Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0039%/8h= +4.3% APRpaid last 24h +0.056%

Price spread now: Aster against Deribit+0.089%55s7-day average — · you sell dearer than you buy

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

Long on Deribit Short on Aster

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 for this trade now. Funding pays +$1 a day on $10k at the current rate, and Aster is 0.089% dearer against Deribit than usual: you sell high and buy low: +$9 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 55 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit PENDLE_USDC-PERPETUAL	2.4498	0	get 0.0000% / 1h	9m 19s	$24K	$15K	10x
Short	Aster PENDLEUSDT	2.4520	0.0039	get 0.0039% / 8h	3h 09m	$46K	$172K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Deribit. 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 DeribitbpFee AsterbpOrdersPrice spread, now +0.089%Rate

Funding earned: $8.19
Price spread: +0.089% → 0.000%: $8.88
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Aster: 4 bp × 2 orders: −$8
Net: $2.07
Costs to cover: 0.150%
Break-even: 5.2 days

Slippage unknown: Deribit: no order-book sample; Aster: live order book, 42 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 Deribit no order-book sample	—	—	—	—	—
Sell Aster live order book, 42 min ago	36.29 bp	134.6 bp −$135	doesn't fit	doesn't fit	doesn't fit

Deribit: 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 PERP	−0.4243%	1h	2.4300	−0.808%	$2K	$54K	5.5x	as long as short
Gate PENDLE_USDT	−0.0068%	8h	2.4450	−0.196%	$717K	$1.1M	75x	as long as short
BloFin PENDLE-USDT	−0.0060%	8h	2.4508	+0.041%	$1.1M	$594K	75x	as long as short
Binance PENDLEUSDT	−0.0050%	8h	2.4451	−0.192%	$25.8M	$44.5M	75x	as long as short
MEXC PENDLE_USDT	−0.0049%	8h	2.4445	−0.216%	$17.3M	$2.0M	125x	as long as short
Extended PENDLE-USD	−0.0048%	1h	2.4453	−0.184%	$158K	$579K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0037%	8h	2.4458	−0.163%	$19K	$15K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0036%	1h	2.4519	+0.086%	$75K	$234K	50x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4521	+0.092%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUALlong	0.0000%	1h	2.4498	long leg	$24K	$15K	10x

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster PENDLEUSDTshort	+0.0039%	8h	2.4520	+0.089%	$46K	$172K	10x
GRVT PENDLE_USDT_Perp	+0.0051%	8h	2.4601	+0.420%	$417K	$2.1M	10x	as long as short
Reya PENDLERUSDPERP	+0.0071%	1h	2.4453	−0.184%	$3K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0072%	1h	2.4447	−0.208%	$26K	—	3x	as long as short
Variational Omni PENDLE	+0.0078%	8h	2.4500	+0.010%	$550K	$1.4M	—	as long as short
Lighter PENDLE	+0.0096%	1h	2.4495	−0.012%	$515K	$431K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4476	−0.090%	$34K	$11K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4450	−0.196%	$14.4M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4480	−0.073%	$3.1M	$6.4M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4471	−0.110%	$863K	$557K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4440	−0.237%	$3.6M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4460	−0.155%	—	$8.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4521	+0.094%	$24K	$374K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4475	−0.094%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4508	+0.041%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4449	−0.199%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0288%	1h	2.4501	+0.012%	$12.7M	$6.0M	5x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0640%	1h	2.4510	+0.049%	$150K	$508K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0699%	1h	2.4538	+0.163%	$356K	$400K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1186%	1h	2.4545	+0.193%	$115K	$268K	20x	as long as short