Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0214%/8h= +23.5% APRpaid last 24h +0.016%

Price spread now: Lighter against Binance0.000%7-day average +0.011% · you sell dearer than you buy

Net, funding: paid 7d − costs−$46as in the Funding arb table

Net, price: spread back to 7d avg − costs−$52as in the Price arb table

costs, in and out, $10k−$510.514% of the position

Long on Binance Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.057%+$6 on $10k

Price spread, last 4 days (all we have)+0.085%+$9 · spread now 0.000%, 7d avg +0.011%

Together, before fees+0.142%+ Points / potential airdropLighter: Season 3 · farm board+$14 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.011%, so right now this pair is about funding alone: +$6 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.057% in total (about 3.0% 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	Binance PENDLEUSDT	2.5131	−0.0118	get 0.0118% / 8h	6h 32m	$27.1M	$43.4M	75x
Short	Lighter PENDLE	2.5131	0.0096	get 0.0012% / 1h	32m 10s	$535K	$414K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Binance. 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 BinancebpFee LighterbpOrdersPrice spread, now 0.000%Rate

Funding earned: $45
Price spread: 0.000% → +0.011%: −$1.06
Slippage, 4 orders: −$41.4
Fee Binance: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$7.46
Costs to cover: 0.514%
Break-even: 8.2 days

Slippage from Binance: live order book, 10 min ago; Lighter: live order book, 28 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 Binance live order book, 10 min ago	1.40 bp	13.6 bp −$14	31.9 bp −$319	doesn't fit	doesn't fit
Sell Lighter live order book, 28 min ago	9.55 bp	10.0 bp −$10	98.0 bp −$980	doesn't fit	doesn't fit

PENDLE on 29 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	2.4830	−1.198%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0704%	1h	2.5141	+0.040%	$26K	$14K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0249%	1h	2.5126	−0.020%	$77K	$236K	50x	as long as short
GRVT PENDLE_USDT_Perp	−0.0127%	8h	2.5147	+0.064%	$422K	$1.7M	10x	as long as short
Extended PENDLE-USD	−0.0120%	1h	2.5122	−0.035%	$167K	$566K	10x	as long as short
Binance PENDLEUSDTlong	−0.0118%	8h	2.5131	long leg	$27.1M	$43.4M	75x
MEXC PENDLE_USDT	−0.0118%	8h	2.5145	+0.056%	$17.4M	$1.8M	125x	as long as short
Bybit PENDLEUSDT	−0.0090%	8h	2.5120	−0.044%	$15.3M	$12.1M	50x	as long as short
Variational Omni PENDLE	−0.0036%	8h	2.5186	+0.219%	$600K	$1.8M	—	as long as short
Orderly PERP_PENDLE_USDC	−0.0036%	8h	2.5138	+0.028%	$20K	$16K	10x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster PENDLEUSDT	−0.0007%	8h	2.5183	+0.206%	$50K	$181K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5178	+0.187%	$11K	—	5x	as long as short
Gate PENDLE_USDT	0.0000%	8h	2.5120	−0.044%	$763K	$1.2M	75x	as long as short
Aevo PENDLE-PERP	+0.0048%	1h	2.5130	−0.004%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0054%	1h	2.5146	+0.058%	$4K	—	15x	as long as short
Lighter PENDLEshort	+0.0096%	1h	2.5131	0.000%	$535K	$414K	5x
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5167	+0.144%	$35K	$16K	10x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5130	−0.004%	$3.2M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5141	+0.040%	$868K	$595K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5128	−0.012%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5131	0.000%	—	$33.8M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5129	−0.010%	$25K	$381K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5178	+0.187%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5150	+0.076%	$2K	$1.8M	20x	as long as short
Hyperliquid PENDLE	+0.0122%	1h	2.5193	+0.247%	$12.9M	$6.4M	5x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0158% / S −0.0256%	1h	2.5175	+0.177%	$7K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0369%	1h	2.5196	+0.259%	$353K	$483K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0632%	1h	2.5220	+0.354%	$146K	$472K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0865%	1h	2.5200	+0.274%	$117K	$290K	20x	as long as short