Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0058%/8h= +6.3% APRpaid last 24h +0.009%

Price spread now: OKX against Aster−0.052%7-day average −0.080% · 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−$94as in the Price arb table

costs, in and out, $10k−$970.969% of the position

Long on Aster Short on OKX

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)+0.023%+$2 on $10k

Price spread, last 4 days (all we have)−0.152%−$15 · spread now −0.052%, 7d avg −0.080%

Together, before fees−0.130%+ Points / potential airdropAster: Stage 5 · farm board−$13 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and OKX is 0.027% dearer against Aster than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.080%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster PENDLEUSDT	2.5433	0.0042	pay 0.0042% / 8h	7h 09m	$48K	$173K	10x
Short	OKX PENDLE-USDT-SWAP	2.5420	0.0100	get 0.0050% / 4h	3h 09m	$3.3M	$6.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.052%Rate

Funding earned: $12.18
Price spread: −0.052% → −0.080%: $2.75
Slippage, 4 orders: −$78.85
Fee Aster: 4 bp × 2 orders: −$8
Fee OKX: 5 bp × 2 orders: −$10
Net: −$81.93
Costs to cover: 0.969%
Break-even: 54.1 days

Slippage from Aster: live order book, 61 min ago; OKX: live order book, 3 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, 61 min ago	4.38 bp	44.9 bp −$45	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 3 min ago	1.97 bp	14.9 bp −$15	80.5 bp −$805	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	−0.4643%	1h	2.5030	−1.586%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0221%	1h	2.5442	+0.034%	$26K	$14K	10x	as long as short
Bybit PENDLEUSDT	−0.0200%	8h	2.5414	−0.076%	$15.6M	$12.0M	50x	as long as short
GRVT PENDLE_USDT_Perp	−0.0133%	8h	2.5346	−0.343%	$419K	$1.7M	10x	as long as short
MEXC PENDLE_USDT	−0.0098%	8h	2.5428	−0.021%	$17.2M	$1.9M	125x	as long as short
Binance PENDLEUSDT	−0.0098%	8h	2.5438	+0.019%	$27.5M	$42.7M	75x	as long as short
Extended PENDLE-USD	−0.0096%	1h	2.5421	−0.048%	$165K	$565K	10x	as long as short
BloFin PENDLE-USDT	−0.0087%	8h	2.5350	−0.327%	$1.3M	$675K	75x	as long as short
ApeX Omni PENDLEUSDT	−0.0076%	1h	2.5345	−0.347%	$77K	$238K	50x	as long as short
Orderly PERP_PENDLE_USDC	−0.0025%	8h	2.5435	+0.007%	$20K	$16K	10x	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	−0.0024%	8h	2.5356	−0.305%	$611K	$1.8M	—	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5455	+0.086%	$11K	—	5x	as long as short
Aster PENDLEUSDTlong	+0.0042%	8h	2.5433	long leg	$48K	$173K	10x
Reya PENDLERUSDPERP	+0.0051%	1h	2.5439	+0.021%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0056%	1h	2.5419	−0.056%	$27K	—	3x	as long as short
Gate PENDLE_USDT	+0.0089%	8h	2.5440	+0.026%	$792K	$1.2M	75x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5435	+0.007%	$540K	$418K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5438	+0.020%	$36K	$18K	10x	as long as short
OKX PENDLE-USDT-SWAPshort	+0.0100%	4h	2.5420	−0.052%	$3.3M	$6.1M	50x
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5456	+0.089%	$886K	$588K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5424	−0.037%	$3.9M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5419	−0.056%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5317	−0.455%	$25K	$383K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5452	+0.074%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5435	+0.007%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0203% / S −0.0382%	1h	2.5452	+0.073%	$7K	—	100x	as long as short
Hyperliquid PENDLE	+0.0360%	1h	2.5484	+0.199%	$13.1M	$6.4M	5x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0611%	1h	2.5487	+0.210%	$118K	$292K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0728%	1h	2.5430	−0.013%	$144K	$463K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0900%	1h	2.5486	+0.207%	$357K	$488K	15x	as long as short