Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0050%/8h= +5.4% APRpaid last 24h +0.040%

Price spread now: Hyperliquid against BloFin+0.182%7-day average +0.115% · you sell dearer than you buy

Net, funding: paid 7d − costs−$41as in the Funding arb table

Net, price: spread back to 7d avg − costs−$45as in the Price arb table

costs, in and out, $10k−$520.518% of the position

Long on BloFin Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.110%+$11 on $10k

Price spread, last 4 days (all we have)−0.230%−$23 · spread now +0.182%, 7d avg +0.115%

Together, before fees−0.120%+ Points / potential airdropHyperliquid: Season 2 · farm board−$12 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Hyperliquid is 0.067% dearer against BloFin than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of +0.115%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin PENDLE-USDT	2.4748	0.0050	pay 0.0050% / 8h	2h 16m	$1.1M	$610K	75x
Short	Hyperliquid PENDLE	2.4793	0.0100	get 0.0013% / 1h	16m 59s	$12.8M	$6.1M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against BloFin. 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 BloFinbpFee HyperliquidbpOrdersPrice spread, now +0.182%Rate

Funding earned: $10.45
Price spread: +0.182% → +0.115%: $6.66
Slippage, 4 orders: −$30.82
Fee BloFin: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$34.71
Costs to cover: 0.518%
Break-even: 30.3 days

Slippage from BloFin: live order book, 5 min ago; Hyperliquid: live order book, 6 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 BloFin live order book, 5 min ago	0.41 bp	9.0 bp −$9	21.7 bp −$217	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 6 min ago	1.83 bp	17.8 bp −$18	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	2.4410	−1.366%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0154%	1h	2.4771	+0.093%	$24K	$15K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0035%	8h	2.4772	+0.097%	$19K	$15K	10x	as long as short
Gate PENDLE_USDT	−0.0010%	8h	2.4800	+0.210%	$737K	$1.1M	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4750	+0.008%	$10K	—	5x	as long as short
Extended PENDLE-USD	+0.0040%	1h	2.4715	−0.135%	$159K	$577K	10x	as long as short
MEXC PENDLE_USDT	+0.0041%	8h	2.4753	+0.020%	$17.6M	$2.0M	125x	as long as short
Binance PENDLEUSDT	+0.0042%	8h	2.4737	−0.046%	$26.1M	$44.6M	75x	as long as short
BloFin PENDLE-USDTlong	+0.0050%	8h	2.4748	long leg	$1.1M	$610K	75x
Reya PENDLERUSDPERP	+0.0075%	1h	2.4776	+0.113%	$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	+0.0088%	1h	2.4773	+0.101%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4767	+0.077%	$525K	$426K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4756	+0.033%	$35K	$9K	10x	as long as short
Hyperliquid PENDLEshort	+0.0100%	1h	2.4793	+0.182%	$12.8M	$6.1M	5x
Aster PENDLEUSDT	+0.0100%	8h	2.4765	+0.069%	$47K	$170K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4725	−0.093%	$14.4M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4750	+0.008%	$3.1M	$6.6M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4782	+0.137%	$877K	$558K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4732	−0.065%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4764	+0.065%	—	$8.4M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4491	−1.040%	$551K	$1.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4507	−0.972%	$24K	$373K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.4791	+0.174%	$415K	$2.2M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4730	−0.073%	$75K	$234K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4801	+0.214%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4758	+0.040%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4769	+0.085%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.4810	+0.251%	$158K	$534K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0833%	1h	2.4815	+0.271%	$357K	$404K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1176%	1h	2.4804	+0.226%	$116K	$263K	20x	as long as short