Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.036%

Price spread now: Lighter against Bybit+0.090%7-day average +0.058% · you sell dearer than you buy

Net, funding: paid 7d − costs−$41as in the Funding arb table

Net, price: spread back to 7d avg − costs−$54as in the Price arb table

costs, in and out, $10k−$570.571% of the position

Long on Bybit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.161%+$16 on $10k

Price spread, last 4 days (all we have)+0.030%+$3 · spread now +0.090%, 7d avg +0.058%

Together, before fees+0.191%+ Points / potential airdropLighter: Season 3 · farm board+$19 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 0.032% dearer against Bybit than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of +0.058%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit PENDLEUSDT	2.4411	0.0100	pay 0.0100% / 8h	2h 41m	$14.3M	$12.0M	50x
Short	Lighter PENDLE	2.4433	0.0096	get 0.0012% / 1h	41m 18s	$515K	$415K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Bybit. 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 BybitbpFee LighterbpOrdersPrice spread, now +0.090%Rate

Funding earned: −$0.84
Price spread: +0.090% → +0.058%: $3.25
Slippage, 4 orders: −$46.06
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Lighter: 0 bp × 2 orders: $0
Net: −$54.66
Costs to cover: 0.571%
Break-even: never at this rate

Slippage from Bybit: live order book, 2 min ago; Lighter: live order book, 64 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 Bybit live order book, 2 min ago	2.05 bp	16.6 bp −$17	48.5 bp −$485	doesn't fit	doesn't fit
Sell Lighter live order book, 64 min ago	8.15 bp	16.3 bp −$16	85.9 bp −$859	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	−0.3926%	1h	2.4240	−0.701%	$2K	$54K	5.5x	as long as short
Gate PENDLE_USDT	−0.0053%	8h	2.4430	+0.078%	$717K	$1.1M	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0035%	8h	2.4427	+0.066%	$19K	$15K	10x	as long as short
Extended PENDLE-USD	−0.0008%	1h	2.4410	−0.004%	$157K	$579K	10x	as long as short
Binance PENDLEUSDT	−0.0007%	8h	2.4408	−0.012%	$25.7M	$44.2M	75x	as long as short
MEXC PENDLE_USDT	−0.0006%	8h	2.4428	+0.070%	$17.3M	$2.0M	125x	as long as short
BloFin PENDLE-USDT	−0.0003%	8h	2.4420	+0.037%	$1.1M	$599K	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4466	+0.227%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4431	+0.082%	$24K	$15K	10x	as long as short
Reya PENDLERUSDPERP	+0.0073%	1h	2.4435	+0.098%	$3K	—	15x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PENDLE-PERP	+0.0080%	1h	2.4420	+0.036%	$26K	—	3x	as long as short
Aster PENDLEUSDT	+0.0092%	8h	2.4432	+0.088%	$46K	$171K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0094%	8h	2.4470	+0.242%	$405K	$2.1M	10x	as long as short
Lighter PENDLEshort	+0.0096%	1h	2.4433	+0.090%	$515K	$415K	5x
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4419	+0.035%	$34K	$9K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4473	+0.254%	$12.6M	$6.1M	5x	as long as short
Bybit PENDLEUSDTlong	+0.0100%	8h	2.4411	long leg	$14.3M	$12.0M	50x
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4440	+0.119%	$3.1M	$6.4M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4445	+0.139%	$861K	$554K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4427	+0.066%	$3.6M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4431	+0.082%	—	$8.4M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4451	+0.163%	$549K	$1.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4457	+0.188%	$24K	$373K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4466	+0.225%	$74K	$233K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4459	+0.197%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4423	+0.049%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4427	+0.066%	$5K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0538%	1h	2.4498	+0.356%	$353K	$402K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.4530	+0.487%	$154K	$520K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1192%	1h	2.4469	+0.237%	$115K	$263K	20x	as long as short