Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0353%/8h= +38.6% APRpaid last 24h +0.014%

Price spread now: Hyperliquid against Binance+0.199%7-day average +0.090% · you sell dearer than you buy

Net, funding: paid 7d − costs−$34as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$430.427% of the position

Long on Binance Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.082%+$8 on $10k

Price spread, last 7 days−0.212%−$21 · spread now +0.199%, 7d avg +0.090%

Together, before fees−0.130%+ Points / potential airdropHyperliquid: Season 2 · farm board−$13 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$11 a day on $10k at the current rate, and Hyperliquid is 0.109% dearer against Binance than usual: you sell high and buy low: +$11 more if the spread goes back to its 7-day average of +0.090%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.082% in total (about 4.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance PENDLEUSDT	2.5118	−0.0072	get 0.0072% / 8h	2m 54s	$27.1M	$42.3M	75x
Short	Hyperliquid PENDLE	2.5168	0.0280	get 0.0035% / 1h	2m 54s	$12.8M	$6.2M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Binance. 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 BinancebpFee HyperliquidbpOrdersPrice spread, now +0.199%Rate

Funding earned: $74.08
Price spread: +0.199% → +0.090%: $10.89
Slippage, 4 orders: −$23.7
Fee Binance: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $42.27
Costs to cover: 0.427%
Break-even: 3.0 days

Slippage from Binance: live order book, 9 min ago; Hyperliquid: live order book, 10 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 Binance live order book, 9 min ago	0.60 bp	10.4 bp −$10	31.8 bp −$318	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 10 min ago	1.39 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	−0.5000%	1h	2.4940	−0.709%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0266%	1h	2.5170	+0.207%	$28K	$11K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0087%	1h	2.5118	0.000%	$77K	$239K	50x	as long as short
BloFin PENDLE-USDT	−0.0076%	8h	2.5132	+0.056%	$1.3M	$708K	75x	as long as short
MEXC PENDLE_USDT	−0.0073%	8h	2.5120	+0.008%	$17.0M	$1.9M	125x	as long as short
Binance PENDLEUSDTlong	−0.0072%	8h	2.5118	long leg	$27.1M	$42.3M	75x
Extended PENDLE-USD	−0.0072%	1h	2.5109	−0.036%	$165K	$528K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0010%	8h	2.5160	+0.167%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5143	+0.100%	$11K	—	5x	as long as short
GRVT PENDLE_USDT_Perp	+0.0014%	8h	2.5109	−0.036%	$425K	$1.6M	10x	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	+0.0021%	8h	2.5077	−0.165%	$596K	$1.9M	—	as long as short
Reya PENDLERUSDPERP	+0.0047%	1h	2.5151	+0.133%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.5148	+0.118%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5143	+0.100%	$530K	$416K	5x	as long as short
Aster PENDLEUSDT	+0.0098%	8h	2.5132	+0.054%	$47K	$178K	10x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5144	+0.103%	$35K	$18K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5120	+0.008%	$15.5M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5110	−0.032%	$3.2M	$6.0M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5130	+0.048%	$775K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5135	+0.068%	$883K	$600K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5129	+0.044%	$3.7M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5134	+0.064%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5130	+0.046%	$25K	$382K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5185	+0.267%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5158	+0.159%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5167	+0.195%	$5K	—	100x	as long as short
Hyperliquid PENDLEshort	+0.0280%	1h	2.5168	+0.199%	$12.8M	$6.2M	5x
Kraken Futures PF_PENDLEUSD	+0.0596%	1h	2.5196	+0.312%	$119K	$298K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.5340	+0.884%	$141K	$449K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0694%	1h	2.5185	+0.267%	$331K	$489K	15x	as long as short