Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0052%/8h= +5.7% APRpaid last 24h +0.016%

Price spread now: Hyperliquid against OKX+0.175%7-day average +0.132% · you sell dearer than you buy

Net, funding: paid 7d − costs−$52as in the Funding arb table

Net, price: spread back to 7d avg − costs−$52as in the Price arb table

costs, in and out, $10k−$560.559% of the position

Long on OKX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.043%+$4 on $10k

Price spread, last 7 days−0.155%−$16 · spread now +0.175%, 7d avg +0.132%

Together, before fees−0.112%+ Points / potential airdropHyperliquid: Season 2 · farm board−$11 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Hyperliquid is 0.043% dearer against OKX than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.132%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX PENDLE-USDT-SWAP	2.4600	0.0100	pay 0.0050% / 4h	3h 56m	$3.1M	$6.3M	50x
Short	Hyperliquid PENDLE	2.4643	0.0152	get 0.0019% / 1h	56m 55s	$12.7M	$6.1M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against OKX. 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 OKXbpFee HyperliquidbpOrdersPrice spread, now +0.175%Rate

Funding earned: $10.85
Price spread: +0.175% → +0.132%: $4.26
Slippage, 4 orders: −$36.9
Fee OKX: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$40.79
Costs to cover: 0.559%
Break-even: 33.3 days

Slippage from OKX: live order book, 1 min ago; Hyperliquid: live order book, 6 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 OKX live order book, 1 min ago	2.03 bp	18.2 bp −$18	83.3 bp −$833	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 6 min ago	1.41 bp	13.2 bp −$13	doesn't fit	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	−0.4243%	1h	2.4370	−0.935%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0644%	1h	2.4586	−0.057%	$25K	$14K	10x	as long as short
BloFin PENDLE-USDT	−0.0070%	8h	2.4575	−0.102%	$1.1M	$590K	75x	as long as short
Binance PENDLEUSDT	−0.0057%	8h	2.4588	−0.049%	$26.0M	$43.5M	75x	as long as short
Extended PENDLE-USD	−0.0056%	1h	2.4579	−0.085%	$159K	$578K	10x	as long as short
Aster PENDLEUSDT	−0.0055%	8h	2.4633	+0.135%	$47K	$179K	10x	as long as short
Gate PENDLE_USDT	−0.0054%	8h	2.4590	−0.041%	$716K	$1.1M	75x	as long as short
MEXC PENDLE_USDT	−0.0052%	8h	2.4588	−0.049%	$17.3M	$1.9M	125x	as long as short
Orderly PERP_PENDLE_USDC	−0.0041%	8h	2.4593	−0.028%	$19K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4650	+0.204%	$10K	—	5x	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	+0.0064%	1h	2.4595	−0.019%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0067%	1h	2.4595	−0.022%	$3K	—	15x	as long as short
GRVT PENDLE_USDT_Perp	+0.0068%	8h	2.4662	+0.254%	$409K	$1.9M	10x	as long as short
Variational Omni PENDLE	+0.0074%	8h	2.4726	+0.511%	$555K	$1.4M	—	as long as short
Lighter PENDLE	+0.0096%	1h	2.4591	−0.037%	$516K	$428K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4605	+0.021%	$34K	$11K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4581	−0.077%	$14.5M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAPlong	+0.0100%	4h	2.4600	long leg	$3.1M	$6.3M	50x
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4631	+0.126%	$884K	$559K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4576	−0.098%	$3.7M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4582	−0.073%	—	$8.5M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4664	+0.261%	$24K	$375K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4678	+0.317%	$75K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4631	+0.126%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4614	+0.057%	$1K	$1.8M	20x	as long as short
Backpack PENDLE_USDC_PERP	+0.0110%	1h	2.4638	+0.154%	$358K	$399K	15x	as long as short
Hyperliquid PENDLEshort	+0.0152%	1h	2.4643	+0.175%	$12.7M	$6.1M	5x
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4608	+0.032%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0640%	1h	2.4660	+0.244%	$147K	$496K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1182%	1h	2.4641	+0.165%	$115K	$268K	20x	as long as short