Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.022%

Price spread now: KuCoin against Hyperliquid−0.082%7-day average −0.124% · you buy dearer than you sell

Net, funding: paid 7d − costs−$132as in the Funding arb table

Net, price: spread back to 7d avg − costs−$125as in the Price arb table

costs, in and out, $10k−$1291.294% of the position

Long on Hyperliquid Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.024%−$2 on $10k

Price spread, last 7 days−0.064%−$6 · spread now −0.082%, 7d avg −0.124%

Together, before fees−0.088%+ Points / potential airdropHyperliquid: Season 2 · farm board−$9 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: KuCoin is 0.042% dearer against Hyperliquid than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of −0.124%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid PENDLE	2.4533	0.0100	pay 0.0013% / 1h	30m 42s	$12.7M	$6.1M	5x
Short	KuCoin PENDLEUSDTM	2.4513	0.0100	get 0.0100% / 8h	1h 30m	$874K	$558K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.082%Rate

Funding earned: $0
Price spread: −0.082% → −0.124%: $4.22
Slippage, 4 orders: −$108.36
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$125.14
Costs to cover: 1.294%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 2 min ago; KuCoin: live order book, 59 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, 2 min ago	2.04 bp	15.8 bp −$16	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 59 min ago	7.15 bp	50.9 bp −$51	139.3 bp −$1,393	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	−0.4348%	1h	2.4250	−1.154%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0117%	1h	2.4514	−0.077%	$25K	$16K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0027%	8h	2.4509	−0.098%	$19K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4510	−0.093%	$10K	—	5x	as long as short
Gate PENDLE_USDT	+0.0013%	8h	2.4520	−0.053%	$755K	$1.0M	75x	as long as short
BloFin PENDLE-USDT	+0.0031%	8h	2.4496	−0.151%	$1.1M	$498K	75x	as long as short
MEXC PENDLE_USDT	+0.0043%	8h	2.4498	−0.143%	$17.5M	$2.0M	125x	as long as short
Binance PENDLEUSDT	+0.0044%	8h	2.4496	−0.153%	$25.9M	$45.2M	75x	as long as short
Extended PENDLE-USD	+0.0048%	1h	2.4494	−0.157%	$158K	$478K	10x	as long as short
Reya PENDLERUSDPERP	+0.0079%	1h	2.4515	−0.072%	$3K	—	15x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PENDLE-PERP	+0.0088%	1h	2.4508	−0.103%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4505	−0.114%	$519K	$416K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4490	−0.175%	$34K	$7K	10x	as long as short
Hyperliquid PENDLElong	+0.0100%	1h	2.4533	long leg	$12.7M	$6.1M	5x
Aster PENDLEUSDT	+0.0100%	8h	2.4500	−0.135%	$47K	$169K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4487	−0.188%	$14.3M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4500	−0.135%	$3.1M	$6.6M	50x	as long as short
KuCoin PENDLEUSDTMshort	+0.0100%	8h	2.4513	−0.082%	$874K	$558K	50x
Bitget PENDLEUSDT	+0.0100%	8h	2.4505	−0.114%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4502	−0.126%	—	$8.4M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4486	−0.193%	$590K	$1.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4487	−0.187%	$24K	$372K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.4497	−0.148%	$412K	$2.3M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4498	−0.143%	$75K	$233K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4536	+0.012%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4532	−0.004%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4511	−0.088%	$5K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0557%	1h	2.4560	+0.110%	$352K	$433K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0688%	1h	2.4540	+0.029%	$159K	$504K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1659%	1h	2.4563	+0.123%	$115K	$262K	20x	as long as short