Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0214%/8h= +23.5% APRpaid last 24h +0.011%

Price spread now: Hyperliquid against SunX+0.111%7-day average +0.084% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on SunX Short on Hyperliquid

What this pair did over the last

the charts below follow

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

Price spread, last 3 days (all we have)−0.025%−$2 · spread now +0.111%, 7d avg +0.084%

Together, before fees−0.011%+ 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 0.027% dearer against SunX than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.084%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.014% in total (about 0.7% 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	SunX PENDLE-USDT	2.5160	0.0100	pay 0.0100% / 8h	7m 39s	$2K	$1.8M	20x
Short	Hyperliquid PENDLE	2.5188	0.0314	get 0.0039% / 1h	7m 39s	$12.8M	$6.2M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against SunX. 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 SunXbpFee HyperliquidbpOrdersPrice spread, now +0.111%Rate

Funding earned: $45.04
Price spread: +0.111% → +0.084%: $2.73
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $30.77
Costs to cover: 0.170%
Break-even: 2.2 days

Slippage unknown: SunX: live order book, 8 min ago; Hyperliquid: live order book, 5 min ago. Net counts fees only.

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 SunX live order book, 8 min ago	500.22 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 5 min ago	1.39 bp	12.5 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	−0.5000%	1h	2.4940	−0.874%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0345%	1h	2.5182	+0.087%	$28K	$11K	10x	as long as short
BloFin PENDLE-USDT	−0.0086%	8h	2.5178	+0.072%	$1.3M	$709K	75x	as long as short
Extended PENDLE-USD	−0.0072%	1h	2.5111	−0.196%	$165K	$528K	10x	as long as short
Binance PENDLEUSDT	−0.0068%	8h	2.5124	−0.143%	$27.2M	$42.2M	75x	as long as short
MEXC PENDLE_USDT	−0.0068%	8h	2.5140	−0.079%	$17.0M	$1.9M	125x	as long as short
ApeX Omni PENDLEUSDT	−0.0061%	1h	2.5164	+0.016%	$77K	$239K	50x	as long as short
Orderly PERP_PENDLE_USDC	−0.0009%	8h	2.5176	+0.064%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5134	−0.105%	$11K	—	5x	as long as short
GRVT PENDLE_USDT_Perp	+0.0016%	8h	2.5177	+0.068%	$417K	$1.6M	10x	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	+0.0022%	8h	2.5081	−0.313%	$596K	$1.9M	—	as long as short
Reya PENDLERUSDPERP	+0.0047%	1h	2.5174	+0.056%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.5169	+0.036%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5134	−0.103%	$530K	$416K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5126	−0.134%	$35K	$18K	10x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5150	−0.041%	$47K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5110	−0.199%	$15.5M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5110	−0.199%	$3.2M	$6.0M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5110	−0.199%	$776K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5159	−0.004%	$884K	$600K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5150	−0.040%	$3.7M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5122	−0.151%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5160	0.000%	$25K	$381K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5196	+0.143%	$16K	$20K	5x	as long as short
SunX PENDLE-USDTlong	+0.0100%	8h	2.5160	long leg	$2K	$1.8M	20x
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5194	+0.135%	$5K	—	100x	as long as short
Hyperliquid PENDLEshort	+0.0314%	1h	2.5188	+0.111%	$12.8M	$6.2M	5x
Kraken Futures PF_PENDLEUSD	+0.0595%	1h	2.5226	+0.263%	$119K	$298K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.5340	+0.715%	$141K	$450K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0677%	1h	2.5219	+0.234%	$331K	$489K	15x	as long as short