Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0798%/8h= +87.3% APRpaid last 24h +0.313%

Price spread now: Kraken Futures against Aster+0.218%7-day average +0.132% · 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−$266as in the Price arb table

costs, in and out, $10k−$2742.745% of the position

Long on Aster Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)+0.236%+$24 on $10k

Price spread, last 3 days (all we have)−0.214%−$21 · spread now +0.218%, 7d avg +0.132%

Together, before fees+0.021%+ Points / potential airdropAster: Stage 5 · farm board+$2 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$24 a day on $10k at the current rate, and Kraken Futures is 0.085% dearer against Aster than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of +0.132%.

The current funding rate is far above what this pair has been paying: over the last 5 days it paid 0.236% in total (about 15.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster PENDLEUSDT	2.5043	−0.0051	get 0.0051% / 8h	5h 59m	$50K	$181K	10x
Short	Kraken Futures PF_PENDLEUSD	2.5098	0.0747	get 0.0093% / 1h	59m 05s	$117K	$288K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.218%Rate

Funding earned: $167.49
Price spread: +0.218% → +0.132%: $8.53
Slippage, 4 orders: −$256.49
Fee Aster: 4 bp × 2 orders: −$8
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$98.46
Costs to cover: 2.745%
Break-even: 11.1 days

Slippage from Aster: live order book, 2 min ago; Kraken Futures: live order book, 4 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, 2 min ago	5.59 bp	108.3 bp −$108	doesn't fit	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 4 min ago	29.82 bp	66.6 bp −$67	doesn't fit	doesn't fit	doesn't fit

PENDLE on 29 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	2.4830	−0.851%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0389%	1h	2.5034	−0.036%	$26K	$14K	10x	as long as short
Extended PENDLE-USD	−0.0136%	1h	2.5020	−0.093%	$163K	$570K	10x	as long as short
Binance PENDLEUSDT	−0.0133%	8h	2.5030	−0.053%	$26.9M	$43.3M	75x	as long as short
MEXC PENDLE_USDT	−0.0132%	8h	2.5027	−0.064%	$17.3M	$1.8M	125x	as long as short
GRVT PENDLE_USDT_Perp	−0.0098%	8h	2.5058	+0.060%	$421K	$1.7M	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0085%	1h	2.5075	+0.127%	$77K	$235K	50x	as long as short
Aster PENDLEUSDTlong	−0.0051%	8h	2.5043	long leg	$50K	$181K	10x
Orderly PERP_PENDLE_USDC	−0.0039%	8h	2.5033	−0.040%	$20K	$15K	10x	as long as short
Variational Omni PENDLE	−0.0037%	8h	2.5056	+0.050%	$612K	$1.8M	—	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate PENDLE_USDT	−0.0035%	8h	2.5020	−0.092%	$757K	$1.1M	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5021	−0.086%	$11K	—	5x	as long as short
Bybit PENDLEUSDT	+0.0043%	8h	2.5020	−0.092%	$15.1M	$12.0M	50x	as long as short
Aevo PENDLE-PERP	+0.0048%	1h	2.5019	−0.094%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0057%	1h	2.5034	−0.038%	$4K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5031	−0.048%	$533K	$412K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5035	−0.031%	$35K	$16K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5068	+0.101%	$12.9M	$6.3M	5x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5020	−0.092%	$3.2M	$6.1M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5044	+0.004%	$861K	$589K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5012	−0.124%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5014	−0.116%	—	$33.6M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5050	+0.029%	$25K	$380K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5058	+0.059%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5055	+0.048%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0183% / S −0.0302%	1h	2.5051	+0.030%	$7K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0368%	1h	2.5082	+0.155%	$351K	$432K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0552%	1h	2.5060	+0.067%	$143K	$470K	25x	as long as short
Kraken Futures PF_PENDLEUSDshort	+0.0747%	1h	2.5098	+0.218%	$117K	$288K	20x