Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0202%/8h= +22.1% APRpaid last 24h +0.019%

Price spread now: Hyperliquid against KuCoin+0.163%7-day average +0.124% · you sell dearer than you buy

Net, funding: paid 7d − costs−$129as in the Funding arb table

Net, price: spread back to 7d avg − costs−$128as in the Price arb table

costs, in and out, $10k−$1321.316% of the position

Long on KuCoin Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.022%+$2 on $10k

Price spread, last 7 days−0.034%−$3 · spread now +0.163%, 7d avg +0.124%

Together, before fees−0.012%+ Points / potential airdropHyperliquid: Season 2 · farm board−$1 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Hyperliquid is 0.040% dearer against KuCoin than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.124%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.022% in total (about 1.1% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin PENDLEUSDTM	2.4475	0.0100	pay 0.0100% / 8h	3h 00m	$861K	$555K	50x
Short	Hyperliquid PENDLE	2.4515	0.0302	get 0.0038% / 1h	0m 16s	$12.6M	$6.1M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against KuCoin. 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 KuCoinbpFee HyperliquidbpOrdersPrice spread, now +0.163%Rate

Funding earned: $42.46
Price spread: +0.163% → +0.124%: $3.98
Slippage, 4 orders: −$110.56
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$85.12
Costs to cover: 1.316%
Break-even: 21.0 days

Slippage from KuCoin: live order book, 34 min ago; Hyperliquid: live order book, 2 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 KuCoin live order book, 34 min ago	6.50 bp	45.1 bp −$45	140.7 bp −$1,407	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 2 min ago	1.23 bp	12.9 bp −$13	doesn't fit	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	−0.4243%	1h	2.4300	−0.715%	$2K	$54K	5.5x	as long as short
Gate PENDLE_USDT	−0.0046%	8h	2.4450	−0.102%	$718K	$1.1M	75x	as long as short
Extended PENDLE-USD	−0.0040%	1h	2.4474	−0.002%	$157K	$579K	10x	as long as short
MEXC PENDLE_USDT	−0.0037%	8h	2.4499	+0.098%	$17.4M	$2.0M	125x	as long as short
Orderly PERP_PENDLE_USDC	−0.0037%	8h	2.4486	+0.045%	$19K	$15K	10x	as long as short
Binance PENDLEUSDT	−0.0036%	8h	2.4491	+0.065%	$25.9M	$44.4M	75x	as long as short
BloFin PENDLE-USDT	−0.0022%	8h	2.4437	−0.155%	$1.1M	$609K	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4469	−0.026%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4499	+0.098%	$24K	$15K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0023%	1h	2.4461	−0.057%	$74K	$233K	50x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster PENDLEUSDT	+0.0055%	8h	2.4493	+0.072%	$46K	$171K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0062%	8h	2.4502	+0.111%	$415K	$2.1M	10x	as long as short
Reya PENDLERUSDPERP	+0.0071%	1h	2.4485	+0.043%	$3K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0072%	1h	2.4483	+0.034%	$26K	—	3x	as long as short
Variational Omni PENDLE	+0.0089%	8h	2.4416	−0.242%	$548K	$1.4M	—	as long as short
Lighter PENDLE	+0.0096%	1h	2.4458	−0.069%	$516K	$432K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4450	−0.104%	$34K	$11K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4490	+0.061%	$14.3M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4500	+0.102%	$3.1M	$6.4M	50x	as long as short
KuCoin PENDLEUSDTMlong	+0.0100%	8h	2.4475	long leg	$861K	$555K	50x
Bitget PENDLEUSDT	+0.0100%	8h	2.4471	−0.016%	$3.6M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4480	+0.020%	—	$8.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4464	−0.044%	$24K	$376K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4506	+0.127%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4489	+0.057%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4480	+0.021%	$5K	—	100x	as long as short
Hyperliquid PENDLEshort	+0.0302%	1h	2.4515	+0.163%	$12.6M	$6.1M	5x
Coinbase International PENDLE-PERP-INTX	+0.0640%	1h	2.4500	+0.102%	$150K	$508K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0715%	1h	2.4480	+0.020%	$353K	$402K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1187%	1h	2.4525	+0.203%	$115K	$264K	20x	as long as short