Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Lighter against Bitget−0.067%7-day average +0.069% · you buy dearer than you sell

Net, funding: paid 7d − costs−$59as in the Funding arb table

Net, price: spread back to 7d avg − costs−$74as in the Price arb table

costs, in and out, $10k−$610.607% of the position

Long on Bitget Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.021%+$2 on $10k

Price spread, last 4 days (all we have)+0.285%+$28 · spread now −0.067%, 7d avg +0.069%

Together, before fees+0.306%+ Points / potential airdropLighter: Season 3 · farm board+$31 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 0.136% cheaper against Bitget than usual: you would sell low and buy high, −$14 on $10k if it goes back to its 7-day average of +0.069%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget PENDLEUSDT	2.5217	0.0100	pay 0.0100% / 8h	2h 17m	$3.7M	$2.6M	75x
Short	Lighter PENDLE	2.5200	0.0096	get 0.0012% / 1h	17m 22s	$547K	$396K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Bitget. 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 BitgetbpFee LighterbpOrdersPrice spread, now −0.067%Rate

Funding earned: −$0.84
Price spread: −0.067% → +0.069%: −$13.6
Slippage, 4 orders: −$48.68
Fee Bitget: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$75.13
Costs to cover: 0.607%
Break-even: never at this rate

Slippage from Bitget: live order book, 5 min ago; Lighter: live order book, 66 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 Bitget live order book, 5 min ago	3.76 bp	18.2 bp −$18	35.1 bp −$351	doesn't fit	doesn't fit
Sell Lighter live order book, 66 min ago	8.07 bp	12.6 bp −$13	85.1 bp −$851	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	−0.4806%	1h	2.5210	−0.028%	$49K	$30K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0428%	1h	2.5279	+0.247%	$150K	$279K	20x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0344%	1h	2.5220	+0.012%	$30K	$10K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5229	+0.050%	$11K	—	5x	as long as short
Orderly PERP_PENDLE_USDC	+0.0034%	8h	2.5208	−0.036%	$25K	$11K	10x	as long as short
Reya PENDLERUSDPERP	+0.0036%	1h	2.5206	−0.044%	$4K	—	15x	as long as short
Binance PENDLEUSDT	+0.0046%	8h	2.5195	−0.087%	$27.4M	$39.3M	75x	as long as short
Extended PENDLE-USD	+0.0048%	1h	2.5191	−0.102%	$166K	$524K	10x	as long as short
MEXC PENDLE_USDT	+0.0048%	8h	2.5193	−0.095%	$17.0M	$2.3M	125x	as long as short
Variational Omni PENDLE	+0.0053%	8h	2.5229	+0.046%	$621K	$2.3M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin PENDLE-USDT	+0.0069%	8h	2.5221	+0.016%	$1.3M	$747K	75x	as long as short
Lighter PENDLEshort	+0.0096%	1h	2.5200	−0.067%	$547K	$396K	5x
Aevo PENDLE-PERP	+0.0096%	1h	2.5216	−0.004%	$26K	—	3x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5193	−0.096%	$35K	$22K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5237	+0.079%	$12.4M	$5.6M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5196	−0.085%	$41K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5174	−0.171%	$15.6M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5210	−0.028%	$3.2M	$5.7M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5210	−0.028%	$841K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5213	−0.016%	$917K	$611K	50x	as long as short
Bitget PENDLEUSDTlong	+0.0100%	8h	2.5217	long leg	$3.7M	$2.6M	75x
BingX PENDLE-USDT	+0.0100%	8h	2.5188	−0.115%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5210	−0.026%	$25K	$412K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5216	−0.004%	$425K	$1.6M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.5236	+0.075%	$77K	$240K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5216	−0.004%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5226	+0.036%	$1K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5218	+0.003%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5360	+0.567%	$117K	$428K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0845%	1h	2.5263	+0.182%	$365K	$464K	15x	as long as short