Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0654%/8h= +71.6% APRpaid last 24h +0.358%

Price spread now: Kraken Futures against Aster+0.290%7-day average +0.122% · 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−$416as in the Price arb table

costs, in and out, $10k−$4334.332% of the position

Long on Aster Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)+0.221%+$22 on $10k

Price spread, last 3 days (all we have)−0.201%−$20 · spread now +0.290%, 7d avg +0.122%

Together, before fees+0.019%+ Points / potential airdropAster: Stage 5 · farm board+$2 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$20 a day on $10k at the current rate, and Kraken Futures is 0.168% dearer against Aster than usual: you sell high and buy low: +$17 more if the spread goes back to its 7-day average of +0.122%.

The current funding rate is far above what this pair has been paying: over the last 5 days it paid 0.221% in total (about 15.3% 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	2.4925	0.0100	pay 0.0100% / 8h	1h 23m	$44K	$176K	10x
Short	Kraken Futures PF_PENDLEUSD	2.4997	0.0754	get 0.0094% / 1h	23m 17s	$120K	$304K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.290%Rate

Funding earned: $137.25
Price spread: +0.290% → +0.122%: $16.77
Slippage, 4 orders: −$415.18
Fee Aster: 4 bp × 2 orders: −$8
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$279.16
Costs to cover: 4.332%
Break-even: 21.2 days

Slippage from Aster: live order book, 58 min ago; Kraken Futures: live order book, 59 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, 58 min ago	11.09 bp	181.2 bp −$181	doesn't fit	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 59 min ago	15.82 bp	45.8 bp −$46	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	−0.3656%	1h	2.4770	−0.623%	$2K	$53K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0150%	1h	2.4960	+0.139%	$29K	$10K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0050%	1h	2.4903	−0.089%	$76K	$239K	50x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4968	+0.173%	$10K	—	5x	as long as short
MEXC PENDLE_USDT	+0.0004%	8h	2.4935	+0.039%	$16.9M	$2.1M	125x	as long as short
Binance PENDLEUSDT	+0.0005%	8h	2.4933	+0.033%	$26.9M	$40.8M	75x	as long as short
Extended PENDLE-USD	+0.0008%	1h	2.4924	−0.007%	$164K	$526K	10x	as long as short
Orderly PERP_PENDLE_USDC	+0.0020%	8h	2.4941	+0.063%	$20K	$16K	10x	as long as short
BloFin PENDLE-USDT	+0.0025%	8h	2.4921	−0.017%	$1.3M	$736K	75x	as long as short
Reya PENDLERUSDPERP	+0.0041%	1h	2.4936	+0.042%	$4K	—	15x	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	+0.0064%	8h	2.4887	−0.154%	$550K	$2.0M	—	as long as short
GRVT PENDLE_USDT_Perp	+0.0080%	8h	2.4945	+0.078%	$414K	$1.6M	10x	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.4937	+0.049%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4944	+0.075%	$525K	$423K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4925	−0.001%	$35K	$20K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4980	+0.220%	$12.3M	$5.9M	5x	as long as short
Aster PENDLEUSDTlong	+0.0100%	8h	2.4925	long leg	$44K	$176K	10x
Bybit PENDLEUSDT	+0.0100%	8h	2.4930	+0.019%	$15.4M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4960	+0.139%	$3.2M	$5.9M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.4920	−0.021%	$782K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4955	+0.119%	$891K	$614K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4922	−0.013%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4942	+0.067%	—	$36.2M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4884	−0.165%	$25K	$396K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4974	+0.196%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4957	+0.127%	$1K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.4956	+0.123%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.4980	+0.220%	$138K	$461K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0674%	1h	2.4981	+0.224%	$353K	$474K	15x	as long as short
Kraken Futures PF_PENDLEUSDshort	+0.0754%	1h	2.4997	+0.290%	$120K	$304K	20x