Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0399%/8h= −43.7% APRpaid last 24h −0.039%

Price spread now: Orderly against Hyperliquid−0.155%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 Orderly

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 −$12 a day on $10k at the current rate, and Orderly is 0.155% cheaper against Hyperliquid than usual: you would sell low and buy high (−$16 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	2.4688	0.0364	pay 0.0045% / 1h	49m 38s	$12.6M	$6.1M	5x
Short	Orderly PERP_PENDLE_USDC	2.4650	−0.0035	pay 0.0035% / 8h	4h 49m	$19K	$15K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.155%Rate

Funding earned: −$83.76
Price spread: −0.155% → 0.000%: −$15.53
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$114.29
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 3 min ago; Orderly: 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, 3 min ago	2.23 bp	11.2 bp −$11	doesn't fit	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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	−0.4334%	1h	2.4430	−1.046%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0115%	1h	2.4656	−0.131%	$25K	$14K	10x	as long as short
Extended PENDLE-USD	−0.0072%	1h	2.4625	−0.256%	$161K	$570K	10x	as long as short
Binance PENDLEUSDT	−0.0072%	8h	2.4635	−0.215%	$26.2M	$43.9M	75x	as long as short
MEXC PENDLE_USDT	−0.0070%	8h	2.4641	−0.192%	$17.3M	$1.9M	125x	as long as short
BloFin PENDLE-USDT	−0.0058%	8h	2.4635	−0.216%	$1.3M	$650K	75x	as long as short
Aster PENDLEUSDT	−0.0046%	8h	2.4649	−0.160%	$47K	$178K	10x	as long as short
Orderly PERP_PENDLE_USDCshort	−0.0035%	8h	2.4650	−0.155%	$19K	$15K	10x
Gate PENDLE_USDT	−0.0026%	8h	2.4660	−0.115%	$716K	$1.1M	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4646	−0.173%	$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	−0.254%	$563K	$1.7M	—	as long as short
Reya PENDLERUSDPERP	+0.0063%	1h	2.4654	−0.139%	$3K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4632	−0.230%	$26K	—	3x	as long as short
GRVT PENDLE_USDT_Perp	+0.0081%	8h	2.4685	−0.014%	$412K	$1.8M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4646	−0.172%	$526K	$414K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4638	−0.202%	$34K	$13K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4630	−0.236%	$14.6M	$12.3M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4640	−0.196%	$3.1M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4657	−0.127%	$872K	$580K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4639	−0.200%	$3.7M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4635	−0.216%	—	$8.6M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4687	−0.007%	$24K	$377K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4674	−0.058%	$75K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4672	−0.066%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4649	−0.159%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4659	−0.121%	$5K	—	100x	as long as short
Hyperliquid PENDLElong	+0.0364%	1h	2.4688	long leg	$12.6M	$6.1M	5x
Backpack PENDLE_USDC_PERP	+0.0422%	1h	2.4693	+0.019%	$355K	$477K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0608%	1h	2.4660	−0.115%	$146K	$491K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1177%	1h	2.4700	+0.046%	$115K	$278K	20x	as long as short