Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0601%/8h= −65.8% APRpaid last 24h −0.060%

Price spread now: Aster against Coinbase International+0.180%7-day average −0.051% · 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−$351as in the Price arb table

costs, in and out, $10k−$3743.740% of the position

Long on Coinbase International Short on Aster

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)−0.002%$0 on $10k

Price spread, last 4 days (all we have)−0.428%−$43 · spread now +0.180%, 7d avg −0.051%

Together, before fees−0.431%+ Points / potential airdropAster: Stage 5 · farm board−$43 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Aster is 0.230% dearer against Coinbase International than usual: you sell high and buy low (spread +0.180% now, against its 7-day average of −0.051%): +$23 on $10k if it goes back. Holding the pair costs −$18 a day in funding at the current rate, which eats that in about 31 hours. At the pace of the last 6 days (−0.002% in total) that is about 18 months.

The current funding rate is far above what this pair has been paying: over the last 6 days it paid -0.002% in total (about -0.2% 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	Coinbase International PENDLE-PERP-INTX	2.4480	0.0640	pay 0.0080% / 1h	8m 48s	$150K	$507K	25x
Short	Aster PENDLEUSDT	2.4524	0.0039	get 0.0039% / 8h	3h 08m	$46K	$172K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Coinbase International. 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 Coinbase InternationalbpFee AsterbpOrdersPrice spread, now +0.180%Rate

Funding earned: −$126.21
Price spread: +0.180% → −0.051%: $23.05
Slippage, 4 orders: −$355.98
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Aster: 4 bp × 2 orders: −$8
Net: −$477.15
Costs to cover: 3.740%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 44 min ago; Aster: live order book, 43 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 Coinbase International live order book, 44 min ago	6.08 bp	11.1 bp −$11	doesn't fit	doesn't fit	doesn't fit
Sell Aster live order book, 43 min ago	36.29 bp	134.6 bp −$135	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	−0.4243%	1h	2.4300	−0.735%	$2K	$54K	5.5x	as long as short
Gate PENDLE_USDT	−0.0068%	8h	2.4450	−0.123%	$717K	$1.1M	75x	as long as short
Binance PENDLEUSDT	−0.0050%	8h	2.4494	+0.057%	$25.9M	$44.5M	75x	as long as short
MEXC PENDLE_USDT	−0.0049%	8h	2.4489	+0.037%	$17.4M	$2.0M	125x	as long as short
Extended PENDLE-USD	−0.0048%	1h	2.4489	+0.038%	$158K	$579K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0037%	8h	2.4458	−0.090%	$19K	$15K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0036%	1h	2.4519	+0.159%	$75K	$234K	50x	as long as short
BloFin PENDLE-USDT	−0.0036%	8h	2.4449	−0.127%	$1.1M	$592K	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4521	+0.166%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4463	−0.069%	$24K	$15K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster PENDLEUSDTshort	+0.0039%	8h	2.4524	+0.180%	$46K	$172K	10x
GRVT PENDLE_USDT_Perp	+0.0051%	8h	2.4601	+0.494%	$417K	$2.1M	10x	as long as short
Reya PENDLERUSDPERP	+0.0071%	1h	2.4453	−0.111%	$3K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0072%	1h	2.4447	−0.134%	$26K	—	3x	as long as short
Variational Omni PENDLE	+0.0078%	8h	2.4500	+0.084%	$550K	$1.4M	—	as long as short
Lighter PENDLE	+0.0096%	1h	2.4464	−0.065%	$515K	$431K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4476	−0.017%	$34K	$11K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4490	+0.041%	$14.4M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4520	+0.163%	$3.1M	$6.4M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4488	+0.033%	$864K	$557K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4491	+0.045%	$3.6M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4495	+0.061%	—	$8.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4521	+0.167%	$24K	$374K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4475	−0.020%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4458	−0.090%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4449	−0.126%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0290%	1h	2.4561	+0.330%	$12.7M	$6.0M	5x	as long as short
Coinbase International PENDLE-PERP-INTXlong	+0.0640%	1h	2.4480	long leg	$150K	$507K	25x
Backpack PENDLE_USDC_PERP	+0.0693%	1h	2.4525	+0.184%	$356K	$400K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1187%	1h	2.4526	+0.187%	$115K	$268K	20x	as long as short