Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.011%

Price spread now: KuCoin against Hyperliquid−0.067%7-day average −0.121% · you buy dearer than you sell

Net, funding: paid 7d − costs−$127as in the Funding arb table

Net, price: spread back to 7d avg − costs−$120as in the Price arb table

costs, in and out, $10k−$1261.258% of the position

Long on Hyperliquid Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.014%−$1 on $10k

Price spread, last 7 days+0.008%+$1 · spread now −0.067%, 7d avg −0.121%

Together, before fees−0.006%+ Points / potential airdropHyperliquid: Season 2 · farm board−$1 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: KuCoin is 0.054% dearer against Hyperliquid than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of −0.121%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid PENDLE	2.5374	0.0100	pay 0.0013% / 1h	48m 55s	$12.6M	$6.0M	5x
Short	KuCoin PENDLEUSDTM	2.5357	0.0100	get 0.0100% / 8h	48m 55s	$904K	$594K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.067%Rate

Funding earned: $0
Price spread: −0.067% → −0.121%: $5.35
Slippage, 4 orders: −$104.79
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$120.44
Costs to cover: 1.258%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 4 min ago; KuCoin: live order book, 15 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, 4 min ago	1.78 bp	12.7 bp −$13	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 15 min ago	8.40 bp	35.6 bp −$36	221.6 bp −$2,216	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	2.4860	−2.026%	$2K	$54K	5.5x	as long as short
ApeX Omni PENDLEUSDT	−0.0078%	1h	2.5207	−0.658%	$77K	$239K	50x	as long as short
BloFin PENDLE-USDT	−0.0036%	8h	2.5349	−0.099%	$1.3M	$763K	75x	as long as short
Extended PENDLE-USD	−0.0008%	1h	2.5321	−0.209%	$167K	$528K	10x	as long as short
MEXC PENDLE_USDT	−0.0008%	8h	2.5330	−0.173%	$17.2M	$1.9M	125x	as long as short
Binance PENDLEUSDT	−0.0007%	8h	2.5332	−0.164%	$27.4M	$41.6M	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5373	−0.004%	$11K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.5382	+0.032%	$30K	$10K	10x	as long as short
Orderly PERP_PENDLE_USDC	+0.0006%	8h	2.5373	−0.004%	$20K	$16K	10x	as long as short
Reya PENDLERUSDPERP	+0.0043%	1h	2.5373	−0.003%	$4K	—	15x	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	+0.0050%	8h	2.5212	−0.639%	$557K	$1.8M	—	as long as short
GRVT PENDLE_USDT_Perp	+0.0068%	8h	2.5230	−0.569%	$418K	$1.6M	10x	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.5364	−0.041%	$27K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5343	−0.122%	$534K	$415K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5343	−0.123%	$35K	$18K	10x	as long as short
Hyperliquid PENDLElong	+0.0100%	1h	2.5374	long leg	$12.6M	$6.0M	5x
Aster PENDLEUSDT	+0.0100%	8h	2.5326	−0.189%	$45K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5312	−0.244%	$15.6M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5320	−0.213%	$3.3M	$6.0M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5370	−0.016%	$792K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTMshort	+0.0100%	8h	2.5357	−0.067%	$904K	$594K	50x
Bitget PENDLEUSDT	+0.0100%	8h	2.5309	−0.256%	$3.8M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5323	−0.201%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5205	−0.668%	$25K	$397K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5400	+0.102%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5380	+0.024%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5388	+0.054%	$5K	—	100x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0591%	1h	2.5418	+0.175%	$120K	$301K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.5360	−0.055%	$141K	$459K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.1202%	1h	2.5384	+0.039%	$329K	$492K	15x	as long as short