Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.011%

Price spread now: BingX against Hyperliquid−0.289%7-day average −0.123% · you buy dearer than you sell

Net, funding: paid 7d − costs−$60as in the Funding arb table

Net, price: spread back to 7d avg − costs−$71as in the Price arb table

costs, in and out, $10k−$550.546% of the position

Long on Hyperliquid Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.051%−$5 on $10k

Price spread, last 7 days+0.291%+$29 · spread now −0.289%, 7d avg −0.123%

Together, before fees+0.240%+ Points / potential airdropHyperliquid: Season 2 · farm board+$24 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: BingX is 0.166% cheaper against Hyperliquid than usual: you would sell low and buy high, −$17 on $10k if it goes back to its 7-day average of −0.123%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid PENDLE	2.5228	0.0100	pay 0.0013% / 1h	54m 46s	$12.4M	$6.0M	5x
Short	BingX PENDLE-USDT	2.5155	0.0100	get 0.0100% / 8h	54m 46s	—	$35.7M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Hyperliquid. 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 HyperliquidbpFee BingXbpOrdersPrice spread, now −0.289%Rate

Funding earned: $0
Price spread: −0.289% → −0.123%: −$16.58
Slippage, 4 orders: −$35.6
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee BingX: 5 bp × 2 orders: −$10
Net: −$71.19
Costs to cover: 0.546%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 8 min ago; BingX: 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 Hyperliquid live order book, 8 min ago	1.40 bp	14.5 bp −$15	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 9 min ago	3.81 bp	12.6 bp −$13	23.4 bp −$234	119.8 bp −$12.0K	413.7 bp −$206.8K

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	2.5130	−0.388%	$2K	$54K	5.5x	as long as short
ApeX Omni PENDLEUSDT	−0.0147%	1h	2.5111	−0.463%	$77K	$239K	50x	as long as short
BloFin PENDLE-USDT	−0.0017%	8h	2.5191	−0.146%	$1.3M	$758K	75x	as long as short
Extended PENDLE-USD	−0.0008%	1h	2.5161	−0.266%	$165K	$528K	10x	as long as short
MEXC PENDLE_USDT	−0.0006%	8h	2.5174	−0.213%	$17.0M	$1.9M	125x	as long as short
Binance PENDLEUSDT	−0.0006%	8h	2.5221	−0.028%	$27.2M	$41.5M	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5221	−0.025%	$11K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.5186	−0.166%	$30K	$10K	10x	as long as short
Orderly PERP_PENDLE_USDC	+0.0009%	8h	2.5181	−0.186%	$20K	$16K	10x	as long as short
Reya PENDLERUSDPERP	+0.0043%	1h	2.5132	−0.381%	$4K	—	15x	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	+0.0059%	8h	2.5097	−0.520%	$555K	$1.9M	—	as long as short
GRVT PENDLE_USDT_Perp	+0.0069%	8h	2.5089	−0.550%	$417K	$1.6M	10x	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.5179	−0.193%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5215	−0.051%	$531K	$415K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5117	−0.440%	$35K	$18K	10x	as long as short
Hyperliquid PENDLElong	+0.0100%	1h	2.5228	long leg	$12.4M	$6.0M	5x
Aster PENDLEUSDT	+0.0100%	8h	2.5177	−0.203%	$44K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5197	−0.122%	$15.5M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5200	−0.110%	$3.3M	$6.0M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5160	−0.269%	$783K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5163	−0.257%	$895K	$597K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5163	−0.257%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDTshort	+0.0100%	8h	2.5155	−0.289%	—	$35.7M	—
edgeX PENDLEUSDC	+0.0100%	4h	2.5096	−0.523%	$25K	$395K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5154	−0.293%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5188	−0.158%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5185	−0.169%	$5K	—	100x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0595%	1h	2.5226	−0.007%	$119K	$303K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.5210	−0.071%	$140K	$459K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.1236%	1h	2.5209	−0.075%	$327K	$492K	15x	as long as short