Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.012%

Price spread now: Aster against Lighter−0.012%7-day average +0.009% · 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−$231as in the Price arb table

costs, in and out, $10k−$2292.293% of the position

Long on Lighter Short on Aster

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)−0.029%−$3 on $10k

Price spread, last 4 days (all we have)+0.064%+$6 · spread now −0.012%, 7d avg +0.009%

Together, before fees+0.035%+ Points / potential airdropLighter: Season 3 · Aster: Stage 5 · farm board+$4 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Aster is 0.021% cheaper against Lighter than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of +0.009%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PENDLE	2.4888	0.0096	pay 0.0012% / 1h	15m 29s	$524K	$424K	5x
Short	Aster PENDLEUSDT	2.4885	0.0100	get 0.0100% / 8h	1h 15m	$44K	$176K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Lighter. 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 LighterbpFee AsterbpOrdersPrice spread, now −0.012%Rate

Funding earned: $0.84
Price spread: −0.012% → +0.009%: −$2.14
Slippage, 4 orders: −$221.3
Fee Lighter: 0 bp × 2 orders: $0
Fee Aster: 4 bp × 2 orders: −$8
Net: −$230.6
Costs to cover: 2.293%
Break-even: 1928.7 days

Slippage from Lighter: live order book, 60 min ago; Aster: live order book, 1 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 Lighter live order book, 60 min ago	10.75 bp	14.5 bp −$15	67.4 bp −$674	doesn't fit	doesn't fit
Sell Aster live order book, 1 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	−0.3656%	1h	2.4770	−0.474%	$2K	$53K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0151%	1h	2.4912	+0.096%	$29K	$10K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0070%	1h	2.4903	+0.060%	$76K	$239K	50x	as long as short
BloFin PENDLE-USDT	−0.0012%	8h	2.4881	−0.028%	$1.3M	$735K	75x	as long as short
Binance PENDLEUSDT	−0.0002%	8h	2.4876	−0.049%	$26.8M	$40.9M	75x	as long as short
MEXC PENDLE_USDT	−0.0002%	8h	2.4876	−0.048%	$16.8M	$2.1M	125x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4916	+0.113%	$10K	—	5x	as long as short
Extended PENDLE-USD	0.0000%	1h	2.4863	−0.099%	$164K	$526K	10x	as long as short
Orderly PERP_PENDLE_USDC	+0.0017%	8h	2.4880	−0.032%	$20K	$16K	10x	as long as short
Reya PENDLERUSDPERP	+0.0041%	1h	2.4874	−0.055%	$4K	—	15x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni PENDLE	+0.0065%	8h	2.4937	+0.196%	$551K	$2.0M	—	as long as short
GRVT PENDLE_USDT_Perp	+0.0071%	8h	2.4885	−0.014%	$413K	$1.6M	10x	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.4902	+0.057%	$26K	—	3x	as long as short
Lighter PENDLElong	+0.0096%	1h	2.4888	long leg	$524K	$424K	5x
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4874	−0.055%	$35K	$20K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4918	+0.119%	$12.3M	$6.0M	5x	as long as short
Aster PENDLEUSDTshort	+0.0100%	8h	2.4885	−0.012%	$44K	$176K	10x
Bybit PENDLEUSDT	+0.0100%	8h	2.4863	−0.100%	$15.3M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4880	−0.032%	$3.2M	$5.9M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.4870	−0.072%	$780K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4902	+0.056%	$889K	$613K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4892	+0.016%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4881	−0.028%	—	$36.2M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4872	−0.064%	$25K	$398K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4912	+0.096%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4931	+0.173%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.4901	+0.051%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.5020	+0.530%	$139K	$462K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0669%	1h	2.4946	+0.233%	$352K	$475K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0755%	1h	2.4952	+0.257%	$119K	$304K	20x	as long as short