Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0148%/8h= +16.2% APRpaid last 24h +0.016%

Price spread now: Hyperliquid against SunX+0.101%52s7-day average +0.086% · you sell dearer than you buy

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

Long on SunX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.019%+$2 on $10k

Price spread, last 4 days (all we have)−0.162%−$16 · spread now +0.101%, 7d avg +0.086%

Together, before fees−0.144%+ Points / potential airdropHyperliquid: Season 2 · farm board−$14 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.086%, so right now this pair is about funding alone: +$4 a day on $10k at the current rate. The two prices were read 52 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX PENDLE-USDT	2.4666	0.0100	pay 0.0100% / 8h	4h 51m	$2K	$1.8M	20x
Short	Hyperliquid PENDLE	2.4691	0.0248	get 0.0031% / 1h	51m 35s	$12.6M	$6.1M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against SunX. 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 SunXbpFee HyperliquidbpOrdersPrice spread, now +0.101%Rate

Funding earned: $31.03
Price spread: +0.101% → +0.086%: $1.51
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $15.54
Costs to cover: 0.170%
Break-even: 3.5 days

Slippage unknown: SunX: live order book, 4 min ago; Hyperliquid: live order book, 11 min ago. 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 SunX live order book, 4 min ago	496.45 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 11 min ago	0.81 bp	16.2 bp −$16	18.4 bp −$184	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	−0.4334%	1h	2.4430	−0.957%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0358%	1h	2.4653	−0.053%	$25K	$14K	10x	as long as short
BloFin PENDLE-USDT	−0.0082%	8h	2.4693	+0.109%	$1.3M	$652K	75x	as long as short
Extended PENDLE-USD	−0.0072%	1h	2.4634	−0.128%	$161K	$570K	10x	as long as short
Binance PENDLEUSDT	−0.0071%	8h	2.4637	−0.118%	$26.2M	$43.8M	75x	as long as short
MEXC PENDLE_USDT	−0.0068%	8h	2.4641	−0.101%	$17.3M	$1.9M	125x	as long as short
Aster PENDLEUSDT	−0.0044%	8h	2.4676	+0.042%	$47K	$178K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0036%	8h	2.4655	−0.045%	$19K	$15K	10x	as long as short
Gate PENDLE_USDT	−0.0019%	8h	2.4650	−0.065%	$716K	$1.1M	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4666	−0.002%	$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	+0.0030%	8h	2.4746	+0.324%	$564K	$1.8M	—	as long as short
Reya PENDLERUSDPERP	+0.0063%	1h	2.4649	−0.067%	$3K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4644	−0.091%	$26K	—	3x	as long as short
GRVT PENDLE_USDT_Perp	+0.0081%	8h	2.4685	+0.077%	$412K	$1.8M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4653	−0.053%	$526K	$414K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4634	−0.129%	$34K	$13K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4640	−0.105%	$14.6M	$12.3M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4650	−0.065%	$3.1M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4681	+0.061%	$873K	$580K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4656	−0.041%	$3.7M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4663	−0.012%	—	$8.6M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4687	+0.083%	$24K	$377K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4674	+0.032%	$75K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4672	+0.024%	$16K	$8K	5x	as long as short
SunX PENDLE-USDTlong	+0.0100%	8h	2.4666	long leg	$2K	$1.8M	20x
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4666	0.000%	$5K	—	100x	as long as short
Hyperliquid PENDLEshort	+0.0248%	1h	2.4691	+0.101%	$12.6M	$6.1M	5x
Backpack PENDLE_USDC_PERP	+0.0485%	1h	2.4703	+0.150%	$356K	$478K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0608%	1h	2.4760	+0.381%	$147K	$493K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1177%	1h	2.4712	+0.187%	$115K	$278K	20x	as long as short