Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0233%/8h= +25.6% APRpaid last 24h +0.016%

Price spread now: Hyperliquid against edgeX−0.006%86s7-day average +0.119% · you buy dearer than you sell

Net, funding: paid 7d − costs−$32as 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−$340.341% of the position

Long on edgeX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.019%+$2 on $10k

Price spread, last 4 days (all we have)−0.476%−$48 · spread now −0.006%, 7d avg +0.119%

Together, before fees−0.457%+ Points / potential airdropedgeX: Active · Hyperliquid: Season 2 · farm board−$46 on $10k · with fees, hour by hour

Funding pays, the price is against you. Hyperliquid is 0.125% cheaper against edgeX than usual: you would sell low and buy high (spread −0.006% now, against its 7-day average of +0.119%). If the spread goes back, that is −$12 on $10k: about 43 hours of funding at the current rate (+$7 a day). At the pace of the last 7 days (+0.019% in total) that is about 46 days. The two prices were read 86 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 0.019% in total (about 1.0% 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	edgeX PENDLEUSDC	2.4687	0.0100	pay 0.0050% / 4h	49m 57s	$24K	$377K	10x
Short	Hyperliquid PENDLE	2.4685	0.0333	get 0.0042% / 1h	49m 57s	$12.6M	$6.1M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against edgeX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 edgeXbpFee HyperliquidbpOrdersPrice spread, now −0.006%Rate

Funding earned: $49.03
Price spread: −0.006% → +0.119%: −$12.48
Slippage, 4 orders: −$16.08
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $2.47
Costs to cover: 0.341%
Break-even: 6.6 days

Slippage from edgeX: live order book, 8 min ago; Hyperliquid: live order book, 3 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 edgeX live order book, 8 min ago	2.03 bp	7.2 bp −$7	59.3 bp −$593	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 3 min ago	2.23 bp	8.6 bp −$9	9.1 bp −$91	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	−0.4334%	1h	2.4430	−1.039%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0115%	1h	2.4656	−0.124%	$25K	$14K	10x	as long as short
Extended PENDLE-USD	−0.0072%	1h	2.4625	−0.249%	$161K	$570K	10x	as long as short
Binance PENDLEUSDT	−0.0071%	8h	2.4647	−0.160%	$26.2M	$43.9M	75x	as long as short
MEXC PENDLE_USDT	−0.0070%	8h	2.4638	−0.197%	$17.3M	$1.9M	125x	as long as short
BloFin PENDLE-USDT	−0.0058%	8h	2.4635	−0.209%	$1.3M	$650K	75x	as long as short
Aster PENDLEUSDT	−0.0046%	8h	2.4661	−0.103%	$47K	$178K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0035%	8h	2.4650	−0.148%	$19K	$15K	10x	as long as short
Gate PENDLE_USDT	−0.0026%	8h	2.4660	−0.108%	$716K	$1.1M	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4666	−0.085%	$10K	—	5x	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	+0.0034%	8h	2.4626	−0.247%	$563K	$1.7M	—	as long as short
Reya PENDLERUSDPERP	+0.0063%	1h	2.4654	−0.132%	$3K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4632	−0.223%	$26K	—	3x	as long as short
GRVT PENDLE_USDT_Perp	+0.0081%	8h	2.4685	−0.007%	$412K	$1.8M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4651	−0.144%	$526K	$414K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4644	−0.173%	$34K	$13K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4640	−0.189%	$14.6M	$12.3M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4650	−0.148%	$3.1M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4654	−0.132%	$872K	$580K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4652	−0.140%	$3.7M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4635	−0.209%	—	$8.6M	—	as long as short
edgeX PENDLEUSDClong	+0.0100%	4h	2.4687	long leg	$24K	$377K	10x
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4674	−0.051%	$75K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4672	−0.059%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4649	−0.152%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4659	−0.113%	$5K	—	100x	as long as short
Hyperliquid PENDLEshort	+0.0333%	1h	2.4685	−0.006%	$12.6M	$6.1M	5x
Backpack PENDLE_USDC_PERP	+0.0422%	1h	2.4693	+0.026%	$355K	$477K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0608%	1h	2.4660	−0.108%	$146K	$491K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1177%	1h	2.4700	+0.053%	$115K	$278K	20x	as long as short