PENDLE

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0460%/8h= −50.4% APRnext payment −$0.57 per $10,000 · paid last 24h +0.049%

Price spread now: Hyperliquid against Coinbase International−0.182%49s7-day average +0.044% · you buy dearer than you sell

Net, funding: paid 7d − costs−$66as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$710.709% of the position

Long on Coinbase International Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.050%+$5 on $10k

Price spread, last 3 days (all we have)+0.207%+$21 · spread now −0.182%, 7d avg +0.044%

Together, before fees+0.257%+ Points / potential airdropHyperliquid: Season 2 · farm board+$26 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$14 a day on $10k at the current rate, and Hyperliquid is 0.226% cheaper against Coinbase International than usual: you would sell low and buy high (−$23 if the spread goes back to its 7-day average of +0.044%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.050%, so the current rate has only just turned against you. The two prices were read 49 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.050% in total (about 2.6% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.57 per $10,000. 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	Coinbase International PENDLE-PERP-INTX	2.5220	0.0560	pay 0.0070% / 1h	32m 21s	$116K	$431K	25x
Short	Hyperliquid PENDLE	2.5174	0.0100	get 0.0013% / 1h	32m 21s	$12.3M	$5.6M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Coinbase International. 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 Coinbase InternationalbpFee HyperliquidbpOrdersPrice spread, now −0.182%Rate

Funding earned: −$96.6
Price spread: −0.182% → +0.044%: −$22.64
Slippage, 4 orders: −$51.93
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$190.16
Costs to cover: 0.709%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 55 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 Coinbase International live order book, 55 min ago	5.86 bp	14.7 bp −$15	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 10 min ago	0.20 bp	12.7 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	−0.4806%	1h	2.4860	−1.427%	$2K	$7K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0430%	1h	2.5205	−0.059%	$150K	$279K	20x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0227%	1h	2.5167	−0.210%	$30K	$10K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5179	−0.161%	$11K	—	5x	as long as short
Variational Omni PENDLE	+0.0024%	8h	2.5124	−0.380%	$609K	$2.3M	—	as long as short
Reya PENDLERUSDPERP	+0.0035%	1h	2.5150	−0.277%	$4K	—	15x	as long as short
Orderly PERP_PENDLE_USDC	+0.0036%	8h	2.5154	−0.262%	$25K	$11K	10x	as long as short
BloFin PENDLE-USDT	+0.0042%	8h	2.5162	−0.230%	$1.3M	$745K	75x	as long as short
MEXC PENDLE_USDT	+0.0045%	8h	2.5142	−0.309%	$16.9M	$2.2M	125x	as long as short
Binance PENDLEUSDT	+0.0045%	8h	2.5142	−0.308%	$27.4M	$39.2M	75x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended PENDLE-USD	+0.0048%	1h	2.5133	−0.347%	$165K	$524K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0083%	1h	2.5192	−0.111%	$77K	$240K	50x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5153	−0.266%	$544K	$385K	5x	as long as short
Aevo PENDLE-PERP	+0.0096%	1h	2.5169	−0.203%	$26K	—	3x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5144	−0.300%	$35K	$22K	10x	as long as short
Hyperliquid PENDLEshort	+0.0100%	1h	2.5174	−0.182%	$12.3M	$5.6M	5x
Aster PENDLEUSDT	+0.0100%	8h	2.5151	−0.274%	$41K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5140	−0.317%	$15.6M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5150	−0.278%	$3.3M	$5.7M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5140	−0.317%	$845K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5156	−0.254%	$910K	$609K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5147	−0.289%	$3.7M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5148	−0.285%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5166	−0.216%	$25K	$412K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5180	−0.160%	$416K	$1.6M	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5164	−0.222%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5168	−0.206%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5163	−0.227%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTXlong	+0.0560%	1h	2.5220	long leg	$116K	$431K	25x
Backpack PENDLE_USDC_PERP	+0.0813%	1h	2.5208	−0.048%	$365K	$465K	15x	as long as short