Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0649%/8h= +71.1% APRpaid last 24h +0.119%

Price spread now: Backpack against Aster+0.100%45s7-day average +0.097% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$2212.209% of the position

Long on Aster Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)+0.625%+$62 on $10k

Price spread, last 4 days (all we have)−0.241%−$24 · spread now +0.100%, 7d avg +0.097%

Together, before fees+0.384%+ Points / potential airdropAster: Stage 5 · farm board+$38 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.097%, so right now this pair is about funding alone: +$19 a day on $10k at the current rate. The two prices were read 45 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster PENDLEUSDT	2.5238	0.0100	pay 0.0100% / 8h	16m 23s	$48K	$177K	10x
Short	Backpack PENDLE_USDC_PERP	2.5263	0.0749	get 0.0094% / 1h	16m 23s	$332K	$490K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Aster. 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 AsterbpFee BackpackbpOrdersPrice spread, now +0.100%Rate

Funding earned: $136.34
Price spread: +0.100% → +0.097%: $0.27
Slippage, 4 orders: −$202.89
Fee Aster: 4 bp × 2 orders: −$8
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$84.29
Costs to cover: 2.209%
Break-even: 11.3 days

Slippage from Aster: live order book, 60 min ago; Backpack: live order book, 62 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 Aster live order book, 60 min ago	8.44 bp	102.9 bp −$103	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 62 min ago	2.00 bp	8.4 bp −$8	30.5 bp −$305	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	−1.180%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0384%	1h	2.5225	−0.050%	$30K	$10K	10x	as long as short
Extended PENDLE-USD	−0.0056%	1h	2.5201	−0.145%	$166K	$528K	10x	as long as short
Binance PENDLEUSDT	−0.0053%	8h	2.5211	−0.106%	$27.3M	$42.0M	75x	as long as short
ApeX Omni PENDLEUSDT	−0.0051%	1h	2.5252	+0.057%	$77K	$239K	50x	as long as short
MEXC PENDLE_USDT	−0.0045%	8h	2.5205	−0.130%	$17.1M	$1.9M	125x	as long as short
BloFin PENDLE-USDT	−0.0037%	8h	2.5193	−0.177%	$1.3M	$710K	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0006%	8h	2.5206	−0.126%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5232	−0.022%	$11K	—	5x	as long as short
Variational Omni PENDLE	+0.0025%	8h	2.5186	−0.204%	$595K	$1.9M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT PENDLE_USDT_Perp	+0.0035%	8h	2.5213	−0.098%	$418K	$1.6M	10x	as long as short
Reya PENDLERUSDPERP	+0.0046%	1h	2.5201	−0.147%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0072%	1h	2.5210	−0.112%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5221	−0.066%	$532K	$416K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5198	−0.156%	$35K	$18K	10x	as long as short
Aster PENDLEUSDTlong	+0.0100%	8h	2.5238	long leg	$48K	$177K	10x
Bybit PENDLEUSDT	+0.0100%	8h	2.5190	−0.189%	$15.6M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5200	−0.149%	$3.2M	$6.0M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5190	−0.189%	$783K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5214	−0.094%	$886K	$600K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5190	−0.189%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5208	−0.118%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5220	−0.069%	$25K	$383K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5228	−0.039%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5201	−0.146%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5228	−0.037%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0357%	1h	2.5258	+0.080%	$12.8M	$6.2M	5x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0594%	1h	2.5262	+0.097%	$119K	$298K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.5340	+0.405%	$141K	$450K	25x	as long as short
Backpack PENDLE_USDC_PERPshort	+0.0749%	1h	2.5263	+0.100%	$332K	$490K	15x