Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0560%/8h= −61.3% APRpaid last 24h −0.145%

Price spread now: Aster against Backpack−0.063%7-day average −0.106% · 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−$308as in the Price arb table

costs, in and out, $10k−$3123.121% of the position

Long on Backpack Short on Aster

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)−0.667%−$67 on $10k

Price spread, last 4 days (all we have)+0.204%+$20 · spread now −0.063%, 7d avg −0.106%

Together, before fees−0.463%+ Points / potential airdropAster: Stage 5 · farm board−$46 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Aster is 0.043% dearer against Backpack than usual: you sell high and buy low (spread −0.063% now, against its 7-day average of −0.106%): +$4 on $10k if it goes back. Holding the pair costs −$17 a day in funding at the current rate, which eats that in about 6 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack PENDLE_USDC_PERP	2.4454	0.0660	pay 0.0082% / 1h	32m 44s	$354K	$401K	15x
Short	Aster PENDLEUSDT	2.4439	0.0100	get 0.0100% / 8h	2h 32m	$46K	$171K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Backpack. 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 BackpackbpFee AsterbpOrdersPrice spread, now −0.063%Rate

Funding earned: −$117.51
Price spread: −0.063% → −0.106%: $4.28
Slippage, 4 orders: −$294.06
Fee Backpack: 5 bp × 2 orders: −$10
Fee Aster: 4 bp × 2 orders: −$8
Net: −$425.29
Costs to cover: 3.121%
Break-even: never at this rate

Slippage from Backpack: live order book, 16 min ago; Aster: live order book, 14 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 Backpack live order book, 16 min ago	1.83 bp	10.4 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell Aster live order book, 14 min ago	7.97 bp	146.2 bp −$146	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	−0.3926%	1h	2.4150	−1.243%	$2K	$54K	5.5x	as long as short
Gate PENDLE_USDT	−0.0043%	8h	2.4410	−0.180%	$718K	$1.1M	75x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0037%	1h	2.4409	−0.184%	$24K	$15K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0035%	8h	2.4408	−0.188%	$19K	$15K	10x	as long as short
BloFin PENDLE-USDT	−0.0007%	8h	2.4396	−0.237%	$1.1M	$599K	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4436	−0.073%	$10K	—	5x	as long as short
MEXC PENDLE_USDT	+0.0005%	8h	2.4415	−0.159%	$17.3M	$2.0M	125x	as long as short
Extended PENDLE-USD	+0.0008%	1h	2.4403	−0.208%	$157K	$582K	10x	as long as short
Binance PENDLEUSDT	+0.0009%	8h	2.4426	−0.115%	$25.8M	$44.2M	75x	as long as short
Reya PENDLERUSDPERP	+0.0074%	1h	2.4404	−0.206%	$3K	—	15x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PENDLE-PERP	+0.0080%	1h	2.4408	−0.189%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4436	−0.074%	$515K	$416K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4392	−0.254%	$34K	$9K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4465	+0.045%	$12.6M	$6.1M	5x	as long as short
Aster PENDLEUSDTshort	+0.0100%	8h	2.4439	−0.063%	$46K	$171K	10x
Bybit PENDLEUSDT	+0.0100%	8h	2.4420	−0.139%	$14.3M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4440	−0.057%	$3.1M	$6.4M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4431	−0.094%	$859K	$554K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4397	−0.233%	$3.6M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4414	−0.164%	—	$8.4M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4431	−0.093%	$549K	$1.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4484	+0.122%	$24K	$375K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.4445	−0.037%	$411K	$2.1M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4493	+0.159%	$75K	$234K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4424	−0.123%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4391	−0.258%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4410	−0.181%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.4540	+0.352%	$155K	$522K	25x	as long as short
Backpack PENDLE_USDC_PERPlong	+0.0660%	1h	2.4454	long leg	$354K	$401K	15x
Kraken Futures PF_PENDLEUSD	+0.1193%	1h	2.4460	+0.025%	$114K	$262K	20x	as long as short