Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.1225%/8h= +134.1% APRpaid last 24h +0.299%

Price spread now: Kraken Futures against Aster+0.065%7-day average +0.132% · 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−$465as in the Price arb table

costs, in and out, $10k−$4594.585% of the position

Long on Aster Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)+0.270%+$27 on $10k

Price spread, last 4 days (all we have)+0.024%+$2 · spread now +0.065%, 7d avg +0.132%

Together, before fees+0.293%+ Points / potential airdropAster: Stage 5 · farm board+$29 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kraken Futures is 0.067% cheaper against Aster than usual: you would sell low and buy high (spread +0.065% now, against its 7-day average of +0.132%). If the spread goes back, that is −$7 on $10k: about 4 hours of funding at the current rate (+$37 a day). At the pace of the last 6 days (+0.270% in total) that is about 33 hours.

The current funding rate is far above what this pair has been paying: over the last 6 days it paid 0.270% in total (about 17.9% 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	2.4622	−0.0043	get 0.0043% / 8h	3h 50m	$47K	$171K	10x
Short	Kraken Futures PF_PENDLEUSD	2.4638	0.1182	get 0.0148% / 1h	50m 07s	$115K	$268K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.065%Rate

Funding earned: $257.2
Price spread: +0.065% → +0.132%: −$6.73
Slippage, 4 orders: −$440.53
Fee Aster: 4 bp × 2 orders: −$8
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$208.06
Costs to cover: 4.585%
Break-even: 12.7 days

Slippage from Aster: live order book, 1 min ago; Kraken Futures: live order book, 2 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, 1 min ago	36.29 bp	201.8 bp −$202	doesn't fit	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 2 min ago	14.20 bp	45.8 bp −$46	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	2.4370	−1.023%	$2K	$54K	5.5x	as long as short
ApeX Omni PENDLEUSDT	−0.0402%	1h	2.4639	+0.069%	$75K	$235K	50x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0238%	1h	2.4580	−0.171%	$25K	$14K	10x	as long as short
Gate PENDLE_USDT	−0.0079%	8h	2.4610	−0.049%	$715K	$1.1M	75x	as long as short
Binance PENDLEUSDT	−0.0064%	8h	2.4576	−0.187%	$26.0M	$43.6M	75x	as long as short
Extended PENDLE-USD	−0.0064%	1h	2.4563	−0.238%	$159K	$576K	10x	as long as short
MEXC PENDLE_USDT	−0.0061%	8h	2.4572	−0.203%	$17.4M	$1.9M	125x	as long as short
Aster PENDLEUSDTlong	−0.0043%	8h	2.4622	long leg	$47K	$171K	10x
BloFin PENDLE-USDT	−0.0043%	8h	2.4591	−0.126%	$1.1M	$595K	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0041%	8h	2.4572	−0.203%	$19K	$15K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX PENDLE-USD	0.0000%	1h	2.4601	−0.086%	$10K	—	5x	as long as short
GRVT PENDLE_USDT_Perp	+0.0049%	8h	2.4655	+0.132%	$413K	$1.9M	10x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4566	−0.229%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0067%	1h	2.4578	−0.179%	$3K	—	15x	as long as short
Variational Omni PENDLE	+0.0071%	8h	2.4606	−0.066%	$552K	$1.4M	—	as long as short
Lighter PENDLE	+0.0096%	1h	2.4582	−0.162%	$515K	$428K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4568	−0.220%	$34K	$11K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4565	−0.232%	$14.5M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4590	−0.130%	$3.1M	$6.3M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4622	0.000%	$884K	$550K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4574	−0.195%	$3.7M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4586	−0.146%	—	$8.5M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4631	+0.037%	$24K	$376K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4599	−0.093%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4591	−0.126%	$2K	$1.8M	20x	as long as short
Hyperliquid PENDLE	+0.0143%	1h	2.4624	+0.008%	$12.7M	$6.0M	5x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4583	−0.158%	$5K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0447%	1h	2.4627	+0.020%	$358K	$399K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0640%	1h	2.4640	+0.073%	$146K	$497K	25x	as long as short
Kraken Futures PF_PENDLEUSDshort	+0.1182%	1h	2.4638	+0.065%	$115K	$268K	20x