Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.019%

Price spread now: Lighter against GRVT−0.276%7-day average +0.010% · you buy dearer than you sell

Net, funding: paid 7d − costs−$49as in the Funding arb table

Net, price: spread back to 7d avg − costs−$83as in the Price arb table

costs, in and out, $10k−$550.548% of the position

Long on GRVT Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.054%+$5 on $10k

Price spread, last 3 days (all we have)−0.427%−$43 · spread now −0.276%, 7d avg +0.010%

Together, before fees−0.373%+ Points / potential airdropGRVT: Active · Lighter: Season 3 · farm board−$37 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 0.286% cheaper against GRVT than usual: you would sell low and buy high, −$29 on $10k if it goes back to its 7-day average of +0.010%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT PENDLE_USDT_Perp	2.5226	0.0100	pay 0.0100% / 8h	2h 56m	$429K	$1.6M	10x
Short	Lighter PENDLE	2.5156	0.0096	get 0.0012% / 1h	56m 56s	$550K	$375K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against GRVT. 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 GRVTbpFee LighterbpOrdersPrice spread, now −0.276%Rate

Funding earned: −$0.84
Price spread: −0.276% → +0.010%: −$28.58
Slippage, 4 orders: −$45.82
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Lighter: 0 bp × 2 orders: $0
Net: −$84.24
Costs to cover: 0.548%
Break-even: never at this rate

Slippage from GRVT: live order book, 1 min ago; Lighter: live order book, 27 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 GRVT live order book, 1 min ago	3.18 bp	20.4 bp −$20	8415.8 bp −$84.2K	doesn't fit	doesn't fit
Sell Lighter live order book, 27 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	2.4970	−1.014%	$2K	$7K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0431%	1h	2.5144	−0.325%	$157K	$257K	20x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0108%	1h	2.5133	−0.367%	$30K	$11K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5210	−0.062%	$11K	—	5x	as long as short
Variational Omni PENDLE	+0.0009%	8h	2.5225	−0.001%	$612K	$2.3M	—	as long as short
BloFin PENDLE-USDT	+0.0019%	8h	2.5148	−0.308%	$1.3M	$797K	75x	as long as short
Reya PENDLERUSDPERP	+0.0033%	1h	2.5109	−0.463%	$4K	—	15x	as long as short
Orderly PERP_PENDLE_USDC	+0.0035%	8h	2.5130	−0.379%	$23K	$8K	10x	as long as short
MEXC PENDLE_USDT	+0.0037%	8h	2.5156	−0.276%	$16.9M	$2.2M	125x	as long as short
Binance PENDLEUSDT	+0.0038%	8h	2.5131	−0.375%	$27.4M	$38.8M	75x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended PENDLE-USD	+0.0040%	1h	2.5143	−0.330%	$165K	$524K	10x	as long as short
Aster PENDLEUSDT	+0.0067%	8h	2.5140	−0.340%	$41K	$176K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0073%	1h	2.5241	+0.061%	$77K	$239K	50x	as long as short
Aevo PENDLE-PERP	+0.0088%	1h	2.5124	−0.402%	$26K	—	3x	as long as short
Lighter PENDLEshort	+0.0096%	1h	2.5156	−0.276%	$550K	$375K	5x
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5156	−0.276%	$35K	$22K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5160	−0.260%	$12.4M	$5.5M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5110	−0.459%	$15.5M	$12.3M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5140	−0.340%	$3.2M	$5.6M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5150	−0.300%	$850K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5158	−0.268%	$911K	$605K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5143	−0.328%	$3.8M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5125	−0.399%	—	$36.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5237	+0.045%	$25K	$411K	10x	as long as short
GRVT PENDLE_USDT_Perplong	+0.0100%	8h	2.5226	long leg	$429K	$1.6M	10x
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5193	−0.130%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5135	−0.360%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0275%	1h	2.5121	−0.415%	$5K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0536%	1h	2.5212	−0.054%	$365K	$468K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5180	−0.181%	$118K	$437K	25x	as long as short