Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0100%/8h= −11.0% APRpaid last 24h −0.011%

Price spread now: Bitget against Hyperliquid−0.321%7-day average −0.171% · you buy dearer than you sell

Net, funding: paid 7d − costs−$73as in the Funding arb table

Net, price: spread back to 7d avg − costs−$82as in the Price arb table

costs, in and out, $10k−$670.667% of the position

Long on Hyperliquid Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.062%−$6 on $10k

Price spread, last 7 days+0.205%+$20 · spread now −0.321%, 7d avg −0.171%

Together, before fees+0.143%+ Points / potential airdropHyperliquid: Season 2 · farm board+$14 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Bitget is 0.150% cheaper against Hyperliquid than usual: you would sell low and buy high (−$15 if the spread goes back to its 7-day average of −0.171%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid PENDLE	2.5228	0.0200	pay 0.0025% / 1h	54m 53s	$12.5M	$5.7M	5x
Short	Bitget PENDLEUSDT	2.5147	0.0100	get 0.0100% / 8h	1h 54m	$3.7M	$2.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.321%Rate

Funding earned: −$21.06
Price spread: −0.321% → −0.171%: −$14.96
Slippage, 4 orders: −$45.69
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$102.72
Costs to cover: 0.667%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 8 min ago; Bitget: live order book, 3 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	1.00 bp	14.0 bp −$14	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 3 min ago	1.79 bp	22.3 bp −$22	43.7 bp −$437	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	−0.3656%	1h	2.4770	−1.815%	$2K	$53K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0226%	1h	2.5172	−0.222%	$30K	$10K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5145	−0.330%	$11K	—	5x	as long as short
BloFin PENDLE-USDT	+0.0021%	8h	2.5155	−0.289%	$1.3M	$732K	75x	as long as short
Orderly PERP_PENDLE_USDC	+0.0032%	8h	2.5164	−0.254%	$20K	$16K	10x	as long as short
Reya PENDLERUSDPERP	+0.0038%	1h	2.5167	−0.240%	$4K	—	15x	as long as short
MEXC PENDLE_USDT	+0.0043%	8h	2.5164	−0.254%	$17.0M	$2.1M	125x	as long as short
Binance PENDLEUSDT	+0.0045%	8h	2.5167	−0.242%	$27.3M	$39.6M	75x	as long as short
Extended PENDLE-USD	+0.0048%	1h	2.5139	−0.352%	$165K	$524K	10x	as long as short
Variational Omni PENDLE	+0.0060%	8h	2.5103	−0.496%	$618K	$2.0M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter PENDLE	+0.0096%	1h	2.5167	−0.242%	$528K	$421K	5x	as long as short
Aevo PENDLE-PERP	+0.0096%	1h	2.5160	−0.268%	$26K	—	3x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5145	−0.330%	$35K	$20K	10x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5174	−0.215%	$41K	$172K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5160	−0.270%	$15.6M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5160	−0.270%	$3.2M	$5.8M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5200	−0.111%	$860K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5187	−0.163%	$898K	$605K	50x	as long as short
Bitget PENDLEUSDTshort	+0.0100%	8h	2.5147	−0.321%	$3.7M	$2.7M	75x
BingX PENDLE-USDT	+0.0100%	8h	2.5171	−0.226%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5048	−0.715%	$25K	$409K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5144	−0.333%	$424K	$1.6M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.5121	−0.424%	$77K	$240K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5178	−0.198%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5167	−0.242%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5189	−0.153%	$5K	—	100x	as long as short
Hyperliquid PENDLElong	+0.0200%	1h	2.5228	long leg	$12.5M	$5.7M	5x
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.5180	−0.190%	$117K	$417K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0747%	1h	2.5225	−0.014%	$150K	$274K	20x	as long as short
Backpack PENDLE_USDC_PERP	+0.1300%	1h	2.5244	+0.063%	$359K	$460K	15x	as long as short