PENDLE

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0100%/8h= −10.9% APRnext payment −$0.13 per $10,000 · paid last 24h −0.078%

Price spread now: Deribit against Hyperliquid−0.165%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Hyperliquid Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHyperliquid: Season 2 · farm boardneeds both histories

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Deribit is 0.165% cheaper against Hyperliquid than usual: you would sell low and buy high (−$17 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid PENDLE	2.4839	0.0100	pay 0.0013% / 1h	41m 01s	$12.6M	$6.0M	5x
Short	Deribit PENDLE_USDC-PERPETUAL	2.4798	0	get 0.0000% / 1h	41m 01s	$25K	$14K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.165%Rate

Funding earned: −$21
Price spread: −0.165% → 0.000%: −$16.51
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$53.51
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 12 min ago; Deribit: no order-book sample. Net counts fees only.

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, 12 min ago	2.20 bp	15.6 bp −$16	doesn't fit	doesn't fit	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

Deribit: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.4938%	1h	2.4490	−1.405%	$2K	$54K	5.5x	as long as short
BloFin PENDLE-USDT	−0.0121%	8h	2.4784	−0.221%	$1.3M	$644K	75x	as long as short
Extended PENDLE-USD	−0.0120%	1h	2.4779	−0.243%	$163K	$568K	10x	as long as short
Binance PENDLEUSDT	−0.0118%	8h	2.4808	−0.125%	$26.6M	$43.2M	75x	as long as short
MEXC PENDLE_USDT	−0.0117%	8h	2.4800	−0.157%	$17.1M	$1.8M	125x	as long as short
Aster PENDLEUSDT	−0.0053%	8h	2.4796	−0.173%	$47K	$175K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0039%	8h	2.4795	−0.177%	$19K	$15K	10x	as long as short
GRVT PENDLE_USDT_Perp	−0.0034%	8h	2.4875	+0.145%	$417K	$1.7M	10x	as long as short
Gate PENDLE_USDT	−0.0010%	8h	2.4800	−0.157%	$722K	$1.1M	75x	as long as short
Variational Omni PENDLE	−0.0009%	8h	2.4780	−0.237%	$546K	$1.8M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX PENDLE-USD	0.0000%	1h	2.4776	−0.255%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUALshort	0.0000%	1h	2.4798	−0.165%	$25K	$14K	10x
Aevo PENDLE-PERP	+0.0048%	1h	2.4788	−0.204%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0059%	1h	2.4788	−0.207%	$3K	—	15x	as long as short
ApeX Omni PENDLEUSDT	+0.0073%	1h	2.4866	+0.109%	$76K	$235K	50x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4791	−0.193%	$529K	$418K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4756	−0.335%	$35K	$15K	10x	as long as short
Hyperliquid PENDLElong	+0.0100%	1h	2.4839	long leg	$12.6M	$6.0M	5x
Bybit PENDLEUSDT	+0.0100%	8h	2.4800	−0.157%	$14.9M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4820	−0.076%	$3.1M	$6.1M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4807	−0.129%	$848K	$578K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4821	−0.072%	$3.7M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4798	−0.165%	—	$33.6M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4852	+0.054%	$25K	$377K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4806	−0.133%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4802	−0.149%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0191% / S −0.0316%	1h	2.4807	−0.128%	$7K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0477%	1h	2.4845	+0.024%	$351K	$483K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0552%	1h	2.4840	+0.004%	$149K	$491K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0755%	1h	2.4838	−0.004%	$115K	$283K	20x	as long as short