Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0072%/8h= +7.8% APRpaid last 24h +0.022%

Price spread now: Hyperliquid against Aster+0.180%7-day average +0.084% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$74as in the Price arb table

costs, in and out, $10k−$840.836% of the position

Long on Aster Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)+0.062%+$6 on $10k

Price spread, last 4 days (all we have)−0.092%−$9 · spread now +0.180%, 7d avg +0.084%

Together, before fees−0.030%+ Points / potential airdropAster: Stage 5 · Hyperliquid: Season 2 · farm board−$3 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Hyperliquid is 0.097% dearer against Aster than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of +0.084%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster PENDLEUSDT	2.5282	0.0087	pay 0.0087% / 8h	7h 41m	$47K	$178K	10x
Short	Hyperliquid PENDLE	2.5328	0.0158	get 0.0020% / 1h	41m 00s	$12.9M	$6.3M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.180%Rate

Funding earned: $15.02
Price spread: +0.180% → +0.084%: $9.65
Slippage, 4 orders: −$66.57
Fee Aster: 4 bp × 2 orders: −$8
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$58.9
Costs to cover: 0.836%
Break-even: 34.5 days

Slippage from Aster: live order book, 30 min ago; Hyperliquid: live order book, 12 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, 30 min ago	4.38 bp	44.9 bp −$45	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 12 min ago	1.99 bp	10.4 bp −$10	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	−0.4643%	1h	2.4970	−1.236%	$2K	$54K	5.5x	as long as short
Gate PENDLE_USDT	−0.0225%	8h	2.5270	−0.049%	$780K	$1.2M	75x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0185%	1h	2.5272	−0.041%	$26K	$14K	10x	as long as short
BloFin PENDLE-USDT	−0.0081%	8h	2.5260	−0.089%	$1.3M	$711K	75x	as long as short
Extended PENDLE-USD	−0.0080%	1h	2.5256	−0.106%	$165K	$726K	10x	as long as short
Binance PENDLEUSDT	−0.0077%	8h	2.5289	+0.026%	$27.3M	$42.7M	75x	as long as short
MEXC PENDLE_USDT	−0.0074%	8h	2.5269	−0.053%	$17.1M	$1.9M	125x	as long as short
ApeX Omni PENDLEUSDT	−0.0054%	1h	2.5317	+0.137%	$77K	$238K	50x	as long as short
Orderly PERP_PENDLE_USDC	−0.0015%	8h	2.5270	−0.049%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5298	+0.060%	$11K	—	5x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT PENDLE_USDT_Perp	+0.0008%	8h	2.5291	+0.033%	$427K	$1.6M	10x	as long as short
Variational Omni PENDLE	+0.0013%	8h	2.5266	−0.065%	$610K	$1.9M	—	as long as short
Reya PENDLERUSDPERP	+0.0049%	1h	2.5278	−0.019%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.5263	−0.077%	$26K	—	3x	as long as short
Bybit PENDLEUSDT	+0.0084%	8h	2.5290	+0.030%	$15.6M	$12.1M	50x	as long as short
Aster PENDLEUSDTlong	+0.0087%	8h	2.5282	long leg	$47K	$178K	10x
Lighter PENDLE	+0.0096%	1h	2.5283	+0.002%	$535K	$413K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5260	−0.091%	$35K	$18K	10x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5280	−0.010%	$3.3M	$6.1M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5311	+0.113%	$888K	$593K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5261	−0.085%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5283	+0.002%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5337	+0.216%	$25K	$380K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5299	+0.065%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5274	−0.033%	$2K	$1.8M	20x	as long as short
Hyperliquid PENDLEshort	+0.0158%	1h	2.5328	+0.180%	$12.9M	$6.3M	5x
GMX PENDLE/USD [PENDLE-USDC]	L +0.0203% / S −0.0382%	1h	2.5284	+0.006%	$7K	—	100x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0615%	1h	2.5319	+0.144%	$118K	$294K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0728%	1h	2.5360	+0.307%	$141K	$441K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0873%	1h	2.5322	+0.156%	$333K	$487K	15x	as long as short