Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0098%/8h= +10.8% APRpaid last 24h −0.022%

Price spread now: Reya against Aster−0.148%46s7-day average — · you buy dearer than you sell

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

Long on Aster Short on Reya

What this pair did over the last

the charts below follow

Funding, last 3 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 · Reya: Active · farm boardneeds both histories

Funding pays, the price is against you. Reya is 0.148% cheaper against Aster than usual: you would sell low and buy high (spread −0.148% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$15 on $10k: about 5.0 days of funding at the current rate (+$3 a day). The two prices were read 46 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	2.5103	−0.0042	get 0.0042% / 8h	6h 08m	$50K	$181K	10x
Short	Reya PENDLERUSDPERP	2.5066	0.0056	get 0.0007% / 1h	8m 44s	$4K	—	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now −0.148%Rate

Funding earned: $20.63
Price spread: −0.148% → 0.000%: −$14.8
Slippage, 4 orders: no order book: not counted
Fee Aster: 4 bp × 2 orders: −$8
Fee Reya: 3 bp × 2 orders: −$6
Net: −$8.17
Costs to cover: 0.140%
Break-even: 9.8 days

Slippage unknown: Aster: live order book, 58 min ago; Reya: 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, 58 min ago	4.55 bp	20.3 bp −$20	doesn't fit	doesn't fit	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

Reya: 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 29 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	2.4870	−0.928%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.1341%	1h	2.5098	−0.020%	$26K	$14K	10x	as long as short
Extended PENDLE-USD	−0.0136%	1h	2.5078	−0.099%	$163K	$570K	10x	as long as short
Binance PENDLEUSDT	−0.0135%	8h	2.5090	−0.053%	$27.0M	$43.5M	75x	as long as short
MEXC PENDLE_USDT	−0.0132%	8h	2.5088	−0.060%	$17.3M	$1.8M	125x	as long as short
GRVT PENDLE_USDT_Perp	−0.0120%	8h	2.5084	−0.078%	$422K	$1.7M	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0113%	1h	2.5065	−0.152%	$76K	$236K	50x	as long as short
Gate PENDLE_USDT	−0.0081%	8h	2.5070	−0.132%	$757K	$1.2M	75x	as long as short
Variational Omni PENDLE	−0.0044%	8h	2.5046	−0.229%	$612K	$1.8M	—	as long as short
Aster PENDLEUSDTlong	−0.0042%	8h	2.5103	long leg	$50K	$181K	10x

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_PENDLE_USDC	−0.0038%	8h	2.5080	−0.092%	$20K	$16K	10x	as long as short
Bybit PENDLEUSDT	−0.0012%	8h	2.5080	−0.092%	$15.2M	$12.0M	50x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5084	−0.076%	$11K	—	5x	as long as short
Aevo PENDLE-PERP	+0.0048%	1h	2.5072	−0.126%	$26K	—	3x	as long as short
Reya PENDLERUSDPERPshort	+0.0056%	1h	2.5066	−0.148%	$4K	—	15x
Lighter PENDLE	+0.0096%	1h	2.5099	−0.016%	$534K	$416K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5084	−0.074%	$35K	$16K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5140	+0.147%	$12.9M	$6.3M	5x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5080	−0.092%	$3.2M	$6.1M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5080	−0.092%	$866K	$593K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5074	−0.116%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5099	−0.016%	—	$33.6M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5068	−0.140%	$25K	$378K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5084	−0.076%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5099	−0.016%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0158% / S −0.0256%	1h	2.5118	+0.061%	$7K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0386%	1h	2.5117	+0.056%	$352K	$481K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0632%	1h	2.5060	−0.171%	$144K	$470K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0867%	1h	2.5148	+0.180%	$117K	$289K	20x	as long as short