PENDLE

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0619%/8h= +67.8% APRnext payment +$0.77 per $10,000 · paid last 24h +0.118%

Price spread now: Backpack against Lighter+0.113%7-day average +0.118% · you sell dearer than you buy

Net, funding: paid 7d − costs+$27as in the Funding arb table

Net, price: spread back to 7d avg − costs−$45as in the Price arb table

costs, in and out, $10k−$450.450% of the position

Long on Lighter Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.721%+$72 on $10k

Price spread, last 4 days (all we have)−0.257%−$26 · spread now +0.113%, 7d avg +0.118%

Together, before fees+0.463%+ Points / potential airdropLighter: Season 3 · farm board+$46 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.118%, so right now this pair is about funding alone: +$19 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PENDLE	2.4720	0.0096	pay 0.0012% / 1h	56m 29s	$528K	$413K	5x
Short	Backpack PENDLE_USDC_PERP	2.4748	0.0715	get 0.0089% / 1h	56m 29s	$356K	$479K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Lighter. 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 LighterbpFee BackpackbpOrdersPrice spread, now +0.113%Rate

Funding earned: $130.05
Price spread: +0.113% → +0.118%: −$0.43
Slippage, 4 orders: −$34.97
Fee Lighter: 0 bp × 2 orders: $0
Fee Backpack: 5 bp × 2 orders: −$10
Net: $84.65
Costs to cover: 0.450%
Break-even: 2.4 days

Slippage from Lighter: live order book, 59 min ago; Backpack: live order book, 2 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 Lighter live order book, 59 min ago	10.40 bp	15.6 bp −$16	69.6 bp −$696	doesn't fit	doesn't fit
Sell Backpack live order book, 2 min ago	1.62 bp	8.4 bp −$8	581.2 bp −$5,812	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	−1.173%	$2K	$54K	5.5x	as long as short
Extended PENDLE-USD	−0.0072%	1h	2.4721	+0.002%	$161K	$570K	10x	as long as short
MEXC PENDLE_USDT	−0.0072%	8h	2.4729	+0.036%	$17.3M	$1.9M	125x	as long as short
Binance PENDLEUSDT	−0.0071%	8h	2.4752	+0.129%	$26.4M	$43.9M	75x	as long as short
BloFin PENDLE-USDT	−0.0066%	8h	2.4680	−0.162%	$1.3M	$653K	75x	as long as short
Aster PENDLEUSDT	−0.0040%	8h	2.4714	−0.024%	$47K	$178K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0035%	8h	2.4683	−0.150%	$19K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4712	−0.034%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4686	−0.138%	$25K	$14K	10x	as long as short
Gate PENDLE_USDT	+0.0007%	8h	2.4680	−0.162%	$718K	$1.1M	75x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni PENDLE	+0.0024%	8h	2.4655	−0.263%	$563K	$1.8M	—	as long as short
Reya PENDLERUSDPERP	+0.0062%	1h	2.4772	+0.210%	$3K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4672	−0.196%	$26K	—	3x	as long as short
GRVT PENDLE_USDT_Perp	+0.0074%	8h	2.4676	−0.179%	$412K	$1.8M	10x	as long as short
Lighter PENDLElong	+0.0096%	1h	2.4720	long leg	$528K	$413K	5x
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4727	+0.029%	$35K	$13K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4736	+0.065%	$14.7M	$12.4M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4770	+0.202%	$3.1M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4725	+0.020%	$836K	$573K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4752	+0.129%	$3.7M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4706	−0.057%	—	$8.6M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4669	−0.205%	$24K	$379K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4682	−0.154%	$75K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4785	+0.263%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4674	−0.186%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4676	−0.177%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0423%	1h	2.4790	+0.283%	$12.6M	$6.1M	5x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0608%	1h	2.4680	−0.162%	$146K	$491K	25x	as long as short
Backpack PENDLE_USDC_PERPshort	+0.0715%	1h	2.4748	+0.113%	$356K	$479K	15x
Kraken Futures PF_PENDLEUSD	+0.1176%	1h	2.4737	+0.070%	$115K	$278K	20x	as long as short