.027%+ Points / potential airdropHyperliquid: Season 2 · farm board−$3 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 0.077% cheaper against OKX than usual: you would sell low and buy high, −$8 on $10k if it goes back to its 7-day average of +0.125%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX PENDLE-USDT-SWAP	2.5060	0.0100	pay 0.0050% / 4h	1h 39m	$3.2M	$5.8M	50x
Short	Hyperliquid PENDLE	2.5072	0.0100	get 0.0013% / 1h	39m 24s	$12.3M	$5.8M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against OKX. 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 OKXbpFee HyperliquidbpOrdersPrice spread, now +0.048%Rate

Funding earned: $0
Price spread: +0.048% → +0.125%: −$7.74
Slippage, 4 orders: −$30.49
Fee OKX: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$57.23
Costs to cover: 0.495%
Break-even: never at this rate

Slippage from OKX: live order book, 3 min ago; Hyperliquid: live order book, 3 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 OKX live order book, 3 min ago	2.00 bp	17.1 bp −$17	95.9 bp −$959	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 3 min ago	0.80 bp	12.5 bp −$13	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	−0.3656%	1h	2.4770	−1.157%	$2K	$53K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0388%	1h	2.5058	−0.008%	$30K	$10K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5043	−0.066%	$11K	—	5x	as long as short
Extended PENDLE-USD	+0.0024%	1h	2.5033	−0.108%	$164K	$526K	10x	as long as short
MEXC PENDLE_USDT	+0.0025%	8h	2.5036	−0.096%	$16.9M	$2.1M	125x	as long as short
Binance PENDLEUSDT	+0.0026%	8h	2.5038	−0.088%	$27.2M	$40.1M	75x	as long as short
Orderly PERP_PENDLE_USDC	+0.0027%	8h	2.5055	−0.020%	$20K	$16K	10x	as long as short
Reya PENDLERUSDPERP	+0.0039%	1h	2.5036	−0.097%	$4K	—	15x	as long as short
BloFin PENDLE-USDT	+0.0050%	8h	2.4979	−0.323%	$1.3M	$730K	75x	as long as short
ApeX Omni PENDLEUSDT	+0.0060%	1h	2.5020	−0.160%	$76K	$240K	50x	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	+0.0065%	8h	2.5012	−0.191%	$553K	$2.0M	—	as long as short
Aevo PENDLE-PERP	+0.0088%	1h	2.5059	−0.003%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5047	−0.052%	$525K	$422K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5033	−0.107%	$35K	$20K	10x	as long as short
Hyperliquid PENDLEshort	+0.0100%	1h	2.5072	+0.048%	$12.3M	$5.8M	5x
Aster PENDLEUSDT	+0.0100%	8h	2.5061	+0.004%	$42K	$175K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5030	−0.120%	$15.4M	$11.8M	50x	as long as short
OKX PENDLE-USDT-SWAPlong	+0.0100%	4h	2.5060	long leg	$3.2M	$5.8M	50x
Gate PENDLE_USDT	+0.0100%	8h	2.5040	−0.080%	$786K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5057	−0.012%	$894K	$623K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5028	−0.128%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5044	−0.064%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5004	−0.223%	$25K	$410K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.4989	−0.282%	$412K	$1.6M	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5065	+0.020%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5070	+0.040%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5056	−0.017%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.5040	−0.080%	$139K	$461K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0749%	1h	2.5109	+0.196%	$357K	$461K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0751%	1h	2.5086	+0.102%	$147K	$278K	20x	as long as short