Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0177%/8h= −19.3% APRpaid last 24h −0.019%

Price spread now: BingX against Hyperliquid−0.215%7-day average −0.129% · you buy dearer than you sell

Net, funding: paid 7d − costs−$57as in the Funding arb table

Net, price: spread back to 7d avg − costs−$60as in the Price arb table

costs, in and out, $10k−$510.512% of the position

Long on Hyperliquid Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.055%−$6 on $10k

Price spread, last 7 days+0.182%+$18 · spread now −0.215%, 7d avg −0.129%

Together, before fees+0.127%+ Points / potential airdropHyperliquid: Season 2 · farm board+$13 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and BingX is 0.086% cheaper against Hyperliquid than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.129%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid PENDLE	2.4661	0.0277	pay 0.0035% / 1h	12m 44s	$12.8M	$6.1M	5x
Short	BingX PENDLE-USDT	2.4608	0.0100	get 0.0100% / 8h	3h 12m	—	$8.4M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.215%Rate

Funding earned: −$37.07
Price spread: −0.215% → −0.129%: −$8.55
Slippage, 4 orders: −$32.18
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee BingX: 5 bp × 2 orders: −$10
Net: −$96.8
Costs to cover: 0.512%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 10 min ago; BingX: live order book, 10 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, 10 min ago	2.85 bp	10.2 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 10 min ago	3.67 bp	13.6 bp −$14	31.5 bp −$315	176.9 bp −$17.7K	391.5 bp −$195.7K

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	2.4280	−1.545%	$2K	$54K	5.5x	as long as short
ApeX Omni PENDLEUSDT	−0.0084%	1h	2.4529	−0.535%	$75K	$233K	50x	as long as short
Gate PENDLE_USDT	−0.0064%	8h	2.4620	−0.166%	$722K	$1.1M	75x	as long as short
BloFin PENDLE-USDT	−0.0059%	8h	2.4604	−0.231%	$1.1M	$596K	75x	as long as short
MEXC PENDLE_USDT	−0.0052%	8h	2.4620	−0.166%	$17.5M	$2.0M	125x	as long as short
Binance PENDLEUSDT	−0.0051%	8h	2.4625	−0.145%	$26.0M	$44.5M	75x	as long as short
Extended PENDLE-USD	−0.0048%	1h	2.4599	−0.251%	$158K	$579K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0038%	8h	2.4551	−0.446%	$19K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4516	−0.590%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4561	−0.405%	$24K	$15K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster PENDLEUSDT	+0.0031%	8h	2.4674	+0.054%	$47K	$172K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0045%	8h	2.4497	−0.664%	$415K	$2.1M	10x	as long as short
Variational Omni PENDLE	+0.0069%	8h	2.4496	−0.670%	$549K	$1.4M	—	as long as short
Reya PENDLERUSDPERP	+0.0070%	1h	2.4546	−0.468%	$3K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0072%	1h	2.4603	−0.234%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4619	−0.170%	$518K	$429K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4475	−0.754%	$34K	$11K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4607	−0.219%	$14.5M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4630	−0.126%	$3.1M	$6.4M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4607	−0.219%	$868K	$557K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4600	−0.247%	$3.7M	$2.3M	75x	as long as short
BingX PENDLE-USDTshort	+0.0100%	8h	2.4608	−0.215%	—	$8.4M	—
edgeX PENDLEUSDC	+0.0100%	4h	2.4507	−0.626%	$24K	$377K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4569	−0.373%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4492	−0.685%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4543	−0.478%	$5K	—	100x	as long as short
Hyperliquid PENDLElong	+0.0277%	1h	2.4661	long leg	$12.8M	$6.1M	5x
Coinbase International PENDLE-PERP-INTX	+0.0640%	1h	2.4520	−0.572%	$150K	$507K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0699%	1h	2.4656	−0.020%	$358K	$400K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1180%	1h	2.4668	+0.030%	$115K	$268K	20x	as long as short