Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.4287%/8h= −469.4% APRpaid last 24h −0.754%

Price spread now: Injective against Aster−1.053%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Aster Short on Injective

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropAster: Stage 5 · farm boardneeds both histories

Both sides work against this trade now: funding costs −$129 a day on $10k at the current rate, and Injective is 1.053% cheaper against Aster than usual: you would sell low and buy high (−$105 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster PENDLEUSDT	2.4660	−0.0047	get 0.0047% / 8h	4h 48m	$47K	$178K	10x
Short	Injective PENDLE/USDC PERP	2.4400	−0.4334	pay 0.0542% / 1h	48m 36s	$2K	$54K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −1.053%Rate

Funding earned: −$900.24
Price spread: −1.053% → 0.000%: −$105.31
Slippage, 4 orders: no order book: not counted
Fee Aster: 4 bp × 2 orders: −$8
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$1,013.57
Costs to cover: 0.080%
Break-even: never at this rate

Slippage unknown: Aster: live order book, 8 min ago; Injective: no order-book sample. Net counts fees only.

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, 8 min ago	4.24 bp	220.1 bp −$220	doesn't fit	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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 PERPshort	−0.4334%	1h	2.4400	−1.053%	$2K	$54K	5.5x
Deribit PENDLE_USDC-PERPETUAL	−0.0115%	1h	2.4642	−0.072%	$25K	$14K	10x	as long as short
BloFin PENDLE-USDT	−0.0075%	8h	2.4640	−0.080%	$1.3M	$626K	75x	as long as short
Extended PENDLE-USD	−0.0072%	1h	2.4631	−0.116%	$161K	$570K	10x	as long as short
MEXC PENDLE_USDT	−0.0071%	8h	2.4644	−0.064%	$17.3M	$1.9M	125x	as long as short
Binance PENDLEUSDT	−0.0071%	8h	2.4642	−0.071%	$26.2M	$43.9M	75x	as long as short
Aster PENDLEUSDTlong	−0.0047%	8h	2.4660	long leg	$47K	$178K	10x
Orderly PERP_PENDLE_USDC	−0.0035%	8h	2.4636	−0.096%	$19K	$15K	10x	as long as short
Gate PENDLE_USDT	−0.0023%	8h	2.4620	−0.161%	$715K	$1.1M	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4646	−0.057%	$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	+0.0034%	8h	2.4626	−0.138%	$563K	$1.7M	—	as long as short
Reya PENDLERUSDPERP	+0.0063%	1h	2.4640	−0.078%	$3K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4631	−0.117%	$26K	—	3x	as long as short
GRVT PENDLE_USDT_Perp	+0.0081%	8h	2.4685	+0.102%	$412K	$1.8M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4649	−0.043%	$526K	$414K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4635	−0.101%	$34K	$13K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4640	−0.080%	$14.6M	$12.3M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4650	−0.039%	$3.1M	$6.1M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4656	−0.015%	$872K	$580K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4635	−0.100%	$3.7M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4637	−0.092%	—	$8.6M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4687	+0.109%	$24K	$377K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4656	−0.015%	$75K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4660	+0.001%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4645	−0.060%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4648	−0.049%	$5K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0420%	1h	2.4693	+0.135%	$355K	$477K	15x	as long as short
Hyperliquid PENDLE	+0.0428%	1h	2.4693	+0.135%	$12.6M	$6.1M	5x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0608%	1h	2.4660	+0.001%	$146K	$491K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1178%	1h	2.4689	+0.118%	$115K	$278K	20x	as long as short