Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0151%/8h= +16.6% APRpaid last 24h +0.009%

Price spread now: edgeX against Aster−0.177%110s7-day average −0.031% · 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—prices read too far apart to compare

costs, in and out, $10k−$1591.593% of the position

Long on Aster Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)+0.047%+$5 on $10k

Price spread, last 4 days (all we have)+0.820%+$82 · spread now −0.177%, 7d avg −0.031%

Together, before fees+0.867%+ Points / potential airdropAster: Stage 5 · edgeX: Active · farm board+$87 on $10k · with fees, hour by hour

Funding pays, the price is against you. edgeX is 0.145% cheaper against Aster than usual: you would sell low and buy high (spread −0.177% now, against its 7-day average of −0.031%). If the spread goes back, that is −$15 on $10k: about 3.2 days of funding at the current rate (+$5 a day). At the pace of the last 5 days (+0.047% in total) that is about 17 days. The two prices were read 110 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	2.4829	−0.0051	get 0.0051% / 8h	5h 35m	$47K	$176K	10x
Short	edgeX PENDLEUSDC	2.4785	0.0100	get 0.0050% / 4h	1h 35m	$24K	$378K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.177%Rate

Funding earned: $31.81
Price spread: −0.177% → −0.031%: −$14.53
Slippage, 4 orders: −$142.3
Fee Aster: 4 bp × 2 orders: −$8
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$142.02
Costs to cover: 1.593%
Break-even: 38.2 days

Slippage from Aster: live order book, 26 min ago; edgeX: live order book, 28 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 Aster live order book, 26 min ago	5.59 bp	108.3 bp −$108	doesn't fit	doesn't fit	doesn't fit
Sell edgeX live order book, 28 min ago	2.39 bp	7.3 bp −$7	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	−0.4938%	1h	2.4490	−1.365%	$2K	$54K	5.5x	as long as short
BloFin PENDLE-USDT	−0.0118%	8h	2.4787	−0.169%	$1.3M	$644K	75x	as long as short
Extended PENDLE-USD	−0.0112%	1h	2.4832	+0.013%	$163K	$568K	10x	as long as short
Binance PENDLEUSDT	−0.0110%	8h	2.4828	−0.005%	$26.6M	$43.4M	75x	as long as short
MEXC PENDLE_USDT	−0.0110%	8h	2.4827	−0.008%	$17.2M	$1.8M	125x	as long as short
Aster PENDLEUSDTlong	−0.0051%	8h	2.4829	long leg	$47K	$176K	10x
Orderly PERP_PENDLE_USDC	−0.0038%	8h	2.4840	+0.045%	$19K	$15K	10x	as long as short
GRVT PENDLE_USDT_Perp	−0.0020%	8h	2.4767	−0.250%	$411K	$1.7M	10x	as long as short
Variational Omni PENDLE	−0.0006%	8h	2.4820	−0.035%	$546K	$1.8M	—	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4832	+0.012%	$10K	—	5x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4843	+0.057%	$25K	$14K	10x	as long as short
Gate PENDLE_USDT	+0.0011%	8h	2.4820	−0.036%	$721K	$1.1M	75x	as long as short
Aevo PENDLE-PERP	+0.0056%	1h	2.4834	+0.020%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0059%	1h	2.4819	−0.040%	$4K	—	15x	as long as short
ApeX Omni PENDLEUSDT	+0.0060%	1h	2.4791	−0.153%	$75K	$235K	50x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4826	−0.012%	$530K	$418K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4823	−0.025%	$35K	$15K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4860	+0.125%	$12.6M	$6.0M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4828	−0.004%	$14.9M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4810	−0.076%	$3.1M	$6.1M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4829	0.000%	$849K	$577K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4831	+0.008%	$3.7M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4820	−0.036%	—	$33.6M	—	as long as short
edgeX PENDLEUSDCshort	+0.0100%	4h	2.4785	−0.177%	$24K	$378K	10x
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4834	+0.020%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4852	+0.093%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0193% / S −0.0319%	1h	2.4834	+0.019%	$7K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0529%	1h	2.4889	+0.242%	$352K	$483K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0552%	1h	2.4870	+0.165%	$148K	$492K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0753%	1h	2.4879	+0.204%	$116K	$284K	20x	as long as short