Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0047%/8h= −5.2% APRpaid last 24h −0.009%

Price spread now: Aster against OKX−0.049%7-day average +0.078% · 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−$383as in the Price arb table

costs, in and out, $10k−$3713.707% of the position

Long on OKX 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)+0.251%+$25 · spread now −0.049%, 7d avg +0.078%

Together, before fees+0.223%+ Points / potential airdropAster: Stage 5 · farm board+$22 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Aster is 0.126% cheaper against OKX than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of +0.078%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX PENDLE-USDT-SWAP	2.4460	0.0100	pay 0.0050% / 4h	3h 01m	$3.1M	$6.4M	50x
Short	Aster PENDLEUSDT	2.4448	0.0053	get 0.0053% / 8h	3h 01m	$46K	$171K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against OKX. 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 OKXbpFee AsterbpOrdersPrice spread, now −0.049%Rate

Funding earned: −$9.89
Price spread: −0.049% → +0.078%: −$12.64
Slippage, 4 orders: −$352.67
Fee OKX: 5 bp × 2 orders: −$10
Fee Aster: 4 bp × 2 orders: −$8
Net: −$393.2
Costs to cover: 3.707%
Break-even: never at this rate

Slippage from OKX: live order book, 2 min ago; Aster: live order book, 50 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 OKX live order book, 2 min ago	2.05 bp	19.0 bp −$19	95.4 bp −$954	doesn't fit	doesn't fit
Sell Aster live order book, 50 min ago	36.29 bp	134.6 bp −$135	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	−0.4243%	1h	2.4300	−0.654%	$2K	$54K	5.5x	as long as short
Gate PENDLE_USDT	−0.0048%	8h	2.4430	−0.123%	$717K	$1.1M	75x	as long as short
Extended PENDLE-USD	−0.0040%	1h	2.4418	−0.173%	$157K	$579K	10x	as long as short
Binance PENDLEUSDT	−0.0037%	8h	2.4446	−0.055%	$25.8M	$44.4M	75x	as long as short
MEXC PENDLE_USDT	−0.0037%	8h	2.4436	−0.098%	$17.3M	$2.0M	125x	as long as short
Orderly PERP_PENDLE_USDC	−0.0037%	8h	2.4424	−0.147%	$19K	$15K	10x	as long as short
BloFin PENDLE-USDT	−0.0022%	8h	2.4437	−0.094%	$1.1M	$609K	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4450	−0.040%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4433	−0.110%	$24K	$15K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0023%	1h	2.4461	+0.004%	$74K	$233K	50x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster PENDLEUSDTshort	+0.0053%	8h	2.4448	−0.049%	$46K	$171K	10x
GRVT PENDLE_USDT_Perp	+0.0062%	8h	2.4502	+0.172%	$415K	$2.1M	10x	as long as short
Reya PENDLERUSDPERP	+0.0071%	1h	2.4432	−0.113%	$3K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0072%	1h	2.4416	−0.181%	$26K	—	3x	as long as short
Variational Omni PENDLE	+0.0089%	8h	2.4416	−0.181%	$548K	$1.4M	—	as long as short
Lighter PENDLE	+0.0096%	1h	2.4440	−0.082%	$515K	$432K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4424	−0.148%	$34K	$11K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4440	−0.082%	$14.3M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAPlong	+0.0100%	4h	2.4460	long leg	$3.1M	$6.4M	50x
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4438	−0.090%	$862K	$554K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4427	−0.135%	$3.6M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4444	−0.065%	—	$8.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4464	+0.017%	$24K	$376K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4454	−0.025%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4433	−0.110%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4428	−0.129%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0305%	1h	2.4470	+0.041%	$12.6M	$6.1M	5x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0640%	1h	2.4460	0.000%	$150K	$507K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0715%	1h	2.4480	+0.082%	$353K	$402K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1189%	1h	2.4491	+0.125%	$115K	$264K	20x	as long as short