Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0255%/8h= −27.9% APRpaid last 24h −0.024%

Price spread now: Aster against Hyperliquid−0.116%7-day average −0.083% · 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−$239as in the Price arb table

costs, in and out, $10k−$2352.354% of the position

Long on Hyperliquid Short on Aster

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)−0.069%−$7 on $10k

Price spread, last 4 days (all we have)+0.035%+$3 · spread now −0.116%, 7d avg −0.083%

Together, before fees−0.034%+ Points / potential airdropHyperliquid: Season 2 · Aster: Stage 5 · farm board−$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Aster is 0.034% cheaper against Hyperliquid than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.083%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 5 days it paid -0.069% in total (about -4.7% 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	Hyperliquid PENDLE	2.5268	0.0355	pay 0.0044% / 1h	16m 41s	$12.8M	$6.2M	5x
Short	Aster PENDLEUSDT	2.5239	0.0100	get 0.0100% / 8h	16m 41s	$48K	$177K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Hyperliquid. 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 HyperliquidbpFee AsterbpOrdersPrice spread, now −0.116%Rate

Funding earned: −$53.59
Price spread: −0.116% → −0.083%: −$3.35
Slippage, 4 orders: −$218.44
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Aster: 4 bp × 2 orders: −$8
Net: −$292.39
Costs to cover: 2.354%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 6 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 Hyperliquid live order book, 6 min ago	3.16 bp	17.3 bp −$17	doesn't fit	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	−1.298%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0384%	1h	2.5209	−0.233%	$30K	$10K	10x	as long as short
Binance PENDLEUSDT	−0.0053%	8h	2.5212	−0.221%	$27.3M	$42.0M	75x	as long as short
ApeX Omni PENDLEUSDT	−0.0051%	1h	2.5252	−0.063%	$77K	$239K	50x	as long as short
Extended PENDLE-USD	−0.0048%	1h	2.5189	−0.313%	$166K	$528K	10x	as long as short
MEXC PENDLE_USDT	−0.0045%	8h	2.5214	−0.214%	$17.1M	$1.9M	125x	as long as short
BloFin PENDLE-USDT	−0.0037%	8h	2.5193	−0.297%	$1.3M	$710K	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0006%	8h	2.5210	−0.230%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5232	−0.142%	$11K	—	5x	as long as short
Variational Omni PENDLE	+0.0031%	8h	2.5247	−0.085%	$596K	$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	−0.218%	$418K	$1.6M	10x	as long as short
Reya PENDLERUSDPERP	+0.0046%	1h	2.5205	−0.250%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0072%	1h	2.5217	−0.204%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5212	−0.222%	$531K	$416K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5198	−0.276%	$35K	$18K	10x	as long as short
Aster PENDLEUSDTshort	+0.0100%	8h	2.5239	−0.116%	$48K	$177K	10x
Bybit PENDLEUSDT	+0.0100%	8h	2.5191	−0.305%	$15.6M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5200	−0.269%	$3.2M	$6.0M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5180	−0.348%	$783K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5214	−0.214%	$886K	$600K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5191	−0.305%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5189	−0.313%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5220	−0.189%	$25K	$383K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5235	−0.131%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5207	−0.241%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5226	−0.168%	$5K	—	100x	as long as short
Hyperliquid PENDLElong	+0.0355%	1h	2.5268	long leg	$12.8M	$6.2M	5x
Kraken Futures PF_PENDLEUSD	+0.0594%	1h	2.5261	−0.026%	$119K	$298K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.5340	+0.285%	$141K	$450K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0749%	1h	2.5263	−0.020%	$332K	$490K	15x	as long as short