PENDLE

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0520%/8h= +56.9% APRnext payment +$0.65 per $10,000 · paid last 24h +0.049%

Price spread now: Lighter against Deribit−0.063%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Deribit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropLighter: Season 3 · farm boardneeds both histories

Funding pays, the price is against you. Lighter is 0.063% cheaper against Deribit than usual: you would sell low and buy high (spread −0.063% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$6 on $10k: about 10 hours of funding at the current rate (+$16 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit PENDLE_USDC-PERPETUAL	2.5213	−0.0424	get 0.0053% / 1h	30m 27s	$30K	$10K	10x
Short	Lighter PENDLE	2.5197	0.0096	get 0.0012% / 1h	30m 27s	$530K	$415K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Deribit. 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 DeribitbpFee LighterbpOrdersPrice spread, now −0.063%Rate

Funding earned: $109.16
Price spread: −0.063% → 0.000%: −$6.35
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Lighter: 0 bp × 2 orders: $0
Net: $95.81
Costs to cover: 0.070%
Break-even: 0.9 days

Slippage unknown: Deribit: no order-book sample; Lighter: live order book, 40 min ago. Net counts fees only.

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 Deribit no order-book sample	—	—	—	—	—
Sell Lighter live order book, 40 min ago	9.68 bp	13.4 bp −$13	100.1 bp −$1,001	doesn't fit	doesn't fit

Deribit: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.5000%	1h	2.4940	−1.083%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUALlong	−0.0424%	1h	2.5213	long leg	$30K	$10K	10x
ApeX Omni PENDLEUSDT	−0.0061%	1h	2.5232	+0.075%	$77K	$240K	50x	as long as short
Extended PENDLE-USD	−0.0032%	1h	2.5168	−0.179%	$166K	$528K	10x	as long as short
Binance PENDLEUSDT	−0.0031%	8h	2.5196	−0.067%	$27.2M	$42.0M	75x	as long as short
MEXC PENDLE_USDT	−0.0029%	8h	2.5200	−0.052%	$17.1M	$1.9M	125x	as long as short
BloFin PENDLE-USDT	−0.0019%	8h	2.5189	−0.095%	$1.3M	$752K	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0002%	8h	2.5200	−0.052%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5217	+0.016%	$11K	—	5x	as long as short
Variational Omni PENDLE	+0.0040%	8h	2.5182	−0.123%	$594K	$1.9M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya PENDLERUSDPERP	+0.0045%	1h	2.5199	−0.055%	$4K	—	15x	as long as short
GRVT PENDLE_USDT_Perp	+0.0047%	8h	2.5223	+0.039%	$418K	$1.6M	10x	as long as short
Aevo PENDLE-PERP	+0.0072%	1h	2.5191	−0.085%	$26K	—	3x	as long as short
Lighter PENDLEshort	+0.0096%	1h	2.5197	−0.063%	$530K	$415K	5x
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5179	−0.133%	$35K	$18K	10x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5215	+0.010%	$46K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5182	−0.123%	$15.5M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5190	−0.091%	$3.2M	$6.1M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5190	−0.091%	$782K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5219	+0.024%	$892K	$600K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5179	−0.135%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5192	−0.083%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5230	+0.065%	$25K	$397K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5224	+0.044%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5197	−0.063%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5215	+0.009%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0275%	1h	2.5265	+0.206%	$12.8M	$6.2M	5x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0595%	1h	2.5242	+0.116%	$119K	$299K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.5340	+0.504%	$141K	$458K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0793%	1h	2.5242	+0.115%	$333K	$493K	15x	as long as short