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 edgeX−0.084%79s7-day average +0.023% · you buy dearer than you sell

Net, funding: paid 7d − costs−$39as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$360.360% of the position

Long on edgeX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.027%−$3 on $10k

Price spread, last 3 days (all we have)−0.586%−$59 · spread now −0.084%, 7d avg +0.023%

Together, before fees−0.614%+ Points / potential airdropedgeX: Active · Lighter: Season 3 · farm board−$61 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 0.107% cheaper against edgeX than usual: you would sell low and buy high, −$11 on $10k if it goes back to its 7-day average of +0.023%. The two prices were read 79 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX PENDLEUSDC	2.5194	0.0100	pay 0.0050% / 4h	2h 52m	$25K	$411K	10x
Short	Lighter PENDLE	2.5173	0.0096	get 0.0012% / 1h	52m 09s	$551K	$376K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against edgeX. 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 edgeXbpFee LighterbpOrdersPrice spread, now −0.084%Rate

Funding earned: −$0.84
Price spread: −0.084% → +0.023%: −$10.69
Slippage, 4 orders: −$27
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Lighter: 0 bp × 2 orders: $0
Net: −$47.52
Costs to cover: 0.360%
Break-even: never at this rate

Slippage from edgeX: live order book, 36 min ago; Lighter: live order book, 32 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 edgeX live order book, 36 min ago	1.96 bp	7.2 bp −$7	15.3 bp −$153	doesn't fit	doesn't fit
Sell Lighter live order book, 32 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	2.4860	−1.326%	$2K	$7K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0430%	1h	2.5180	−0.054%	$158K	$259K	20x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0107%	1h	2.5181	−0.052%	$30K	$10K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5190	−0.017%	$11K	—	5x	as long as short
Variational Omni PENDLE	+0.0010%	8h	2.5125	−0.275%	$607K	$2.3M	—	as long as short
Reya PENDLERUSDPERP	+0.0034%	1h	2.5170	−0.095%	$4K	—	15x	as long as short
Orderly PERP_PENDLE_USDC	+0.0035%	8h	2.5177	−0.068%	$23K	$8K	10x	as long as short
Binance PENDLEUSDT	+0.0037%	8h	2.5169	−0.100%	$27.5M	$38.9M	75x	as long as short
MEXC PENDLE_USDT	+0.0037%	8h	2.5174	−0.080%	$16.9M	$2.2M	125x	as long as short
Extended PENDLE-USD	+0.0040%	1h	2.5162	−0.126%	$165K	$524K	10x	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	+0.0041%	8h	2.5191	−0.012%	$1.3M	$799K	75x	as long as short
Aster PENDLEUSDT	+0.0078%	8h	2.5181	−0.052%	$41K	$177K	10x	as long as short
Aevo PENDLE-PERP	+0.0088%	1h	2.5177	−0.066%	$26K	—	3x	as long as short
Lighter PENDLEshort	+0.0096%	1h	2.5173	−0.084%	$551K	$376K	5x
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5165	−0.114%	$35K	$22K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5201	+0.028%	$12.4M	$5.5M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5153	−0.163%	$15.6M	$12.3M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5170	−0.096%	$3.2M	$5.6M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5170	−0.096%	$847K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5185	−0.036%	$908K	$607K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5190	−0.016%	$3.8M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5172	−0.088%	—	$36.4M	—	as long as short
edgeX PENDLEUSDClong	+0.0100%	4h	2.5194	long leg	$25K	$411K	10x
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5218	+0.095%	$416K	$1.6M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.5100	−0.373%	$77K	$239K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5192	−0.008%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5192	−0.008%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5183	−0.045%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5270	+0.301%	$118K	$440K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0823%	1h	2.5227	+0.131%	$365K	$466K	15x	as long as short