Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0091%/8h= +10.0% APRpaid last 24h +0.007%

Price spread now: Lighter against Gate+0.040%7-day average +0.051% · you sell dearer than you buy

Net, funding: paid 7d − costs−$68as in the Funding arb table

Net, price: spread back to 7d avg − costs−$71as in the Price arb table

costs, in and out, $10k−$690.695% of the position

Long on Gate Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.016%+$2 on $10k

Price spread, last 4 days (all we have)+0.183%+$18 · spread now +0.040%, 7d avg +0.051%

Together, before fees+0.199%+ Points / potential airdropLighter: Season 3 · farm board+$20 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.051%, so right now this pair is about funding alone: +$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate PENDLE_USDT	2.4730	0.0005	pay 0.0005% / 8h	4h 54m	$718K	$1.1M	75x
Short	Lighter PENDLE	2.4740	0.0096	get 0.0012% / 1h	54m 39s	$528K	$413K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Gate. 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 GatebpFee LighterbpOrdersPrice spread, now +0.040%Rate

Funding earned: $19.11
Price spread: +0.040% → +0.051%: −$1.09
Slippage, 4 orders: −$54.46
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Lighter: 0 bp × 2 orders: $0
Net: −$51.44
Costs to cover: 0.695%
Break-even: 25.8 days

Slippage from Gate: live order book, 2 min ago; Lighter: live order book, 61 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 Gate live order book, 2 min ago	4.05 bp	20.2 bp −$20	161.5 bp −$1,615	doesn't fit	doesn't fit
Sell Lighter live order book, 61 min ago	10.40 bp	11.2 bp −$11	95.0 bp −$950	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	−0.4334%	1h	2.4430	−1.213%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0235%	1h	2.4731	+0.004%	$25K	$14K	10x	as long as short
BloFin PENDLE-USDT	−0.0088%	8h	2.4722	−0.032%	$1.3M	$654K	75x	as long as short
Binance PENDLEUSDT	−0.0068%	8h	2.4725	−0.020%	$26.3M	$43.9M	75x	as long as short
MEXC PENDLE_USDT	−0.0067%	8h	2.4723	−0.028%	$17.3M	$1.9M	125x	as long as short
Extended PENDLE-USD	−0.0064%	1h	2.4728	−0.007%	$161K	$570K	10x	as long as short
Aster PENDLEUSDT	−0.0038%	8h	2.4737	+0.030%	$47K	$178K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0035%	8h	2.4731	+0.004%	$19K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4761	+0.125%	$10K	—	5x	as long as short
Gate PENDLE_USDTlong	+0.0005%	8h	2.4730	long leg	$718K	$1.1M	75x

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni PENDLE	+0.0030%	8h	2.4746	+0.064%	$564K	$1.8M	—	as long as short
Reya PENDLERUSDPERP	+0.0062%	1h	2.4729	−0.004%	$3K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4720	−0.040%	$26K	—	3x	as long as short
GRVT PENDLE_USDT_Perp	+0.0081%	8h	2.4707	−0.093%	$412K	$1.8M	10x	as long as short
Lighter PENDLEshort	+0.0096%	1h	2.4740	+0.040%	$528K	$413K	5x
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4716	−0.057%	$35K	$13K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4718	−0.049%	$14.7M	$12.4M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4730	0.000%	$3.1M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4751	+0.085%	$876K	$581K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4722	−0.032%	$3.7M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4740	+0.040%	—	$8.6M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4652	−0.315%	$24K	$376K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4657	−0.295%	$75K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4747	+0.069%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4736	+0.024%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4735	+0.021%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0295%	1h	2.4773	+0.174%	$12.6M	$6.1M	5x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0608%	1h	2.4760	+0.121%	$147K	$493K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0784%	1h	2.4774	+0.178%	$357K	$478K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1175%	1h	2.4757	+0.109%	$115K	$278K	20x	as long as short