Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.048%

Price spread now: Bybit against Hyperliquid−0.171%7-day average −0.145% · you buy dearer than you sell

Net, funding: paid 7d − costs−$91as in the Funding arb table

Net, price: spread back to 7d avg − costs−$74as in the Price arb table

costs, in and out, $10k−$710.712% of the position

Long on Hyperliquid Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.202%−$20 on $10k

Price spread, last 7 days+0.137%+$14 · spread now −0.171%, 7d avg −0.145%

Together, before fees−0.065%+ Points / potential airdropHyperliquid: Season 2 · farm board−$6 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: Bybit is 0.026% cheaper against Hyperliquid than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of −0.145%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid PENDLE	2.5173	0.0100	pay 0.0013% / 1h	44m 38s	$12.4M	$5.6M	5x
Short	Bybit PENDLEUSDT	2.5130	0.0100	get 0.0100% / 8h	2h 44m	$15.6M	$12.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.171%Rate

Funding earned: $0
Price spread: −0.171% → −0.145%: −$2.56
Slippage, 4 orders: −$51.17
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$73.73
Costs to cover: 0.712%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 8 min ago; Bybit: live order book, 4 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	0.20 bp	13.5 bp −$13	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	1.99 bp	22.4 bp −$22	53.9 bp −$539	392.7 bp −$39.3K	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	−1.243%	$2K	$7K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0429%	1h	2.5243	+0.276%	$150K	$279K	20x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0067%	1h	2.5193	+0.079%	$30K	$10K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5164	−0.037%	$11K	—	5x	as long as short
Variational Omni PENDLE	+0.0015%	8h	2.5150	−0.091%	$608K	$2.3M	—	as long as short
Reya PENDLERUSDPERP	+0.0034%	1h	2.5185	+0.046%	$4K	—	15x	as long as short
Orderly PERP_PENDLE_USDC	+0.0035%	8h	2.5192	+0.075%	$23K	$8K	10x	as long as short
Extended PENDLE-USD	+0.0040%	1h	2.5127	−0.184%	$165K	$524K	10x	as long as short
MEXC PENDLE_USDT	+0.0040%	8h	2.5140	−0.131%	$16.9M	$2.2M	125x	as long as short
Binance PENDLEUSDT	+0.0040%	8h	2.5138	−0.139%	$27.4M	$39.1M	75x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin PENDLE-USDT	+0.0061%	8h	2.5150	−0.091%	$1.3M	$768K	75x	as long as short
Aevo PENDLE-PERP	+0.0088%	1h	2.5197	+0.095%	$26K	—	3x	as long as short
Aster PENDLEUSDT	+0.0095%	8h	2.5139	−0.134%	$41K	$177K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0096%	1h	2.5178	+0.020%	$77K	$239K	50x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5150	−0.091%	$551K	$376K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5136	−0.149%	$35K	$22K	10x	as long as short
Hyperliquid PENDLElong	+0.0100%	1h	2.5173	long leg	$12.4M	$5.6M	5x
Bybit PENDLEUSDTshort	+0.0100%	8h	2.5130	−0.171%	$15.6M	$12.2M	50x
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5160	−0.052%	$3.3M	$5.6M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5140	−0.131%	$846K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5154	−0.075%	$907K	$607K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5122	−0.203%	$3.7M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5140	−0.131%	—	$36.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5171	−0.007%	$25K	$413K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5162	−0.044%	$415K	$1.6M	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5218	+0.179%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5195	+0.087%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5194	+0.083%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5240	+0.266%	$118K	$438K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0913%	1h	2.5191	+0.072%	$365K	$466K	15x	as long as short