PENDLE

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0572%/8h= −62.6% APRnext payment −$0.71 per $10,000 · paid last 24h −0.125%

Price spread now: Lighter against Backpack−0.210%7-day average −0.118% · you buy dearer than you sell

Net, funding: paid 7d − costs−$109as in the Funding arb table

Net, price: spread back to 7d avg − costs−$46as in the Price arb table

costs, in and out, $10k−$360.364% of the position

Long on Backpack Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.728%−$73 on $10k

Price spread, last 4 days (all we have)+0.343%+$34 · spread now −0.210%, 7d avg −0.118%

Together, before fees−0.385%+ Points / potential airdropLighter: Season 3 · farm board−$38 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$17 a day on $10k at the current rate, and Lighter is 0.093% cheaper against Backpack than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.118%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack PENDLE_USDC_PERP	2.4743	0.0668	pay 0.0083% / 1h	31m 57s	$358K	$470K	15x
Short	Lighter PENDLE	2.4691	0.0096	get 0.0012% / 1h	31m 57s	$518K	$424K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Backpack. 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 BackpackbpFee LighterbpOrdersPrice spread, now −0.210%Rate

Funding earned: −$120.08
Price spread: −0.210% → −0.118%: −$9.26
Slippage, 4 orders: −$26.38
Fee Backpack: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$165.72
Costs to cover: 0.364%
Break-even: never at this rate

Slippage from Backpack: live order book, 27 min ago; Lighter: live order book, 18 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 Backpack live order book, 27 min ago	1.62 bp	9.8 bp −$10	27.0 bp −$270	doesn't fit	doesn't fit
Sell Lighter live order book, 18 min ago	7.91 bp	10.2 bp −$10	85.8 bp −$858	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	2.4340	−1.629%	$2K	$54K	5.5x	as long as short
BloFin PENDLE-USDT	−0.0075%	8h	2.4703	−0.162%	$1.2M	$630K	75x	as long as short
MEXC PENDLE_USDT	−0.0057%	8h	2.4715	−0.113%	$17.3M	$2.0M	125x	as long as short
Extended PENDLE-USD	−0.0056%	1h	2.4701	−0.171%	$159K	$574K	10x	as long as short
Binance PENDLEUSDT	−0.0054%	8h	2.4710	−0.135%	$26.2M	$44.0M	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0036%	8h	2.4695	−0.194%	$19K	$15K	10x	as long as short
Gate PENDLE_USDT	−0.0034%	8h	2.4670	−0.295%	$721K	$1.1M	75x	as long as short
Aster PENDLEUSDT	−0.0033%	8h	2.4682	−0.245%	$46K	$178K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4645	−0.397%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4697	−0.186%	$25K	$14K	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	+0.0043%	8h	2.4586	−0.636%	$552K	$1.6M	—	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4686	−0.232%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0064%	1h	2.4680	−0.253%	$3K	—	15x	as long as short
GRVT PENDLE_USDT_Perp	+0.0089%	8h	2.4622	−0.490%	$407K	$1.9M	10x	as long as short
Lighter PENDLEshort	+0.0096%	1h	2.4691	−0.210%	$518K	$424K	5x
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4692	−0.208%	$35K	$13K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4695	−0.194%	$14.6M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4710	−0.133%	$3.1M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4670	−0.295%	$867K	$581K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4693	−0.202%	$3.7M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4716	−0.109%	—	$8.6M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4614	−0.523%	$24K	$378K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4623	−0.485%	$75K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4706	−0.150%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4694	−0.198%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4688	−0.223%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0428%	1h	2.4741	−0.008%	$12.8M	$6.0M	5x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0608%	1h	2.4770	+0.109%	$148K	$497K	25x	as long as short
Backpack PENDLE_USDC_PERPlong	+0.0668%	1h	2.4743	long leg	$358K	$470K	15x
Kraken Futures PF_PENDLEUSD	+0.1177%	1h	2.4704	−0.157%	$115K	$277K	20x	as long as short