Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0136%/8h= +14.9% APRpaid last 24h +0.008%

Price spread now: Lighter against Aster−0.017%7-day average −0.010% · 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−$387as in the Price arb table

costs, in and out, $10k−$3863.859% of the position

Long on Aster Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)+0.024%+$2 on $10k

Price spread, last 4 days (all we have)−0.029%−$3 · spread now −0.017%, 7d avg −0.010%

Together, before fees−0.005%+ Points / potential airdropAster: Stage 5 · Lighter: Season 3 · farm board$0 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.010%, so right now this pair is about funding alone: +$4 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	2.4739	−0.0040	get 0.0040% / 8h	4h 55m	$47K	$178K	10x
Short	Lighter PENDLE	2.4735	0.0096	get 0.0012% / 1h	55m 10s	$528K	$413K	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 −0.017%Rate

Funding earned: $28.49
Price spread: −0.017% → −0.010%: −$0.63
Slippage, 4 orders: −$377.9
Fee Aster: 4 bp × 2 orders: −$8
Fee Lighter: 0 bp × 2 orders: $0
Net: −$358.04
Costs to cover: 3.859%
Break-even: 95.0 days

Slippage from Aster: live order book, 1 min ago; Lighter: live order book, 60 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, 1 min ago	4.24 bp	220.1 bp −$220	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 60 min ago	10.40 bp	11.2 bp −$11	95.0 bp −$950	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	−0.4334%	1h	2.4430	−1.249%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0235%	1h	2.4731	−0.033%	$25K	$14K	10x	as long as short
BloFin PENDLE-USDT	−0.0088%	8h	2.4722	−0.069%	$1.3M	$654K	75x	as long as short
MEXC PENDLE_USDT	−0.0070%	8h	2.4737	−0.008%	$17.4M	$1.9M	125x	as long as short
Binance PENDLEUSDT	−0.0068%	8h	2.4727	−0.048%	$26.3M	$43.9M	75x	as long as short
Extended PENDLE-USD	−0.0064%	1h	2.4721	−0.075%	$161K	$570K	10x	as long as short
Aster PENDLEUSDTlong	−0.0040%	8h	2.4739	long leg	$47K	$178K	10x
Orderly PERP_PENDLE_USDC	−0.0035%	8h	2.4731	−0.033%	$19K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4761	+0.088%	$10K	—	5x	as long as short
Gate PENDLE_USDT	+0.0005%	8h	2.4730	−0.037%	$718K	$1.1M	75x	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	+0.0030%	8h	2.4746	+0.028%	$564K	$1.8M	—	as long as short
Reya PENDLERUSDPERP	+0.0062%	1h	2.4729	−0.041%	$3K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4720	−0.077%	$26K	—	3x	as long as short
GRVT PENDLE_USDT_Perp	+0.0081%	8h	2.4707	−0.130%	$412K	$1.8M	10x	as long as short
Lighter PENDLEshort	+0.0096%	1h	2.4735	−0.017%	$528K	$413K	5x
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4714	−0.103%	$35K	$13K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4728	−0.045%	$14.7M	$12.4M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4740	+0.004%	$3.1M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4757	+0.072%	$876K	$581K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4748	+0.036%	$3.7M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4748	+0.036%	—	$8.6M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4652	−0.351%	$24K	$376K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4657	−0.332%	$75K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4747	+0.032%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4736	−0.012%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4735	−0.016%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0316%	1h	2.4774	+0.141%	$12.6M	$6.1M	5x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0608%	1h	2.4760	+0.085%	$147K	$493K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0784%	1h	2.4774	+0.141%	$357K	$478K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1175%	1h	2.4757	+0.073%	$115K	$278K	20x	as long as short