Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0030%/8h= −3.3% APRpaid last 24h −0.021%

Price spread now: dYdX against Aster−0.115%49s7-day average — · you buy dearer than you sell

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

Long on Aster Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)—no history yet

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

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

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and dYdX is 0.115% cheaper against Aster than usual: you would sell low and buy high (−$11 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 49 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster PENDLEUSDT	2.4574	0.0030	pay 0.0030% / 8h	7h 03m	$50K	$179K	10x
Short	dYdX PENDLE-USD	2.4546	0	get 0.0000% / 1h	3m 01s	$10K	—	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX against Aster. 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 AsterbpFee dYdXbpOrdersPrice spread, now −0.115%Rate

Funding earned: −$6.26
Price spread: −0.115% → 0.000%: −$11.46
Slippage, 4 orders: no order book: not counted
Fee Aster: 4 bp × 2 orders: −$8
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$35.73
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Aster: live order book, 28 min ago; dYdX: no order-book sample. 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 Aster live order book, 28 min ago	3.10 bp	178.3 bp −$178	doesn't fit	doesn't fit	doesn't fit
Sell dYdX no order-book sample	—	—	—	—	—

dYdX: 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	−0.3627%	1h	2.3930	−2.621%	$2K	$55K	5.5x	as long as short
GRVT PENDLE_USDT_Perp	−0.0110%	8h	2.4541	−0.134%	$407K	$2.8M	10x	as long as short
Extended PENDLE-USD	−0.0080%	1h	2.4557	−0.069%	$162K	$934K	10x	as long as short
Binance PENDLEUSDT	−0.0078%	8h	2.4564	−0.040%	$25.7M	$46.8M	75x	as long as short
MEXC PENDLE_USDT	−0.0078%	8h	2.4561	−0.053%	$18.7M	$2.2M	125x	as long as short
BloFin PENDLE-USDT	−0.0068%	8h	2.4595	+0.085%	$1.1M	$518K	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0005%	8h	2.4585	+0.045%	$19K	$15K	10x	as long as short
dYdX PENDLE-USDshort	0.0000%	1h	2.4546	−0.115%	$10K	—	5x
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4600	+0.106%	$25K	$14K	10x	as long as short
Aster PENDLEUSDTlong	+0.0030%	8h	2.4574	long leg	$50K	$179K	10x

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PENDLE-PERP	+0.0064%	1h	2.4595	+0.084%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0090%	1h	2.4604	+0.121%	$3K	—	15x	as long as short
Variational Omni PENDLE	+0.0091%	8h	2.4511	−0.257%	$584K	$1.2M	—	as long as short
Lighter PENDLE	+0.0096%	1h	2.4601	+0.110%	$530K	$444K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4560	−0.058%	$34K	$3K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4639	+0.265%	$13.0M	$6.0M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4542	−0.130%	$14.3M	$11.8M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4580	+0.024%	$3.1M	$6.8M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.4580	+0.024%	$779K	$997K	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4583	+0.037%	$703K	$596K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4582	+0.033%	$3.9M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4566	−0.033%	—	$8.2M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4541	−0.136%	$23K	$371K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4544	−0.122%	$75K	$231K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4590	+0.065%	$16K	$4K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4601	+0.110%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0151% / S −0.0168%	1h	2.4588	+0.058%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0664%	1h	2.4640	+0.269%	$171K	$539K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0842%	1h	2.4637	+0.256%	$366K	$433K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1263%	1h	2.4572	−0.007%	$116K	$253K	20x	as long as short