Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0083%/8h= −9.1% APRpaid last 24h −0.009%

Price spread now: Aster against edgeX−0.011%7-day average +0.038% · 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−$57as in the Price arb table

costs, in and out, $10k−$520.524% of the position

Long on edgeX Short on Aster

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)−0.047%−$5 on $10k

Price spread, last 3 days (all we have)−0.222%−$22 · spread now −0.011%, 7d avg +0.038%

Together, before fees−0.269%+ Points / potential airdropedgeX: Active · Aster: Stage 5 · farm board−$27 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Aster is 0.049% cheaper against edgeX than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.038%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX PENDLEUSDC	2.5160	0.0100	pay 0.0050% / 4h	2h 57m	$25K	$379K	10x
Short	Aster PENDLEUSDT	2.5157	0.0017	get 0.0017% / 8h	6h 57m	$50K	$181K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against edgeX. 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 edgeXbpFee AsterbpOrdersPrice spread, now −0.011%Rate

Funding earned: −$17.41
Price spread: −0.011% → +0.038%: −$4.9
Slippage, 4 orders: −$35.42
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Aster: 4 bp × 2 orders: −$8
Net: −$74.73
Costs to cover: 0.524%
Break-even: never at this rate

Slippage from edgeX: live order book, 11 min ago; Aster: live order book, 9 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 edgeX live order book, 11 min ago	2.56 bp	7.2 bp −$7	28.8 bp −$288	doesn't fit	doesn't fit
Sell Aster live order book, 9 min ago	4.55 bp	17.5 bp −$17	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	−0.4742%	1h	2.4850	−1.231%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0823%	1h	2.5143	−0.067%	$26K	$14K	10x	as long as short
Bybit PENDLEUSDT	−0.0184%	8h	2.5079	−0.321%	$15.4M	$12.0M	50x	as long as short
GRVT PENDLE_USDT_Perp	−0.0145%	8h	2.5176	+0.065%	$416K	$1.7M	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0142%	1h	2.5174	+0.056%	$77K	$237K	50x	as long as short
Extended PENDLE-USD	−0.0112%	1h	2.5108	−0.205%	$163K	$565K	10x	as long as short
Binance PENDLEUSDT	−0.0110%	8h	2.5111	−0.196%	$27.2M	$43.0M	75x	as long as short
MEXC PENDLE_USDT	−0.0110%	8h	2.5102	−0.230%	$17.0M	$1.7M	125x	as long as short
BloFin PENDLE-USDT	−0.0096%	8h	2.5118	−0.166%	$1.3M	$653K	75x	as long as short
Variational Omni PENDLE	−0.0033%	8h	2.5101	−0.235%	$599K	$1.8M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_PENDLE_USDC	−0.0028%	8h	2.5133	−0.107%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5179	+0.076%	$11K	—	5x	as long as short
Aster PENDLEUSDTshort	+0.0017%	8h	2.5157	−0.011%	$50K	$181K	10x
Reya PENDLERUSDPERP	+0.0052%	1h	2.5146	−0.054%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0056%	1h	2.5151	−0.034%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5149	−0.043%	$535K	$414K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5153	−0.027%	$35K	$16K	10x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5090	−0.278%	$3.2M	$6.0M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5150	−0.039%	$786K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5127	−0.130%	$854K	$591K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5065	−0.377%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5084	−0.301%	—	$33.8M	—	as long as short
edgeX PENDLEUSDClong	+0.0100%	4h	2.5160	long leg	$25K	$379K	10x
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5176	+0.064%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5138	−0.087%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0158% / S −0.0256%	1h	2.5151	−0.033%	$7K	—	100x	as long as short
Hyperliquid PENDLE	+0.0350%	1h	2.5152	−0.031%	$13.0M	$6.4M	5x	as long as short
Backpack PENDLE_USDC_PERP	+0.0544%	1h	2.5145	−0.059%	$352K	$486K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0632%	1h	2.5190	+0.120%	$144K	$466K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0866%	1h	2.5177	+0.070%	$117K	$291K	20x	as long as short