Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Lighter against KuCoin+0.086%7-day average +0.021% · you sell dearer than you buy

Net, funding: paid 7d − costs−$71as in the Funding arb table

Net, price: spread back to 7d avg − costs−$62as in the Price arb table

costs, in and out, $10k−$690.685% of the position

Long on KuCoin 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 4 days (all we have)+0.034%+$3 · spread now +0.086%, 7d avg +0.021%

Together, before fees+0.007%+ Points / potential airdropLighter: Season 3 · farm board+$1 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 0.065% dearer against KuCoin than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of +0.021%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin PENDLEUSDTM	2.4290	0.0100	pay 0.0100% / 8h	7h 58m	$701K	$618K	50x
Short	Lighter PENDLE	2.4311	0.0096	get 0.0012% / 1h	58m 38s	$523K	$429K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against KuCoin. 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 KuCoinbpFee LighterbpOrdersPrice spread, now +0.086%Rate

Funding earned: −$0.84
Price spread: +0.086% → +0.021%: $6.55
Slippage, 4 orders: −$56.52
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$62.81
Costs to cover: 0.685%
Break-even: never at this rate

Slippage from KuCoin: live order book, 16 min ago; Lighter: live order book, 31 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 KuCoin live order book, 16 min ago	7.41 bp	24.7 bp −$25	133.0 bp −$1,330	doesn't fit	doesn't fit
Sell Lighter live order book, 31 min ago	8.47 bp	10.1 bp −$10	91.6 bp −$916	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
Deribit PENDLE_USDC-PERPETUAL	−0.3830%	1h	2.4164	−0.519%	$24K	$16K	10x	as long as short
Injective PENDLE/USDC PERP	−0.3627%	1h	2.4040	−1.029%	$2K	$54K	5.5x	as long as short
ApeX Omni PENDLEUSDT	−0.0034%	1h	2.4239	−0.210%	$74K	$232K	50x	as long as short
Orderly PERP_PENDLE_USDC	−0.0014%	8h	2.4253	−0.152%	$18K	$15K	10x	as long as short
BloFin PENDLE-USDT	−0.0002%	8h	2.4255	−0.144%	$1.1M	$502K	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4288	−0.007%	$10K	—	5x	as long as short
Extended PENDLE-USD	+0.0008%	1h	2.4305	+0.060%	$156K	$924K	10x	as long as short
MEXC PENDLE_USDT	+0.0009%	8h	2.4308	+0.074%	$18.0M	$2.1M	125x	as long as short
Binance PENDLEUSDT	+0.0009%	8h	2.4314	+0.101%	$25.5M	$46.2M	75x	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.4245	−0.187%	$25K	—	3x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT PENDLE_USDT_Perp	+0.0082%	8h	2.4272	−0.074%	$409K	$2.6M	10x	as long as short
Reya PENDLERUSDPERP	+0.0086%	1h	2.4258	−0.131%	$3K	—	15x	as long as short
Gate PENDLE_USDT	+0.0089%	8h	2.4300	+0.041%	$768K	$990K	75x	as long as short
Lighter PENDLEshort	+0.0096%	1h	2.4311	+0.086%	$523K	$429K	5x
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4292	+0.007%	$34K	$5K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4333	+0.177%	$12.7M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4301	+0.047%	$48K	$171K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4310	+0.082%	$14.1M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4330	+0.165%	$3.1M	$6.7M	50x	as long as short
KuCoin PENDLEUSDTMlong	+0.0100%	8h	2.4290	long leg	$701K	$618K	50x
Bitget PENDLEUSDT	+0.0100%	8h	2.4316	+0.107%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4300	+0.041%	—	$8.2M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4262	−0.116%	$565K	$1.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4238	−0.215%	$24K	$370K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4270	−0.082%	$16K	$4K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4292	+0.008%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4269	−0.085%	$5K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0645%	1h	2.4314	+0.099%	$359K	$439K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0664%	1h	2.4330	+0.165%	$158K	$511K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1277%	1h	2.4308	+0.076%	$115K	$259K	20x	as long as short