Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0202%/8h= −22.2% APRpaid last 24h −0.022%

Price spread now: Aster against Hyperliquid−0.144%7-day average −0.084% · 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−$66as in the Price arb table

costs, in and out, $10k−$600.603% of the position

Long on Hyperliquid Short on Aster

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)−0.062%−$6 on $10k

Price spread, last 4 days (all we have)+0.056%+$6 · spread now −0.144%, 7d avg −0.084%

Together, before fees−0.006%+ Points / potential airdropHyperliquid: Season 2 · Aster: Stage 5 · farm board−$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Aster is 0.061% cheaper against Hyperliquid than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.084%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 5 days it paid -0.062% in total (about -4.2% 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	Hyperliquid PENDLE	2.5097	0.0215	pay 0.0027% / 1h	54m 57s	$12.9M	$6.4M	5x
Short	Aster PENDLEUSDT	2.5061	0.0013	get 0.0013% / 8h	6h 54m	$50K	$181K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Hyperliquid. 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 HyperliquidbpFee AsterbpOrdersPrice spread, now −0.144%Rate

Funding earned: −$42.5
Price spread: −0.144% → −0.084%: −$6.08
Slippage, 4 orders: −$43.28
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Aster: 4 bp × 2 orders: −$8
Net: −$108.85
Costs to cover: 0.603%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 8 min ago; Aster: live order book, 11 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 Hyperliquid live order book, 8 min ago	0.20 bp	16.3 bp −$16	doesn't fit	doesn't fit	doesn't fit
Sell Aster live order book, 11 min ago	4.55 bp	17.5 bp −$17	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	−0.4742%	1h	2.4850	−0.984%	$2K	$54K	5.5x	as long as short
ApeX Omni PENDLEUSDT	−0.0934%	1h	2.5163	+0.263%	$77K	$237K	50x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0906%	1h	2.5049	−0.191%	$26K	$14K	10x	as long as short
Bybit PENDLEUSDT	−0.0176%	8h	2.5021	−0.303%	$15.3M	$12.0M	50x	as long as short
GRVT PENDLE_USDT_Perp	−0.0147%	8h	2.5089	−0.032%	$420K	$1.6M	10x	as long as short
Binance PENDLEUSDT	−0.0113%	8h	2.5038	−0.235%	$27.1M	$43.1M	75x	as long as short
Extended PENDLE-USD	−0.0112%	1h	2.5016	−0.323%	$163K	$565K	10x	as long as short
MEXC PENDLE_USDT	−0.0110%	8h	2.5031	−0.263%	$17.2M	$1.8M	125x	as long as short
BloFin PENDLE-USDT	−0.0093%	8h	2.5041	−0.223%	$1.3M	$652K	75x	as long as short
Variational Omni PENDLE	−0.0035%	8h	2.5006	−0.362%	$596K	$1.8M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_PENDLE_USDC	−0.0029%	8h	2.5033	−0.255%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5025	−0.288%	$11K	—	5x	as long as short
Aster PENDLEUSDTshort	+0.0013%	8h	2.5061	−0.144%	$50K	$181K	10x
Gate PENDLE_USDT	+0.0037%	8h	2.5040	−0.227%	$783K	$1.2M	75x	as long as short
Reya PENDLERUSDPERP	+0.0053%	1h	2.4989	−0.430%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0056%	1h	2.5030	−0.268%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5029	−0.271%	$533K	$414K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4999	−0.391%	$35K	$16K	10x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5020	−0.307%	$3.2M	$6.1M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5059	−0.151%	$851K	$591K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5016	−0.323%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5046	−0.203%	—	$33.8M	—	as long as short
Backpack PENDLE_USDC_PERP	+0.0100%	1h	2.5087	−0.040%	$352K	$485K	15x	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5136	+0.157%	$25K	$380K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5021	−0.303%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5041	−0.223%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0158% / S −0.0256%	1h	2.5013	−0.333%	$7K	—	100x	as long as short
Hyperliquid PENDLElong	+0.0215%	1h	2.5097	long leg	$12.9M	$6.4M	5x
Coinbase International PENDLE-PERP-INTX	+0.0632%	1h	2.5080	−0.068%	$144K	$464K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0868%	1h	2.5100	+0.013%	$117K	$290K	20x	as long as short