Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0041%/8h= +4.5% APRpaid last 24h +0.007%

Price spread now: Aster against Extended+0.391%7-day average +0.107% · 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−$337as in the Price arb table

costs, in and out, $10k−$3663.655% of the position

Long on Extended Short on Aster

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)+0.005%+$1 on $10k

Price spread, last 4 days (all we have)−0.194%−$19 · spread now +0.391%, 7d avg +0.107%

Together, before fees−0.189%+ Points / potential airdropExtended: Active · Aster: Stage 5 · farm board−$19 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Aster is 0.283% dearer against Extended than usual: you sell high and buy low: +$28 more if the spread goes back to its 7-day average of +0.107%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended PENDLE-USD	2.4583	−0.0056	get 0.0007% / 1h	36m 17s	$158K	$576K	10x
Short	Aster PENDLEUSDT	2.4679	−0.0015	pay 0.0015% / 8h	3h 36m	$47K	$172K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Extended. 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 ExtendedbpFee AsterbpOrdersPrice spread, now +0.391%Rate

Funding earned: $8.66
Price spread: +0.391% → +0.107%: $28.34
Slippage, 4 orders: −$352.55
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Aster: 4 bp × 2 orders: −$8
Net: −$328.55
Costs to cover: 3.655%
Break-even: 272.5 days

Slippage from Extended: live order book, 16 min ago; Aster: live order book, 15 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 Extended live order book, 16 min ago	1.22 bp	14.7 bp −$15	101.5 bp −$1,015	doesn't fit	doesn't fit
Sell Aster live order book, 15 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	2.4260	−1.316%	$2K	$54K	5.5x	as long as short
ApeX Omni PENDLEUSDT	−0.0243%	1h	2.4522	−0.250%	$75K	$234K	50x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0197%	1h	2.4621	+0.153%	$25K	$14K	10x	as long as short
BloFin PENDLE-USDT	−0.0091%	8h	2.4608	+0.100%	$1.1M	$596K	75x	as long as short
MEXC PENDLE_USDT	−0.0062%	8h	2.4614	+0.124%	$17.5M	$2.0M	125x	as long as short
Binance PENDLEUSDT	−0.0059%	8h	2.4600	+0.067%	$26.1M	$44.0M	75x	as long as short
Extended PENDLE-USDlong	−0.0056%	1h	2.4583	long leg	$158K	$576K	10x
Gate PENDLE_USDT	−0.0054%	8h	2.4610	+0.108%	$720K	$1.1M	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0040%	8h	2.4607	+0.096%	$19K	$15K	10x	as long as short
Aster PENDLEUSDTshort	−0.0015%	8h	2.4679	+0.391%	$47K	$172K	10x

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX PENDLE-USD	0.0000%	1h	2.4573	−0.044%	$10K	—	5x	as long as short
GRVT PENDLE_USDT_Perp	+0.0034%	8h	2.4538	−0.184%	$407K	$2.0M	10x	as long as short
Variational Omni PENDLE	+0.0063%	8h	2.4516	−0.276%	$550K	$1.4M	—	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4600	+0.065%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0069%	1h	2.4602	+0.077%	$3K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4604	+0.083%	$516K	$428K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4609	+0.103%	$34K	$11K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4660	+0.311%	$12.8M	$6.1M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4590	+0.026%	$14.5M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4610	+0.108%	$3.1M	$6.4M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4628	+0.181%	$891K	$551K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4594	+0.043%	$3.7M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4599	+0.063%	—	$8.5M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4524	−0.243%	$24K	$376K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4647	+0.258%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4616	+0.132%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4614	+0.125%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0640%	1h	2.4620	+0.149%	$146K	$501K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0651%	1h	2.4668	+0.344%	$358K	$400K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1181%	1h	2.4661	+0.316%	$115K	$268K	20x	as long as short