Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0615%/8h= +67.3% APRpaid last 24h −0.006%

Price spread now: Coinbase International against Aster+0.131%7-day average +0.048% · you sell dearer than you buy

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

Long on Aster Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)−0.028%−$3 on $10k

Price spread, last 3 days (all we have)+0.044%+$4 · spread now +0.131%, 7d avg +0.048%

Together, before fees+0.016%+ Points / potential airdropAster: Stage 5 · farm board+$2 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$18 a day on $10k at the current rate, and Coinbase International is 0.083% dearer against Aster than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of +0.048%.

The current funding rate is far above what this pair has been paying: over the last 5 days it paid -0.028% in total (about -1.9% 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	Aster PENDLEUSDT	2.5157	0.0017	pay 0.0017% / 8h	6h 56m	$50K	$181K	10x
Short	Coinbase International PENDLE-PERP-INTX	2.5190	0.0632	get 0.0079% / 1h	56m 58s	$144K	$466K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.131%Rate

Funding earned: $129.13
Price spread: +0.131% → +0.048%: $8.3
Slippage, 4 orders: no order book: not counted
Fee Aster: 4 bp × 2 orders: −$8
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $119.43
Costs to cover: 0.180%
Break-even: 0.5 days

Slippage unknown: Aster: live order book, 9 min ago; Coinbase International: live order book, 11 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 Aster live order book, 9 min ago	4.55 bp	20.3 bp −$20	doesn't fit	doesn't fit	doesn't fit
Sell Coinbase International live order book, 11 min ago	11.82 bp	436.1 bp −$436	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	−0.4742%	1h	2.4850	−1.220%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0823%	1h	2.5143	−0.056%	$26K	$14K	10x	as long as short
Bybit PENDLEUSDT	−0.0184%	8h	2.5080	−0.306%	$15.4M	$12.0M	50x	as long as short
GRVT PENDLE_USDT_Perp	−0.0145%	8h	2.5176	+0.077%	$416K	$1.7M	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0142%	1h	2.5174	+0.068%	$77K	$237K	50x	as long as short
Extended PENDLE-USD	−0.0112%	1h	2.5068	−0.354%	$163K	$565K	10x	as long as short
Binance PENDLEUSDT	−0.0110%	8h	2.5092	−0.258%	$27.1M	$43.0M	75x	as long as short
MEXC PENDLE_USDT	−0.0110%	8h	2.5079	−0.310%	$17.0M	$1.7M	125x	as long as short
BloFin PENDLE-USDT	−0.0096%	8h	2.5118	−0.155%	$1.3M	$653K	75x	as long as short
Variational Omni PENDLE	−0.0033%	8h	2.5101	−0.224%	$599K	$1.8M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_PENDLE_USDC	−0.0028%	8h	2.5133	−0.095%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5179	+0.087%	$11K	—	5x	as long as short
Aster PENDLEUSDTlong	+0.0017%	8h	2.5157	long leg	$50K	$181K	10x
Reya PENDLERUSDPERP	+0.0052%	1h	2.5146	−0.043%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0056%	1h	2.5151	−0.022%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5149	−0.032%	$535K	$414K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5153	−0.016%	$35K	$16K	10x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5090	−0.266%	$3.2M	$6.0M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5150	−0.028%	$786K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5115	−0.167%	$854K	$591K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5065	−0.366%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5084	−0.290%	—	$33.8M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5160	+0.011%	$25K	$379K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5176	+0.076%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5138	−0.076%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0158% / S −0.0256%	1h	2.5151	−0.022%	$7K	—	100x	as long as short
Hyperliquid PENDLE	+0.0350%	1h	2.5152	−0.020%	$13.0M	$6.4M	5x	as long as short
Backpack PENDLE_USDC_PERP	+0.0544%	1h	2.5145	−0.048%	$352K	$486K	15x	as long as short
Coinbase International PENDLE-PERP-INTXshort	+0.0632%	1h	2.5190	+0.131%	$144K	$466K	25x
Kraken Futures PF_PENDLEUSD	+0.0866%	1h	2.5177	+0.081%	$117K	$291K	20x	as long as short