Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.1100%/8h= −120.5% APRpaid last 24h −0.299%

Price spread now: Aster against Kraken Futures−0.227%7-day average −0.133% · 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−$427as in the Price arb table

costs, in and out, $10k−$4184.178% of the position

Long on Kraken Futures Short on Aster

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)−0.284%−$28 on $10k

Price spread, last 4 days (all we have)+0.176%+$18 · spread now −0.227%, 7d avg −0.133%

Together, before fees−0.108%+ Points / potential airdropAster: Stage 5 · farm board−$11 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$33 a day on $10k at the current rate, and Aster is 0.095% cheaper against Kraken Futures than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.133%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 6 days it paid -0.284% in total (about -18.7% 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	Kraken Futures PF_PENDLEUSD	2.4512	0.1190	pay 0.0149% / 1h	42m 17s	$115K	$263K	20x
Short	Aster PENDLEUSDT	2.4456	0.0090	get 0.0090% / 8h	2h 42m	$46K	$171K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Kraken Futures. 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 Kraken FuturesbpFee AsterbpOrdersPrice spread, now −0.227%Rate

Funding earned: −$231.04
Price spread: −0.227% → −0.133%: −$9.46
Slippage, 4 orders: −$399.82
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Aster: 4 bp × 2 orders: −$8
Net: −$658.32
Costs to cover: 4.178%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 5 min ago; Aster: live order book, 4 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 Kraken Futures live order book, 5 min ago	12.26 bp	77.2 bp −$77	doesn't fit	doesn't fit	doesn't fit
Sell Aster live order book, 4 min ago	7.97 bp	146.2 bp −$146	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	−0.3926%	1h	2.4240	−1.109%	$2K	$54K	5.5x	as long as short
Gate PENDLE_USDT	−0.0052%	8h	2.4470	−0.170%	$719K	$1.1M	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0035%	8h	2.4451	−0.248%	$19K	$15K	10x	as long as short
Extended PENDLE-USD	−0.0008%	1h	2.4441	−0.288%	$158K	$579K	10x	as long as short
MEXC PENDLE_USDT	−0.0008%	8h	2.4437	−0.305%	$17.3M	$2.0M	125x	as long as short
Binance PENDLEUSDT	−0.0007%	8h	2.4442	−0.286%	$25.8M	$44.2M	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4505	−0.027%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4459	−0.215%	$24K	$15K	10x	as long as short
BloFin PENDLE-USDT	+0.0011%	8h	2.4458	−0.219%	$1.1M	$600K	75x	as long as short
ApeX Omni PENDLEUSDT	+0.0068%	1h	2.4489	−0.093%	$74K	$233K	50x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya PENDLERUSDPERP	+0.0073%	1h	2.4436	−0.310%	$3K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.4445	−0.272%	$26K	—	3x	as long as short
Aster PENDLEUSDTshort	+0.0090%	8h	2.4456	−0.227%	$46K	$171K	10x
GRVT PENDLE_USDT_Perp	+0.0094%	8h	2.4470	−0.170%	$405K	$2.1M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4470	−0.170%	$516K	$415K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4425	−0.355%	$34K	$9K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4475	−0.150%	$12.6M	$6.1M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4430	−0.334%	$14.3M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4470	−0.170%	$3.1M	$6.4M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4483	−0.117%	$862K	$555K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4428	−0.342%	$3.6M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4449	−0.256%	—	$8.4M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4451	−0.249%	$549K	$1.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4469	−0.176%	$24K	$376K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4462	−0.203%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4460	−0.211%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4435	−0.312%	$5K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0552%	1h	2.4505	−0.028%	$354K	$402K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.4530	+0.074%	$154K	$520K	25x	as long as short
Kraken Futures PF_PENDLEUSDlong	+0.1190%	1h	2.4512	long leg	$115K	$263K	20x