PENDLE

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0575%/8h= −63.0% APRnext payment −$0.72 per $10,000 · paid last 24h −0.095%

Price spread now: Hyperliquid against Backpack+0.158%7-day average −0.015% · you sell dearer than you buy

Net, funding: paid 7d − costs−$106as in the Funding arb table

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$400.397% of the position

Long on Backpack Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.659%−$66 on $10k

Price spread, last 4 days (all we have)+0.064%+$6 · spread now +0.158%, 7d avg −0.015%

Together, before fees−0.595%+ Points / potential airdropHyperliquid: Season 2 · farm board−$59 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Hyperliquid is 0.173% dearer against Backpack than usual: you sell high and buy low (spread +0.158% now, against its 7-day average of −0.015%): +$17 on $10k if it goes back. Holding the pair costs −$17 a day in funding at the current rate, which eats that in about 24 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack PENDLE_USDC_PERP	2.5256	0.0817	pay 0.0102% / 1h	33m 12s	$329K	$491K	15x
Short	Hyperliquid PENDLE	2.5296	0.0242	get 0.0030% / 1h	33m 12s	$12.7M	$6.1M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Backpack. 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 BackpackbpFee HyperliquidbpOrdersPrice spread, now +0.158%Rate

Funding earned: −$120.77
Price spread: +0.158% → −0.015%: $17.32
Slippage, 4 orders: −$20.72
Fee Backpack: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$143.17
Costs to cover: 0.397%
Break-even: never at this rate

Slippage from Backpack: live order book, 46 min ago; Hyperliquid: live order book, 9 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 Backpack live order book, 46 min ago	2.00 bp	9.1 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 9 min ago	0.20 bp	8.3 bp −$8	8.8 bp −$88	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	−0.5000%	1h	2.4940	−1.251%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0185%	1h	2.5258	+0.008%	$30K	$10K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0079%	1h	2.5215	−0.162%	$77K	$239K	50x	as long as short
BloFin PENDLE-USDT	−0.0037%	8h	2.5249	−0.028%	$1.3M	$754K	75x	as long as short
Extended PENDLE-USD	−0.0032%	1h	2.5232	−0.094%	$166K	$528K	10x	as long as short
Binance PENDLEUSDT	−0.0028%	8h	2.5247	−0.036%	$27.3M	$41.9M	75x	as long as short
MEXC PENDLE_USDT	−0.0026%	8h	2.5246	−0.040%	$17.1M	$1.9M	125x	as long as short
Orderly PERP_PENDLE_USDC	−0.0001%	8h	2.5250	−0.024%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5242	−0.057%	$11K	—	5x	as long as short
Variational Omni PENDLE	+0.0043%	8h	2.5187	−0.273%	$594K	$1.9M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya PENDLERUSDPERP	+0.0045%	1h	2.5248	−0.031%	$4K	—	15x	as long as short
GRVT PENDLE_USDT_Perp	+0.0050%	8h	2.5225	−0.124%	$418K	$1.6M	10x	as long as short
Aevo PENDLE-PERP	+0.0072%	1h	2.5241	−0.061%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5239	−0.067%	$531K	$415K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5216	−0.158%	$35K	$18K	10x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5250	−0.024%	$46K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5240	−0.063%	$15.6M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5240	−0.063%	$3.3M	$6.1M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5210	−0.182%	$783K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5249	−0.028%	$894K	$600K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5227	−0.115%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5248	−0.032%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5204	−0.207%	$25K	$396K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5269	+0.051%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5247	−0.036%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5264	+0.033%	$5K	—	100x	as long as short
Hyperliquid PENDLEshort	+0.0242%	1h	2.5296	+0.158%	$12.7M	$6.1M	5x
Kraken Futures PF_PENDLEUSD	+0.0593%	1h	2.5292	+0.143%	$120K	$299K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.5340	+0.333%	$141K	$458K	25x	as long as short
Backpack PENDLE_USDC_PERPlong	+0.0817%	1h	2.5256	long leg	$329K	$491K	15x