ArbiLayer

PENDLE arbitrage

live

Live Pendle price differences between exchanges: perpetual, spot and DEX spreads after fees, with funding and depth.

Best net spread-0.09%Variational → Hyperliquid · Perp–Perp
Best perp–perp spread+0.07%Variational → Hyperliquid
Markets tracked1710 venues · 10 perp · 7 spot · 0 DEX
Price range0.24%$2.22 – $2.22

Spreads between exchanges

Long (buy)Short (sell)SpreadNetSpread+FDepth $Funding 24hFunding 30DD/WChart
Variational logoVariational$2.22Hyperliquid logoHyperliquid$2.22 +0.07%-0.09% +0.07%— +0.033%— LS Chart →
Gate logoGate$2.22Hyperliquid logoHyperliquid$2.22 +0.07%-0.09% +0.06%— +0.011%— LS Chart →
Variational logoVariational$2.22Binance logoBinance$2.22 +0.06%-0.10% +0.07%— +0.026%— LS Chart →
Variational logoVariational$2.22Bitget logoBitget$2.22 +0.06%-0.10% +0.07%— +0.033%— LS Chart →
Gate logoGate$2.22Binance logoBinance$2.22 +0.05%-0.11% +0.06%— +0.004%— LS Chart →
Gate logoGate$2.22Bitget logoBitget$2.22 +0.05%-0.11% +0.06%— +0.011%— LS Chart →
Variational logoVariational$2.22MEXC logoMEXC$2.22 +0.03%-0.13% +0.04%— +0.026%— LS Chart →
Variational logoVariational$2.22Aster logoAster$2.22 +0.03%-0.13% +0.04%— +0.029%— LS Chart →
Gate logoGate$2.22MEXC logoMEXC$2.22 +0.03%-0.13% +0.03%— +0.004%— LS Chart →
Gate logoGate$2.22Aster logoAster$2.22 +0.03%-0.13% +0.03%— +0.007%— LS Chart →
Bybit logoBybit$2.22Hyperliquid logoHyperliquid$2.22 +0.02%-0.14% +0.02%— +0.017%— LS Chart →
MEXC logoMEXC$2.22Hyperliquid logoHyperliquid$2.22 +0.02%-0.14% +0.02%— +0.007%— LS Chart →
OKX logoOKX$2.22Hyperliquid logoHyperliquid$2.22 +0.02%-0.14% +0.02%— +0.001%— LS Chart →
Bybit logoBybit$2.22Binance logoBinance$2.22 +0.01%-0.15% +0.01%— +0.011%— LS Chart →
Bybit logoBybit$2.22Bitget logoBitget$2.22 +0.01%-0.15% +0.01%— +0.017%— LS Chart →
Long = where you buy, Short = where you sell. Net subtracts a two-leg taker fee model; Spread+F adds the next funding payment.Updates every 15 seconds. Not investment advice.

PENDLE price on every exchange

ExchangeMarketBidAskPricevs medianFunding 24hVolume 24h
Bybit logoBybitPerpetual · PENDLEUSDTPerpetual $2.22$2.22$2.22-0.05% +0.013%$8.44M
OKX logoOKXPerpetual · PENDLE-USDT-SWAPPerpetual $2.22$2.22$2.22-0.05% +0.029%$4.07M
MEXC logoMEXCPerpetual · PENDLE_USDTPerpetual $2.22$2.22$2.22-0.04% +0.023%$3.25M
Hyperliquid logoHyperliquidPerpetual · PENDLEPerpetual $2.22$2.23$2.22+0.06% +0.030%$2.85M
Bitget logoBitgetPerpetual · PENDLEUSDTPerpetual $2.22$2.22$2.220.00% +0.030%$2.64M
OKX logoOKXSpot · PENDLE-USDTSpot $2.22$2.22$2.22-0.01% —$1.39M
Bybit logoBybitSpot · PENDLEUSDTSpot $2.22$2.23$2.22+0.06% —$1.05M
KuCoin logoKuCoinPerpetual · PENDLEUSDTMPerpetual $2.22$2.23$2.22+0.03% +0.030%$830.8K
Gate logoGatePerpetual · PENDLE_USDTPerpetual $2.22$2.22$2.22-0.12% +0.019%$339.4K
Gate logoGateSpot · PENDLE_USDTSpot $2.22$2.22$2.22+0.04% —$290.8K
KuCoin logoKuCoinSpot · PENDLE-USDTSpot $2.22$2.23$2.22+0.08% —$284.7K
Variational logoVariationalPerpetual · PENDLEPerpetual $2.22$2.22$2.22-0.16% -0.003%$256.4K
Bitget logoBitgetSpot · PENDLEUSDTSpot $2.22$2.23$2.22+0.06% —$195.8K
Binance logoBinancePerpetual · PENDLEUSDTPerpetual $2.22$2.22$2.22-0.02% +0.024%—
Aster logoAsterPerpetual · PENDLEUSDTPerpetual $2.22$2.22$2.22-0.02% +0.026%—
Binance logoBinanceSpot · PENDLEUSDTSpot $2.22$2.22$2.22+0.04% ——
MEXC logoMEXCSpot · PENDLEUSDTSpot $2.22$2.22$2.22+0.04% ——
Price is the bid/ask midpoint. "vs median" compares each market with the median of all centralized venues.

PENDLE arbitrage explained

Right now Pendle (PENDLE) trades on 10 venues we scan: 10 perpetual markets, 7 spot markets and 0 DEX pools. The lowest ask is on Variational perp at $2.22 and the highest bid on Bybit spot at $2.22.

The widest PENDLE perpetual spread is between Variational and Hyperliquid: long PENDLE on Variational at $2.22 and short on Hyperliquid at $2.22 for +0.07% gross, or -0.09% after the 0.16% two-leg fee model. No transfer is needed: both positions stay on their exchanges until the prices converge. The funding difference on this pair is +0.033% per day, which the position collects while it is open.

For a spot–perpetual (cash-and-carry) trade, the best PENDLE route is to buy spot on Binance and short the perpetual on Hyperliquid: -0.07% gross, -0.27% net, with +0.030% a day of funding on the short leg.

Spot–spot PENDLE arbitrage (buy on Binance, withdraw, deposit and sell on Bybit) shows -0.04% gross right now. It only works if withdrawals on the buying exchange and deposits on the selling exchange are open, so check the D/W dots before moving coins.

Small PENDLE gaps usually disappear after fees, slippage and funding. Look at the Net column, the executable Depth and the spread history before trading: a gap that has been open for days is a different trade from a one-minute spike.

Related: PENDLE funding rates · PENDLE spread charts · Pendle price · arbitrage scanner for all coins.

Is there a PENDLE arbitrage opportunity right now?

The best PENDLE route right now is to buy on Variational → sell on Hyperliquid (Perp–Perp): +0.07% gross and -0.09% after fees. After fees it is not profitable, which is normal for liquid coins.

Which exchange has the cheapest PENDLE?

Variational (perp) has the lowest PENDLE ask at $2.22, and Bybit (spot) the highest bid at $2.22. Prices update every 15 seconds on this page.

How many exchanges list PENDLE?

ArbiLayer tracks 17 PENDLE markets on 10 venues: 10 perpetual, 7 spot and 0 DEX pools.

How do I arbitrage PENDLE without transferring coins?

Use two perpetual contracts: go long PENDLE on the cheaper exchange (Variational now) and short it on the more expensive one (Hyperliquid), then close both legs when the spread converges. The coins never move between exchanges.

Arbitrage for other coins

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