Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0601%/8h= +65.8% APRpaid last 24h +0.060%

Price spread now: Coinbase International against Aster−0.174%7-day average +0.051% · 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−$396as in the Price arb table

costs, in and out, $10k−$3743.740% of the position

Long on Aster Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)+0.002%$0 on $10k

Price spread, last 4 days (all we have)+0.422%+$42 · spread now −0.174%, 7d avg +0.051%

Together, before fees+0.425%+ Points / potential airdropAster: Stage 5 · farm board+$42 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.225% cheaper against Aster than usual: you would sell low and buy high (spread −0.174% now, against its 7-day average of +0.051%). If the spread goes back, that is −$22 on $10k: about 30 hours of funding at the current rate (+$18 a day). At the pace of the last 6 days (+0.002% in total) that is about 18 months.

The current funding rate is far above what this pair has been paying: over the last 6 days it paid 0.002% in total (about 0.2% 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	2.4553	0.0039	pay 0.0039% / 8h	3h 09m	$46K	$172K	10x
Short	Coinbase International PENDLE-PERP-INTX	2.4510	0.0640	get 0.0080% / 1h	9m 44s	$150K	$508K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Aster. 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 AsterbpFee Coinbase InternationalbpOrdersPrice spread, now −0.174%Rate

Funding earned: $126.21
Price spread: −0.174% → +0.051%: −$22.47
Slippage, 4 orders: −$355.98
Fee Aster: 4 bp × 2 orders: −$8
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$270.24
Costs to cover: 3.740%
Break-even: 22.0 days

Slippage from Aster: live order book, 42 min ago; Coinbase International: live order book, 43 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, 42 min ago	36.29 bp	201.8 bp −$202	doesn't fit	doesn't fit	doesn't fit
Sell Coinbase International live order book, 43 min ago	6.08 bp	26.5 bp −$26	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	−1.029%	$2K	$54K	5.5x	as long as short
Gate PENDLE_USDT	−0.0068%	8h	2.4510	−0.174%	$719K	$1.1M	75x	as long as short
BloFin PENDLE-USDT	−0.0060%	8h	2.4508	−0.182%	$1.1M	$594K	75x	as long as short
Binance PENDLEUSDT	−0.0050%	8h	2.4483	−0.282%	$25.9M	$44.5M	75x	as long as short
Extended PENDLE-USD	−0.0048%	1h	2.4482	−0.289%	$158K	$579K	10x	as long as short
MEXC PENDLE_USDT	−0.0047%	8h	2.4489	−0.259%	$17.4M	$2.0M	125x	as long as short
Orderly PERP_PENDLE_USDC	−0.0037%	8h	2.4493	−0.243%	$19K	$15K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0036%	1h	2.4519	−0.137%	$75K	$234K	50x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4521	−0.131%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4498	−0.223%	$24K	$15K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster PENDLEUSDTlong	+0.0039%	8h	2.4553	long leg	$46K	$172K	10x
GRVT PENDLE_USDT_Perp	+0.0051%	8h	2.4601	+0.197%	$417K	$2.1M	10x	as long as short
Reya PENDLERUSDPERP	+0.0071%	1h	2.4492	−0.247%	$3K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0072%	1h	2.4487	−0.270%	$26K	—	3x	as long as short
Variational Omni PENDLE	+0.0078%	8h	2.4500	−0.213%	$550K	$1.4M	—	as long as short
Lighter PENDLE	+0.0096%	1h	2.4495	−0.235%	$515K	$431K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4485	−0.276%	$34K	$11K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4477	−0.308%	$14.4M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4500	−0.215%	$3.1M	$6.4M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4502	−0.207%	$864K	$557K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4501	−0.211%	$3.6M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4497	−0.227%	—	$8.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4521	−0.129%	$24K	$374K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4517	−0.145%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4508	−0.182%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4488	−0.262%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0288%	1h	2.4532	−0.084%	$12.7M	$6.0M	5x	as long as short
Coinbase International PENDLE-PERP-INTXshort	+0.0640%	1h	2.4510	−0.174%	$150K	$508K	25x
Backpack PENDLE_USDC_PERP	+0.0699%	1h	2.4538	−0.060%	$356K	$400K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1186%	1h	2.4545	−0.031%	$115K	$268K	20x	as long as short