Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.1220%/8h= −133.6% APRpaid last 24h −0.283%

Price spread now: Aster against Kraken Futures−0.055%7-day average −0.133% · 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−$497as in the Price arb table

costs, in and out, $10k−$5055.048% of the position

Long on Kraken Futures Short on Aster

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)−0.255%−$25 on $10k

Price spread, last 4 days (all we have)−0.166%−$17 · spread now −0.055%, 7d avg −0.133%

Together, before fees−0.421%+ Points / potential airdropAster: Stage 5 · farm board−$42 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Aster is 0.078% dearer against Kraken Futures than usual: you sell high and buy low (spread −0.055% now, against its 7-day average of −0.133%): +$8 on $10k if it goes back. Holding the pair costs −$37 a day in funding at the current rate, which eats that in about 5 hours. At the pace of the last 5 days (−0.255% in total) that is about 40 hours.

The current funding rate is far above what this pair has been paying: over the last 5 days it paid -0.255% in total (about -17.0% 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	Kraken Futures PF_PENDLEUSD	2.4674	0.1179	pay 0.0147% / 1h	21m 28s	$115K	$269K	20x
Short	Aster PENDLEUSDT	2.4661	−0.0041	pay 0.0041% / 8h	4h 21m	$47K	$179K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Kraken Futures. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Kraken FuturesbpFee AsterbpOrdersPrice spread, now −0.055%Rate

Funding earned: −$256.13
Price spread: −0.055% → −0.133%: $7.79
Slippage, 4 orders: −$486.76
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Aster: 4 bp × 2 orders: −$8
Net: −$753.1
Costs to cover: 5.048%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 36 min ago; Aster: live order book, 35 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 Kraken Futures live order book, 36 min ago	14.18 bp	99.7 bp −$100	doesn't fit	doesn't fit	doesn't fit
Sell Aster live order book, 35 min ago	4.24 bp	139.0 bp −$139	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	−0.4334%	1h	2.4340	−1.355%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0156%	1h	2.4638	−0.147%	$25K	$14K	10x	as long as short
Gate PENDLE_USDT	−0.0073%	8h	2.4620	−0.220%	$718K	$1.1M	75x	as long as short
BloFin PENDLE-USDT	−0.0062%	8h	2.4628	−0.188%	$1.1M	$604K	75x	as long as short
Extended PENDLE-USD	−0.0056%	1h	2.4613	−0.248%	$159K	$574K	10x	as long as short
Binance PENDLEUSDT	−0.0055%	8h	2.4633	−0.167%	$26.1M	$43.6M	75x	as long as short
MEXC PENDLE_USDT	−0.0053%	8h	2.4632	−0.171%	$17.3M	$2.0M	125x	as long as short
Aster PENDLEUSDTshort	−0.0041%	8h	2.4661	−0.055%	$47K	$179K	10x
Orderly PERP_PENDLE_USDC	−0.0037%	8h	2.4632	−0.171%	$19K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4645	−0.119%	$10K	—	5x	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	+0.0048%	8h	2.4650	−0.097%	$553K	$1.5M	—	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4627	−0.192%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0065%	1h	2.4634	−0.161%	$3K	—	15x	as long as short
GRVT PENDLE_USDT_Perp	+0.0083%	8h	2.4638	−0.147%	$412K	$1.9M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4636	−0.155%	$516K	$424K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4621	−0.218%	$34K	$13K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4630	−0.180%	$14.6M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4650	−0.098%	$3.1M	$6.1M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4634	−0.163%	$866K	$576K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4619	−0.224%	$3.7M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4629	−0.184%	—	$8.5M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4632	−0.171%	$24K	$377K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4642	−0.131%	$75K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4658	−0.066%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4660	−0.058%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4644	−0.122%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0364%	1h	2.4671	−0.013%	$12.7M	$6.0M	5x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0608%	1h	2.4820	+0.591%	$148K	$497K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0719%	1h	2.4671	−0.013%	$357K	$467K	15x	as long as short
Kraken Futures PF_PENDLEUSDlong	+0.1179%	1h	2.4674	long leg	$115K	$269K	20x