Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0676%/8h= −74.0% APRpaid last 24h −0.128%

Price spread now: Aster against Coinbase International−0.424%7-day average −0.059% · you buy dearer than you sell

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

Long on Coinbase International Short on Aster

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)−0.034%−$3 on $10k

Price spread, last 4 days (all we have)+0.328%+$33 · spread now −0.424%, 7d avg −0.059%

Together, before fees+0.294%+ Points / potential airdropAster: Stage 5 · farm board+$29 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$20 a day on $10k at the current rate, and Aster is 0.364% cheaper against Coinbase International than usual: you would sell low and buy high (−$36 if the spread goes back to its 7-day average of −0.059%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 6 days it paid -0.034% in total (about -2.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International PENDLE-PERP-INTX	2.4550	0.0680	pay 0.0085% / 1h	57m 35s	$168K	$538K	25x
Short	Aster PENDLEUSDT	2.4446	0.0004	get 0.0004% / 8h	5h 57m	$51K	$166K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Coinbase International. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Coinbase InternationalbpFee AsterbpOrdersPrice spread, now −0.424%Rate

Funding earned: −$141.96
Price spread: −0.424% → −0.059%: −$36.42
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Aster: 4 bp × 2 orders: −$8
Net: −$196.38
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Coinbase International: live order book, 53 min ago; Aster: live order book, 51 min ago. 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 Coinbase International live order book, 53 min ago	6.16 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Aster live order book, 51 min ago	3.08 bp	161.9 bp −$162	doesn't fit	doesn't fit	doesn't fit

PENDLE on 30 exchanges

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
Kraken Futures PF_PENDLEUSD	−0.0394%	1h	2.4453	−0.397%	$122K	$252K	20x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0282%	1h	2.4439	−0.452%	$25K	$10K	10x	as long as short
Binance PENDLEUSDT	−0.0077%	8h	2.4410	−0.569%	$25.5M	$46.2M	75x	as long as short
MEXC PENDLE_USDT	−0.0075%	8h	2.4425	−0.509%	$18.6M	$2.1M	125x	as long as short
Extended PENDLE-USD	−0.0072%	1h	2.4414	−0.553%	$158K	$940K	10x	as long as short
BloFin PENDLE-USDT	−0.0067%	8h	2.4436	−0.464%	$1.1M	$521K	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4479	−0.288%	$10K	—	5x	as long as short
Aster PENDLEUSDTshort	+0.0004%	8h	2.4446	−0.424%	$51K	$166K	10x
Orderly PERP_PENDLE_USDC	+0.0014%	8h	2.4433	−0.477%	$18K	$14K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0031%	8h	2.4451	−0.403%	$403K	$3.0M	10x	as long as short

Show all 30 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni PENDLEUSDT	+0.0055%	1h	2.4460	−0.367%	$74K	$231K	50x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4421	−0.523%	$26K	—	3x	as long as short
Variational Omni PENDLE	+0.0069%	8h	2.4444	−0.431%	$575K	$1.0M	—	as long as short
Reya PENDLERUSDPERP	+0.0096%	1h	2.4436	−0.465%	$3K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4450	−0.407%	$676K	$511K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4412	−0.563%	$34K	—	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4469	−0.330%	$13.0M	$6.0M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4424	−0.513%	$14.3M	$11.5M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4430	−0.489%	$3.1M	$6.8M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.4440	−0.448%	$776K	$959K	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4469	−0.330%	$688K	$498K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4432	−0.481%	$3.9M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4429	−0.493%	—	$8.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4449	−0.410%	$23K	$369K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4469	−0.330%	$16K	$4K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4458	−0.375%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0184% / S −0.0207%	1h	2.4453	−0.394%	$5K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0547%	1h	2.4488	−0.253%	$366K	$418K	15x	as long as short
Coinbase International PENDLE-PERP-INTXlong	+0.0680%	1h	2.4550	long leg	$168K	$538K	25x
Injective PENDLE/USDC PERP	+0.3871%	1h	2.4660	+0.448%	$2K	$55K	5.5x	as long as short