Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.025%

Price spread now: Hyperliquid against Polymarket Perps+0.168%7-day average — · you sell dearer than you buy

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

Long on Polymarket Perps Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.178%+$18 on $10k

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

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

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Hyperliquid is 0.168% dearer against Polymarket Perps than usual: you sell high and buy low, +$17 on $10k if it 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	Polymarket Perps PENDLE-USD	2.4424	0.0100	pay 0.0013% / 1h	32m 42s	$16K	$7K	5x
Short	Hyperliquid PENDLE	2.4465	0.0100	get 0.0013% / 1h	32m 42s	$12.6M	$6.1M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Polymarket Perps. 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 Polymarket PerpsbpFee HyperliquidbpOrdersPrice spread, now +0.168%Rate

Funding earned: $0
Price spread: +0.168% → 0.000%: $16.79
Slippage, 4 orders: no order book: not counted
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$0.21
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Polymarket Perps: 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 Polymarket Perps no order-book sample	—	—	—	—	—
Sell Hyperliquid live order book, 10 min ago	1.43 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit

Polymarket Perps: 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	−0.3926%	1h	2.4150	−1.122%	$2K	$54K	5.5x	as long as short
Gate PENDLE_USDT	−0.0043%	8h	2.4410	−0.057%	$718K	$1.1M	75x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0037%	1h	2.4409	−0.061%	$24K	$15K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0035%	8h	2.4408	−0.066%	$19K	$15K	10x	as long as short
BloFin PENDLE-USDT	−0.0007%	8h	2.4396	−0.115%	$1.1M	$599K	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4436	+0.050%	$10K	—	5x	as long as short
MEXC PENDLE_USDT	+0.0005%	8h	2.4415	−0.037%	$17.3M	$2.0M	125x	as long as short
Extended PENDLE-USD	+0.0008%	1h	2.4403	−0.085%	$157K	$582K	10x	as long as short
Binance PENDLEUSDT	+0.0009%	8h	2.4426	+0.008%	$25.8M	$44.2M	75x	as long as short
Reya PENDLERUSDPERP	+0.0074%	1h	2.4404	−0.083%	$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	2.4408	−0.067%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4436	+0.049%	$515K	$416K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4392	−0.131%	$34K	$9K	10x	as long as short
Hyperliquid PENDLEshort	+0.0100%	1h	2.4465	+0.168%	$12.6M	$6.1M	5x
Aster PENDLEUSDT	+0.0100%	8h	2.4439	+0.060%	$46K	$171K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4420	−0.016%	$14.3M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4440	+0.066%	$3.1M	$6.4M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4431	+0.029%	$859K	$554K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4397	−0.111%	$3.6M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4414	−0.041%	—	$8.4M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4431	+0.030%	$549K	$1.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4484	+0.245%	$24K	$375K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.4445	+0.086%	$411K	$2.1M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4493	+0.283%	$75K	$234K	50x	as long as short
Polymarket Perps PENDLE-USDlong	+0.0100%	1h	2.4424	long leg	$16K	$7K	5x
SunX PENDLE-USDT	+0.0100%	8h	2.4391	−0.135%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4410	−0.058%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.4540	+0.475%	$155K	$522K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0660%	1h	2.4454	+0.123%	$354K	$401K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1193%	1h	2.4460	+0.148%	$114K	$262K	20x	as long as short