Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.022%

Price spread now: edgeX against Hyperliquid−0.458%7-day average −0.120% · you buy dearer than you sell

Net, funding: paid 7d − costs−$39as in the Funding arb table

Net, price: spread back to 7d avg − costs−$70as in the Price arb table

costs, in and out, $10k−$360.361% of the position

Long on Hyperliquid Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.024%−$2 on $10k

Price spread, last 4 days (all we have)+0.685%+$69 · spread now −0.458%, 7d avg −0.120%

Together, before fees+0.661%+ Points / potential airdropHyperliquid: Season 2 · edgeX: Active · farm board+$66 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: edgeX is 0.337% cheaper against Hyperliquid than usual: you would sell low and buy high, −$34 on $10k if it goes back to its 7-day average of −0.120%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid PENDLE	2.4539	0.0100	pay 0.0013% / 1h	23m 08s	$12.6M	$6.1M	5x
Short	edgeX PENDLEUSDC	2.4427	0.0100	get 0.0050% / 4h	2h 23m	$24K	$371K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.458%Rate

Funding earned: $0
Price spread: −0.458% → −0.120%: −$33.75
Slippage, 4 orders: −$18.08
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$69.83
Costs to cover: 0.361%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 9 min ago; edgeX: live order book, 25 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, 9 min ago	0.82 bp	10.3 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell edgeX live order book, 25 min ago	1.63 bp	6.3 bp −$6	65.9 bp −$659	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	−0.3926%	1h	2.4200	−1.381%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0444%	1h	2.4489	−0.204%	$24K	$15K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0036%	8h	2.4483	−0.228%	$19K	$15K	10x	as long as short
Gate PENDLE_USDT	−0.0028%	8h	2.4480	−0.240%	$718K	$1.1M	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4476	−0.256%	$10K	—	5x	as long as short
MEXC PENDLE_USDT	+0.0019%	8h	2.4489	−0.204%	$17.4M	$2.0M	125x	as long as short
Binance PENDLEUSDT	+0.0023%	8h	2.4499	−0.163%	$25.8M	$44.3M	75x	as long as short
Extended PENDLE-USD	+0.0024%	1h	2.4472	−0.273%	$157K	$582K	10x	as long as short
BloFin PENDLE-USDT	+0.0032%	8h	2.4483	−0.228%	$1.1M	$601K	75x	as long as short
Reya PENDLERUSDPERP	+0.0074%	1h	2.4481	−0.237%	$3K	—	15x	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	+0.0088%	1h	2.4480	−0.238%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4497	−0.171%	$516K	$416K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4491	−0.194%	$34K	$9K	10x	as long as short
Hyperliquid PENDLElong	+0.0100%	1h	2.4539	long leg	$12.6M	$6.1M	5x
Aster PENDLEUSDT	+0.0100%	8h	2.4481	−0.235%	$46K	$171K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4470	−0.281%	$14.3M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4500	−0.159%	$3.1M	$6.5M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4471	−0.277%	$863K	$555K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4486	−0.216%	$3.6M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4500	−0.159%	—	$8.4M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4441	−0.399%	$549K	$1.4M	—	as long as short
edgeX PENDLEUSDCshort	+0.0100%	4h	2.4427	−0.458%	$24K	$371K	10x
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.4483	−0.228%	$405K	$2.2M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4429	−0.448%	$74K	$234K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4504	−0.143%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4480	−0.240%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4488	−0.209%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.4570	+0.126%	$155K	$524K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0711%	1h	2.4544	+0.020%	$356K	$401K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1188%	1h	2.4555	+0.066%	$115K	$262K	20x	as long as short