Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.024%

Price spread now: Aster against Bybit+0.164%7-day average +0.069% · 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−$225as in the Price arb table

costs, in and out, $10k−$2352.348% of the position

Long on Bybit Short on Aster

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)+0.104%+$10 on $10k

Price spread, last 4 days (all we have)−0.001%$0 · spread now +0.164%, 7d avg +0.069%

Together, before fees+0.104%+ Points / potential airdropAster: Stage 5 · farm board+$10 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Aster is 0.095% dearer against Bybit than usual: you sell high and buy low, +$10 on $10k if it goes back to its 7-day average of +0.069%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit PENDLEUSDT	2.5196	0.0100	pay 0.0100% / 8h	16m 07s	$15.6M	$11.9M	50x
Short	Aster PENDLEUSDT	2.5237	0.0100	get 0.0100% / 8h	16m 07s	$48K	$177K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Bybit. 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 BybitbpFee AsterbpOrdersPrice spread, now +0.164%Rate

Funding earned: $0
Price spread: +0.164% → +0.069%: $9.52
Slippage, 4 orders: −$215.77
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Aster: 4 bp × 2 orders: −$8
Net: −$225.26
Costs to cover: 2.348%
Break-even: never at this rate

Slippage from Bybit: live order book, 2 min ago; Aster: live order book, 60 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 Bybit live order book, 2 min ago	3.97 bp	17.3 bp −$17	50.9 bp −$509	doesn't fit	doesn't fit
Sell Aster live order book, 60 min ago	8.44 bp	100.5 bp −$101	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	−0.5000%	1h	2.4940	−1.016%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0384%	1h	2.5225	+0.115%	$30K	$10K	10x	as long as short
Extended PENDLE-USD	−0.0056%	1h	2.5201	+0.021%	$166K	$528K	10x	as long as short
Binance PENDLEUSDT	−0.0053%	8h	2.5212	+0.065%	$27.3M	$42.0M	75x	as long as short
ApeX Omni PENDLEUSDT	−0.0051%	1h	2.5252	+0.222%	$77K	$239K	50x	as long as short
MEXC PENDLE_USDT	−0.0045%	8h	2.5213	+0.067%	$17.1M	$1.9M	125x	as long as short
BloFin PENDLE-USDT	−0.0037%	8h	2.5193	−0.012%	$1.3M	$710K	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0006%	8h	2.5206	+0.040%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5232	+0.144%	$11K	—	5x	as long as short
Variational Omni PENDLE	+0.0025%	8h	2.5186	−0.038%	$595K	$1.9M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT PENDLE_USDT_Perp	+0.0035%	8h	2.5213	+0.067%	$418K	$1.6M	10x	as long as short
Reya PENDLERUSDPERP	+0.0046%	1h	2.5201	+0.018%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0072%	1h	2.5210	+0.054%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5221	+0.099%	$532K	$416K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5198	+0.009%	$35K	$18K	10x	as long as short
Aster PENDLEUSDTshort	+0.0100%	8h	2.5237	+0.164%	$48K	$177K	10x
Bybit PENDLEUSDTlong	+0.0100%	8h	2.5196	long leg	$15.6M	$11.9M	50x
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5200	+0.016%	$3.2M	$6.0M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5190	−0.024%	$783K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5218	+0.087%	$886K	$600K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5197	+0.004%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5195	−0.004%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5220	+0.096%	$25K	$383K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5228	+0.127%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5201	+0.020%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5228	+0.128%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0359%	1h	2.5270	+0.294%	$12.8M	$6.2M	5x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0594%	1h	2.5262	+0.263%	$119K	$298K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.5340	+0.572%	$141K	$450K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0738%	1h	2.5264	+0.270%	$332K	$490K	15x	as long as short