Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0492%/8h= −53.9% APRpaid last 24h +0.019%

Price spread now: Aster against Coinbase International−0.296%7-day average −0.042% · 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−$387as in the Price arb table

costs, in and out, $10k−$3613.612% of the position

Long on Coinbase International Short on Aster

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)+0.035%+$4 on $10k

Price spread, last 3 days (all we have)+0.047%+$5 · spread now −0.296%, 7d avg −0.042%

Together, before fees+0.083%+ Points / potential airdropAster: Stage 5 · farm board+$8 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$15 a day on $10k at the current rate, and Aster is 0.254% cheaper against Coinbase International than usual: you would sell low and buy high (−$25 if the spread goes back to its 7-day average of −0.042%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 5 days it paid 0.035% in total (about 2.4% 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	Coinbase International PENDLE-PERP-INTX	2.5010	0.0592	pay 0.0074% / 1h	33m 03s	$139K	$461K	25x
Short	Aster PENDLEUSDT	2.4936	0.0100	get 0.0100% / 8h	1h 33m	$43K	$173K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Coinbase International. 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 Coinbase InternationalbpFee AsterbpOrdersPrice spread, now −0.296%Rate

Funding earned: −$103.32
Price spread: −0.296% → −0.042%: −$25.36
Slippage, 4 orders: −$343.19
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Aster: 4 bp × 2 orders: −$8
Net: −$489.87
Costs to cover: 3.612%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 50 min ago; Aster: live order book, 48 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 Coinbase International live order book, 50 min ago	11.85 bp	20.7 bp −$21	doesn't fit	doesn't fit	doesn't fit
Sell Aster live order book, 48 min ago	11.09 bp	131.5 bp −$132	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	−0.3656%	1h	2.4770	−0.960%	$2K	$53K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0671%	1h	2.4949	−0.244%	$29K	$10K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0123%	1h	2.4925	−0.340%	$76K	$240K	50x	as long as short
BloFin PENDLE-USDT	−0.0001%	8h	2.4932	−0.312%	$1.3M	$740K	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4951	−0.235%	$10K	—	5x	as long as short
Binance PENDLEUSDT	+0.0014%	8h	2.4905	−0.421%	$27.0M	$40.4M	75x	as long as short
MEXC PENDLE_USDT	+0.0015%	8h	2.4918	−0.368%	$16.8M	$2.1M	125x	as long as short
Extended PENDLE-USD	+0.0016%	1h	2.4907	−0.412%	$164K	$526K	10x	as long as short
Orderly PERP_PENDLE_USDC	+0.0024%	8h	2.4945	−0.260%	$20K	$16K	10x	as long as short
Reya PENDLERUSDPERP	+0.0040%	1h	2.4945	−0.261%	$4K	—	15x	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	+0.0057%	8h	2.4947	−0.251%	$552K	$2.0M	—	as long as short
Aevo PENDLE-PERP	+0.0088%	1h	2.4941	−0.275%	$26K	—	3x	as long as short
GRVT PENDLE_USDT_Perp	+0.0092%	8h	2.4914	−0.385%	$419K	$1.6M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4925	−0.340%	$524K	$422K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4944	−0.262%	$35K	$20K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4951	−0.236%	$12.4M	$5.9M	5x	as long as short
Aster PENDLEUSDTshort	+0.0100%	8h	2.4936	−0.296%	$43K	$173K	10x
Bybit PENDLEUSDT	+0.0100%	8h	2.4903	−0.428%	$15.3M	$11.8M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4920	−0.360%	$3.2M	$5.8M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.4910	−0.400%	$782K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4954	−0.224%	$892K	$612K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4901	−0.436%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4917	−0.372%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4921	−0.357%	$25K	$411K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4975	−0.140%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4941	−0.276%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.4962	−0.191%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTXlong	+0.0592%	1h	2.5010	long leg	$139K	$461K	25x
Backpack PENDLE_USDC_PERP	+0.0690%	1h	2.4975	−0.140%	$357K	$469K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0755%	1h	2.4957	−0.210%	$136K	$289K	20x	as long as short