PENDLE

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0605%/8h= +66.3% APRnext payment +$0.76 per $10,000 · paid last 24h +0.095%

Price spread now: Backpack against Hyperliquid−0.016%7-day average +0.015% · you buy dearer than you sell

Net, funding: paid 7d − costs+$26as in the Funding arb table

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$400.397% of the position

Long on Hyperliquid Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.659%+$66 on $10k

Price spread, last 4 days (all we have)−0.206%−$21 · spread now −0.016%, 7d avg +0.015%

Together, before fees+0.452%+ Points / potential airdropHyperliquid: Season 2 · farm board+$45 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.031% cheaper against Hyperliquid than usual: you would sell low and buy high (spread −0.016% now, against its 7-day average of +0.015%). If the spread goes back, that is −$3 on $10k: about 4 hours of funding at the current rate (+$18 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid PENDLE	2.5271	0.0230	pay 0.0029% / 1h	34m 20s	$12.7M	$6.1M	5x
Short	Backpack PENDLE_USDC_PERP	2.5267	0.0835	get 0.0104% / 1h	34m 20s	$329K	$491K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack 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 BackpackbpOrdersPrice spread, now −0.016%Rate

Funding earned: $127.07
Price spread: −0.016% → +0.015%: −$3.06
Slippage, 4 orders: −$20.72
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Backpack: 5 bp × 2 orders: −$10
Net: $84.29
Costs to cover: 0.397%
Break-even: 2.4 days

Slippage from Hyperliquid: live order book, 8 min ago; Backpack: live order book, 44 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, 8 min ago	0.20 bp	14.0 bp −$14	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 44 min ago	2.00 bp	8.4 bp −$8	30.5 bp −$305	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	−0.5000%	1h	2.4940	−1.310%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0424%	1h	2.5217	−0.214%	$30K	$10K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0090%	1h	2.5215	−0.222%	$77K	$239K	50x	as long as short
BloFin PENDLE-USDT	−0.0054%	8h	2.5198	−0.289%	$1.3M	$752K	75x	as long as short
Binance PENDLEUSDT	−0.0027%	8h	2.5211	−0.237%	$27.3M	$41.9M	75x	as long as short
MEXC PENDLE_USDT	−0.0026%	8h	2.5212	−0.233%	$17.1M	$1.9M	125x	as long as short
Extended PENDLE-USD	−0.0024%	1h	2.5198	−0.290%	$166K	$528K	10x	as long as short
Orderly PERP_PENDLE_USDC	0.0000%	8h	2.5213	−0.230%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5242	−0.116%	$11K	—	5x	as long as short
Variational Omni PENDLE	+0.0043%	8h	2.5187	−0.332%	$594K	$1.9M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya PENDLERUSDPERP	+0.0045%	1h	2.5207	−0.251%	$4K	—	15x	as long as short
GRVT PENDLE_USDT_Perp	+0.0050%	8h	2.5225	−0.183%	$418K	$1.6M	10x	as long as short
Aevo PENDLE-PERP	+0.0072%	1h	2.5210	−0.240%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5219	−0.206%	$531K	$415K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5212	−0.233%	$35K	$18K	10x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5239	−0.126%	$46K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5198	−0.289%	$15.5M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5220	−0.202%	$3.2M	$6.1M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5210	−0.241%	$783K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5245	−0.103%	$893K	$600K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5206	−0.257%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5215	−0.222%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5204	−0.266%	$25K	$396K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5238	−0.131%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5218	−0.210%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5230	−0.160%	$5K	—	100x	as long as short
Hyperliquid PENDLElong	+0.0230%	1h	2.5271	long leg	$12.7M	$6.1M	5x
Kraken Futures PF_PENDLEUSD	+0.0594%	1h	2.5277	+0.022%	$120K	$299K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.5340	+0.273%	$141K	$458K	25x	as long as short
Backpack PENDLE_USDC_PERPshort	+0.0835%	1h	2.5267	−0.016%	$329K	$491K	15x