Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0145%/8h= +15.9% APRpaid last 24h +0.024%

Price spread now: Hyperliquid against Aster+0.197%7-day average +0.082% · 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−$325as in the Price arb table

costs, in and out, $10k−$3363.361% of the position

Long on Aster Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)+0.066%+$7 on $10k

Price spread, last 4 days (all we have)−0.117%−$12 · spread now +0.197%, 7d avg +0.082%

Together, before fees−0.051%+ Points / potential airdropAster: Stage 5 · Hyperliquid: Season 2 · farm board−$5 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Hyperliquid is 0.115% dearer against Aster than usual: you sell high and buy low: +$12 more if the spread goes back to its 7-day average of +0.082%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster PENDLEUSDT	2.5157	0.0100	pay 0.0100% / 8h	1h 55m	$41K	$172K	10x
Short	Hyperliquid PENDLE	2.5207	0.0245	get 0.0031% / 1h	55m 25s	$12.5M	$5.7M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Aster. 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 AsterbpFee HyperliquidbpOrdersPrice spread, now +0.197%Rate

Funding earned: $30.46
Price spread: +0.197% → +0.082%: $11.52
Slippage, 4 orders: −$319.13
Fee Aster: 4 bp × 2 orders: −$8
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$294.15
Costs to cover: 3.361%
Break-even: 74.6 days

Slippage from Aster: live order book, 26 min ago; Hyperliquid: live order book, 7 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, 26 min ago	11.09 bp	181.2 bp −$181	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 7 min ago	1.00 bp	9.4 bp −$9	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	−1.540%	$2K	$53K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0068%	1h	2.5113	−0.177%	$30K	$10K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5145	−0.051%	$11K	—	5x	as long as short
Orderly PERP_PENDLE_USDC	+0.0032%	8h	2.5108	−0.197%	$20K	$16K	10x	as long as short
Reya PENDLERUSDPERP	+0.0038%	1h	2.5167	+0.040%	$4K	—	15x	as long as short
Extended PENDLE-USD	+0.0040%	1h	2.5135	−0.091%	$165K	$524K	10x	as long as short
MEXC PENDLE_USDT	+0.0043%	8h	2.5167	+0.038%	$17.0M	$2.1M	125x	as long as short
Binance PENDLEUSDT	+0.0045%	8h	2.5158	+0.002%	$27.3M	$39.6M	75x	as long as short
Variational Omni PENDLE	+0.0053%	8h	2.5054	−0.412%	$615K	$2.1M	—	as long as short
BloFin PENDLE-USDT	+0.0068%	8h	2.5140	−0.070%	$1.3M	$732K	75x	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	2.5101	−0.226%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5157	−0.002%	$528K	$421K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5145	−0.051%	$35K	$20K	10x	as long as short
Aster PENDLEUSDTlong	+0.0100%	8h	2.5157	long leg	$41K	$172K	10x
Bybit PENDLEUSDT	+0.0100%	8h	2.5160	+0.010%	$15.6M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5160	+0.010%	$3.2M	$5.8M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5160	+0.010%	$859K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5167	+0.038%	$897K	$605K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5159	+0.006%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5150	−0.030%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5048	−0.436%	$25K	$409K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5144	−0.054%	$424K	$1.6M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.5121	−0.145%	$77K	$240K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5178	+0.082%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5118	−0.157%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5112	−0.180%	$5K	—	100x	as long as short
Hyperliquid PENDLEshort	+0.0245%	1h	2.5207	+0.197%	$12.5M	$5.7M	5x
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.5180	+0.089%	$117K	$417K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0749%	1h	2.5161	+0.014%	$150K	$274K	20x	as long as short
Backpack PENDLE_USDC_PERP	+0.1354%	1h	2.5163	+0.022%	$358K	$460K	15x	as long as short