Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0042%/8h= +4.6% APRpaid last 24h +0.023%

Price spread now: Aster against Reya+0.040%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Reya Short on Aster

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropReya: Active · Aster: Stage 5 · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Aster is 0.040% dearer against Reya than usual: you sell high and buy low: +$4 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya PENDLERUSDPERP	2.5337	0.0049	pay 0.0006% / 1h	43m 12s	$4K	—	15x
Short	Aster PENDLEUSDT	2.5347	0.0091	get 0.0091% / 8h	7h 43m	$47K	$178K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Reya. 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 ReyabpFee AsterbpOrdersPrice spread, now +0.040%Rate

Funding earned: $8.84
Price spread: +0.040% → 0.000%: $3.96
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Aster: 4 bp × 2 orders: −$8
Net: −$1.2
Costs to cover: 0.140%
Break-even: 8.0 days

Slippage unknown: Reya: no order-book sample; Aster: live order book, 28 min ago. Net counts fees only.

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 Reya no order-book sample	—	—	—	—	—
Sell Aster live order book, 28 min ago	4.38 bp	16.9 bp −$17	doesn't fit	doesn't fit	doesn't fit

Reya: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.4643%	1h	2.4970	−1.448%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0618%	1h	2.5328	−0.035%	$26K	$14K	10x	as long as short
BloFin PENDLE-USDT	−0.0076%	8h	2.5289	−0.189%	$1.3M	$712K	75x	as long as short
Binance PENDLEUSDT	−0.0074%	8h	2.5299	−0.149%	$27.3M	$42.7M	75x	as long as short
MEXC PENDLE_USDT	−0.0074%	8h	2.5297	−0.157%	$17.1M	$1.9M	125x	as long as short
Extended PENDLE-USD	−0.0072%	1h	2.5323	−0.055%	$165K	$686K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0054%	1h	2.5317	−0.079%	$77K	$238K	50x	as long as short
Gate PENDLE_USDT	−0.0042%	8h	2.5330	−0.027%	$782K	$1.2M	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0014%	8h	2.5337	0.000%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5361	+0.095%	$11K	—	5x	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	+0.0014%	8h	2.5226	−0.437%	$604K	$1.9M	—	as long as short
GRVT PENDLE_USDT_Perp	+0.0044%	8h	2.5369	+0.127%	$429K	$1.6M	10x	as long as short
Reya PENDLERUSDPERPlong	+0.0049%	1h	2.5337	long leg	$4K	—	15x
Aevo PENDLE-PERP	+0.0064%	1h	2.5330	−0.029%	$26K	—	3x	as long as short
Bybit PENDLEUSDT	+0.0089%	8h	2.5292	−0.177%	$15.6M	$12.1M	50x	as long as short
Aster PENDLEUSDTshort	+0.0091%	8h	2.5347	+0.040%	$47K	$178K	10x
Lighter PENDLE	+0.0096%	1h	2.5324	−0.051%	$536K	$413K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5327	−0.038%	$35K	$18K	10x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5280	−0.225%	$3.2M	$6.1M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5347	+0.040%	$890K	$593K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5324	−0.051%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5303	−0.134%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5320	−0.067%	$25K	$383K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5367	+0.119%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5339	+0.008%	$2K	$1.8M	20x	as long as short
Hyperliquid PENDLE	+0.0105%	1h	2.5402	+0.257%	$12.9M	$6.3M	5x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0203% / S −0.0382%	1h	2.5352	+0.059%	$7K	—	100x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0614%	1h	2.5356	+0.074%	$118K	$295K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0728%	1h	2.5360	+0.091%	$141K	$441K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0878%	1h	2.5426	+0.352%	$334K	$487K	15x	as long as short