Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0040%/8h= +4.3% APRpaid last 24h −0.053%

Price spread now: Deribit against Aster+0.048%7-day average — · you sell dearer than you buy

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

Long on Aster Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropAster: Stage 5 · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Deribit is 0.048% dearer against Aster than usual: you sell high and buy low: +$5 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster PENDLEUSDT	2.4754	−0.0040	get 0.0040% / 8h	4h 55m	$47K	$178K	10x
Short	Deribit PENDLE_USDC-PERPETUAL	2.4766	0	get 0.0000% / 1h	55m 57s	$25K	$14K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.048%Rate

Funding earned: $8.33
Price spread: +0.048% → 0.000%: $4.75
Slippage, 4 orders: no order book: not counted
Fee Aster: 4 bp × 2 orders: −$8
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$1.92
Costs to cover: 0.150%
Break-even: 8.6 days

Slippage unknown: Aster: live order book, 65 min ago; Deribit: no order-book sample. 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, 65 min ago	5.59 bp	108.3 bp −$108	doesn't fit	doesn't fit	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

Deribit: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.4334%	1h	2.4430	−1.310%	$2K	$54K	5.5x	as long as short
Extended PENDLE-USD	−0.0072%	1h	2.4715	−0.157%	$161K	$570K	10x	as long as short
MEXC PENDLE_USDT	−0.0072%	8h	2.4732	−0.090%	$17.3M	$1.9M	125x	as long as short
Binance PENDLEUSDT	−0.0071%	8h	2.4752	−0.008%	$26.4M	$43.9M	75x	as long as short
BloFin PENDLE-USDT	−0.0066%	8h	2.4680	−0.300%	$1.3M	$653K	75x	as long as short
Aster PENDLEUSDTlong	−0.0040%	8h	2.4754	long leg	$47K	$178K	10x
Orderly PERP_PENDLE_USDC	−0.0035%	8h	2.4759	+0.019%	$19K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4712	−0.172%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUALshort	0.0000%	1h	2.4766	+0.048%	$25K	$14K	10x
Gate PENDLE_USDT	+0.0007%	8h	2.4770	+0.064%	$719K	$1.1M	75x	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	+0.0030%	8h	2.4746	−0.034%	$564K	$1.8M	—	as long as short
Reya PENDLERUSDPERP	+0.0062%	1h	2.4772	+0.071%	$3K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4749	−0.021%	$26K	—	3x	as long as short
GRVT PENDLE_USDT_Perp	+0.0074%	8h	2.4676	−0.317%	$412K	$1.8M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4764	+0.039%	$528K	$413K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4727	−0.109%	$35K	$13K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4739	−0.062%	$14.7M	$12.4M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4750	−0.017%	$3.1M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4771	+0.068%	$839K	$581K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4766	+0.048%	$3.7M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4724	−0.122%	—	$8.6M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4669	−0.343%	$24K	$379K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4682	−0.292%	$75K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4785	+0.124%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4763	+0.035%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4769	+0.058%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0374%	1h	2.4790	+0.144%	$12.6M	$6.1M	5x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0608%	1h	2.4760	+0.023%	$147K	$493K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0904%	1h	2.4811	+0.229%	$357K	$479K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1173%	1h	2.4790	+0.143%	$115K	$278K	20x	as long as short