Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0142%/8h= +15.6% APRpaid last 24h +0.026%

Price spread now: Hyperliquid against Aster−0.012%7-day average +0.086% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$179as in the Price arb table

costs, in and out, $10k−$1691.692% of the position

Long on Aster Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)+0.068%+$7 on $10k

Price spread, last 4 days (all we have)+0.065%+$7 · spread now −0.012%, 7d avg +0.086%

Together, before fees+0.133%+ Points / potential airdropAster: Stage 5 · Hyperliquid: Season 2 · farm board+$13 on $10k · with fees, hour by hour

Funding pays, the price is against you. Hyperliquid is 0.098% cheaper against Aster than usual: you would sell low and buy high (spread −0.012% now, against its 7-day average of +0.086%). If the spread goes back, that is −$10 on $10k: about 2.3 days of funding at the current rate (+$4 a day). At the pace of the last 5 days (+0.068% in total) that is about 7.8 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster PENDLEUSDT	2.4693	−0.0042	get 0.0042% / 8h	4h 58m	$47K	$178K	10x
Short	Hyperliquid PENDLE	2.4691	0.0100	get 0.0013% / 1h	58m 30s	$12.6M	$6.0M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Aster. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 HyperliquidbpOrdersPrice spread, now −0.012%Rate

Funding earned: $29.91
Price spread: −0.012% → +0.086%: −$9.75
Slippage, 4 orders: −$152.16
Fee Aster: 4 bp × 2 orders: −$8
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$149
Costs to cover: 1.692%
Break-even: 41.9 days

Slippage from Aster: live order book, 63 min ago; Hyperliquid: live order book, 4 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, 63 min ago	5.59 bp	108.3 bp −$108	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 4 min ago	0.81 bp	16.2 bp −$16	18.4 bp −$184	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	−0.4334%	1h	2.4470	−0.905%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0438%	1h	2.4676	−0.071%	$25K	$14K	10x	as long as short
MEXC PENDLE_USDT	−0.0073%	8h	2.4654	−0.160%	$17.3M	$1.9M	125x	as long as short
Binance PENDLEUSDT	−0.0073%	8h	2.4688	−0.024%	$26.3M	$43.8M	75x	as long as short
Extended PENDLE-USD	−0.0072%	1h	2.4677	−0.069%	$161K	$570K	10x	as long as short
BloFin PENDLE-USDT	−0.0066%	8h	2.4672	−0.087%	$1.3M	$652K	75x	as long as short
Aster PENDLEUSDTlong	−0.0042%	8h	2.4693	long leg	$47K	$178K	10x
Orderly PERP_PENDLE_USDC	−0.0035%	8h	2.4668	−0.103%	$19K	$15K	10x	as long as short
Gate PENDLE_USDT	−0.0002%	8h	2.4680	−0.055%	$718K	$1.1M	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4685	−0.033%	$10K	—	5x	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	+0.0024%	8h	2.4655	−0.156%	$563K	$1.8M	—	as long as short
Reya PENDLERUSDPERP	+0.0062%	1h	2.4663	−0.123%	$3K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4615	−0.317%	$26K	—	3x	as long as short
GRVT PENDLE_USDT_Perp	+0.0074%	8h	2.4676	−0.070%	$412K	$1.8M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4703	+0.039%	$527K	$413K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4692	−0.008%	$35K	$15K	10x	as long as short
Hyperliquid PENDLEshort	+0.0100%	1h	2.4691	−0.012%	$12.6M	$6.0M	5x
Bybit PENDLEUSDT	+0.0100%	8h	2.4641	−0.213%	$14.6M	$12.4M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4670	−0.095%	$3.1M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4676	−0.071%	$834K	$573K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4656	−0.152%	$3.7M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4671	−0.091%	—	$8.6M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4669	−0.097%	$24K	$379K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4682	−0.047%	$75K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4680	−0.055%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4673	−0.083%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4672	−0.089%	$5K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0358%	1h	2.4722	+0.115%	$356K	$479K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0608%	1h	2.4740	+0.188%	$147K	$492K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1176%	1h	2.4722	+0.117%	$115K	$278K	20x	as long as short