Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.008%

Price spread now: Aster against Lighter+0.065%7-day average +0.011% · 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−$315as in the Price arb table

costs, in and out, $10k−$3213.206% of the position

Long on Lighter Short on Aster

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)−0.028%−$3 on $10k

Price spread, last 4 days (all we have)−0.022%−$2 · spread now +0.065%, 7d avg +0.011%

Together, before fees−0.049%+ Points / potential airdropLighter: Season 3 · Aster: Stage 5 · farm board−$5 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Aster is 0.054% dearer against Lighter than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of +0.011%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PENDLE	2.4748	0.0096	pay 0.0012% / 1h	15m 37s	$525K	$426K	5x
Short	Aster PENDLEUSDT	2.4764	0.0100	get 0.0100% / 8h	2h 15m	$47K	$170K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Lighter. 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 LighterbpFee AsterbpOrdersPrice spread, now +0.065%Rate

Funding earned: $0.84
Price spread: +0.065% → +0.011%: $5.39
Slippage, 4 orders: −$312.6
Fee Lighter: 0 bp × 2 orders: $0
Fee Aster: 4 bp × 2 orders: −$8
Net: −$314.38
Costs to cover: 3.206%
Break-even: 2626.8 days

Slippage from Lighter: live order book, 25 min ago; Aster: live order book, 31 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 Lighter live order book, 25 min ago	7.79 bp	9.6 bp −$10	77.5 bp −$775	doesn't fit	doesn't fit
Sell Aster live order book, 31 min ago	7.97 bp	146.2 bp −$146	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	−0.3926%	1h	2.4410	−1.366%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0154%	1h	2.4732	−0.065%	$24K	$15K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0035%	8h	2.4742	−0.024%	$19K	$15K	10x	as long as short
Gate PENDLE_USDT	−0.0010%	8h	2.4750	+0.008%	$736K	$1.1M	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4744	−0.015%	$10K	—	5x	as long as short
MEXC PENDLE_USDT	+0.0044%	8h	2.4736	−0.048%	$17.6M	$2.0M	125x	as long as short
Binance PENDLEUSDT	+0.0045%	8h	2.4726	−0.089%	$26.1M	$44.7M	75x	as long as short
Extended PENDLE-USD	+0.0048%	1h	2.4716	−0.128%	$159K	$577K	10x	as long as short
BloFin PENDLE-USDT	+0.0050%	8h	2.4748	0.000%	$1.1M	$610K	75x	as long as short
Reya PENDLERUSDPERP	+0.0075%	1h	2.4749	+0.005%	$3K	—	15x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PENDLE-PERP	+0.0088%	1h	2.4741	−0.027%	$26K	—	3x	as long as short
Lighter PENDLElong	+0.0096%	1h	2.4748	long leg	$525K	$426K	5x
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4717	−0.124%	$35K	$9K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4784	+0.145%	$12.8M	$6.1M	5x	as long as short
Aster PENDLEUSDTshort	+0.0100%	8h	2.4764	+0.065%	$47K	$170K	10x
Bybit PENDLEUSDT	+0.0100%	8h	2.4719	−0.117%	$14.4M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4760	+0.048%	$3.1M	$6.6M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4767	+0.077%	$882K	$559K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4729	−0.077%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4748	0.000%	—	$8.4M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4716	−0.130%	$566K	$1.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4745	−0.012%	$24K	$373K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.4791	+0.174%	$415K	$2.2M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4743	−0.020%	$75K	$234K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4763	+0.061%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4722	−0.105%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4730	−0.073%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.4770	+0.089%	$161K	$540K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0821%	1h	2.4767	+0.077%	$356K	$404K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1177%	1h	2.4787	+0.158%	$116K	$263K	20x	as long as short