Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Lighter against BingX−0.123%7-day average +0.043% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$63as in the Price arb table

costs, in and out, $10k−$470.469% of the position

Long on BingX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.006%+$1 on $10k

Price spread, last 4 days (all we have)+0.254%+$25 · spread now −0.123%, 7d avg +0.043%

Together, before fees+0.260%+ Points / potential airdropLighter: Season 3 · farm board+$26 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Lighter is 0.166% cheaper against BingX than usual: you would sell low and buy high, −$17 on $10k if it goes back to its 7-day average of +0.043%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX PENDLE-USDT	2.5296	0.0100	pay 0.0100% / 8h	7h 20m	—	$35.7M	—
Short	Lighter PENDLE	2.5265	0.0096	get 0.0012% / 1h	20m 03s	$537K	$418K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against BingX. 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 BingXbpFee LighterbpOrdersPrice spread, now −0.123%Rate

Funding earned: −$0.84
Price spread: −0.123% → +0.043%: −$16.57
Slippage, 4 orders: −$36.92
Fee BingX: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$64.33
Costs to cover: 0.469%
Break-even: never at this rate

Slippage from BingX: live order book, 4 min ago; Lighter: live order book, 45 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 BingX live order book, 4 min ago	3.36 bp	13.5 bp −$13	24.1 bp −$241	244.5 bp −$24.4K	463.5 bp −$231.8K
Sell Lighter live order book, 45 min ago	7.96 bp	9.0 bp −$9	83.6 bp −$836	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	−0.4643%	1h	2.4970	−1.289%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0541%	1h	2.5262	−0.134%	$26K	$14K	10x	as long as short
GRVT PENDLE_USDT_Perp	−0.0098%	8h	2.5295	−0.004%	$419K	$1.6M	10x	as long as short
Binance PENDLEUSDT	−0.0090%	8h	2.5253	−0.170%	$27.3M	$42.6M	75x	as long as short
MEXC PENDLE_USDT	−0.0090%	8h	2.5259	−0.146%	$17.1M	$1.9M	125x	as long as short
Extended PENDLE-USD	−0.0088%	1h	2.5253	−0.172%	$165K	$570K	10x	as long as short
BloFin PENDLE-USDT	−0.0079%	8h	2.5271	−0.099%	$1.3M	$685K	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0022%	8h	2.5264	−0.127%	$20K	$16K	10x	as long as short
Bybit PENDLEUSDT	−0.0017%	8h	2.5247	−0.194%	$15.5M	$11.9M	50x	as long as short
ApeX Omni PENDLEUSDT	−0.0006%	1h	2.5283	−0.051%	$77K	$238K	50x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX PENDLE-USD	0.0000%	1h	2.5271	−0.099%	$11K	—	5x	as long as short
Variational Omni PENDLE	+0.0002%	8h	2.5241	−0.218%	$608K	$1.8M	—	as long as short
Reya PENDLERUSDPERP	+0.0051%	1h	2.5265	−0.124%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0056%	1h	2.5260	−0.141%	$26K	—	3x	as long as short
Aster PENDLEUSDT	+0.0056%	8h	2.5293	−0.013%	$47K	$178K	10x	as long as short
Lighter PENDLEshort	+0.0096%	1h	2.5265	−0.123%	$537K	$418K	5x
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5255	−0.164%	$35K	$18K	10x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5240	−0.221%	$3.2M	$6.1M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5300	+0.016%	$785K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5282	−0.055%	$888K	$586K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5308	+0.047%	$3.9M	$2.5M	75x	as long as short
BingX PENDLE-USDTlong	+0.0100%	8h	2.5296	long leg	—	$35.7M	—
edgeX PENDLEUSDC	+0.0100%	4h	2.5283	−0.052%	$25K	$381K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5273	−0.091%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5261	−0.138%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0203% / S −0.0382%	1h	2.5279	−0.068%	$7K	—	100x	as long as short
Hyperliquid PENDLE	+0.0375%	1h	2.5356	+0.237%	$13.0M	$6.4M	5x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0615%	1h	2.5315	+0.074%	$118K	$293K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0728%	1h	2.5410	+0.451%	$141K	$444K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0868%	1h	2.5335	+0.154%	$355K	$490K	15x	as long as short