Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0030%/8h= +3.3% APRpaid last 24h +0.008%

Price spread now: Lighter against Aster+0.001%7-day average −0.012% · 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−$360as in the Price arb table

costs, in and out, $10k−$3623.617% of the position

Long on Aster Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)+0.026%+$3 on $10k

Price spread, last 4 days (all we have)−0.052%−$5 · spread now +0.001%, 7d avg −0.012%

Together, before fees−0.026%+ Points / potential airdropAster: Stage 5 · Lighter: Season 3 · farm board−$3 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.012%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster PENDLEUSDT	2.4544	0.0066	pay 0.0066% / 8h	2h 56m	$46K	$171K	10x
Short	Lighter PENDLE	2.4544	0.0096	get 0.0012% / 1h	56m 03s	$517K	$415K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.001%Rate

Funding earned: $6.28
Price spread: +0.001% → −0.012%: $1.25
Slippage, 4 orders: −$353.68
Fee Aster: 4 bp × 2 orders: −$8
Fee Lighter: 0 bp × 2 orders: $0
Net: −$354.15
Costs to cover: 3.617%
Break-even: 401.7 days

Slippage from Aster: live order book, 55 min ago; Lighter: live order book, 49 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, 55 min ago	36.29 bp	201.8 bp −$202	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 49 min ago	8.15 bp	16.3 bp −$16	85.9 bp −$859	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	−0.3926%	1h	2.4240	−1.238%	$2K	$54K	5.5x	as long as short
Gate PENDLE_USDT	−0.0041%	8h	2.4550	+0.025%	$721K	$1.1M	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0037%	8h	2.4551	+0.029%	$19K	$15K	10x	as long as short
BloFin PENDLE-USDT	−0.0034%	8h	2.4560	+0.066%	$1.1M	$602K	75x	as long as short
MEXC PENDLE_USDT	−0.0029%	8h	2.4529	−0.060%	$17.4M	$2.0M	125x	as long as short
Binance PENDLEUSDT	−0.0025%	8h	2.4539	−0.021%	$25.9M	$44.4M	75x	as long as short
Extended PENDLE-USD	−0.0024%	1h	2.4515	−0.119%	$158K	$579K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4561	+0.068%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4556	+0.050%	$24K	$15K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0046%	1h	2.4497	−0.191%	$75K	$233K	50x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT PENDLE_USDT_Perp	+0.0066%	8h	2.4446	−0.400%	$403K	$2.1M	10x	as long as short
Aster PENDLEUSDTlong	+0.0066%	8h	2.4544	long leg	$46K	$171K	10x
Reya PENDLERUSDPERP	+0.0072%	1h	2.4524	−0.082%	$3K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0072%	1h	2.4542	−0.006%	$26K	—	3x	as long as short
Lighter PENDLEshort	+0.0096%	1h	2.4544	+0.001%	$517K	$415K	5x
Variational Omni PENDLE	+0.0097%	8h	2.4531	−0.053%	$551K	$1.4M	—	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4532	−0.048%	$34K	$9K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4566	+0.090%	$12.7M	$6.1M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4532	−0.048%	$14.4M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4560	+0.066%	$3.1M	$6.5M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4564	+0.082%	$863K	$555K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4516	−0.113%	$3.7M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4554	+0.042%	—	$8.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4430	−0.462%	$24K	$377K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4552	+0.033%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4555	+0.046%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4548	+0.017%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.4540	−0.015%	$150K	$509K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.1055%	1h	2.4573	+0.119%	$354K	$402K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1187%	1h	2.4579	+0.145%	$115K	$264K	20x	as long as short