Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0162%/8h= −17.7% APRpaid last 24h −0.002%

Price spread now: Binance against Lighter−0.062%7-day average −0.011% · you buy dearer than you sell

Net, funding: paid 7d − costs−$48as in the Funding arb table

Net, price: spread back to 7d avg − costs−$49as in the Price arb table

costs, in and out, $10k−$440.441% of the position

Long on Lighter Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.041%−$4 on $10k

Price spread, last 4 days (all we have)−0.010%−$1 · spread now −0.062%, 7d avg −0.011%

Together, before fees−0.052%+ Points / potential airdropLighter: Season 3 · farm board−$5 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Binance is 0.051% cheaper against Lighter than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.011%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PENDLE	2.5160	0.0096	pay 0.0012% / 1h	10m 07s	$530K	$416K	5x
Short	Binance PENDLEUSDT	2.5145	−0.0066	pay 0.0066% / 8h	10m 07s	$27.2M	$42.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now −0.062%Rate

Funding earned: −$34
Price spread: −0.062% → −0.011%: −$5.09
Slippage, 4 orders: −$34.11
Fee Lighter: 0 bp × 2 orders: $0
Fee Binance: 5 bp × 2 orders: −$10
Net: −$83.19
Costs to cover: 0.441%
Break-even: never at this rate

Slippage from Lighter: live order book, 60 min ago; Binance: 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, 60 min ago	9.68 bp	10.7 bp −$11	73.8 bp −$738	doesn't fit	doesn't fit
Sell Binance live order book, 2 min ago	0.60 bp	9.7 bp −$10	22.2 bp −$222	137.1 bp −$13.7K	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	−0.5000%	1h	2.4940	−0.874%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0505%	1h	2.5157	−0.012%	$28K	$11K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0066%	1h	2.5150	−0.040%	$77K	$239K	50x	as long as short
Binance PENDLEUSDTshort	−0.0066%	8h	2.5145	−0.062%	$27.2M	$42.2M	75x
MEXC PENDLE_USDT	−0.0065%	8h	2.5151	−0.036%	$17.0M	$1.9M	125x	as long as short
Extended PENDLE-USD	−0.0064%	1h	2.5142	−0.070%	$165K	$528K	10x	as long as short
BloFin PENDLE-USDT	−0.0047%	8h	2.5102	−0.231%	$1.3M	$707K	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0009%	8h	2.5155	−0.020%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5127	−0.129%	$11K	—	5x	as long as short
GRVT PENDLE_USDT_Perp	+0.0016%	8h	2.5140	−0.079%	$416K	$1.6M	10x	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	+0.0022%	8h	2.5081	−0.313%	$596K	$1.9M	—	as long as short
Reya PENDLERUSDPERP	+0.0047%	1h	2.5157	−0.012%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.5159	−0.004%	$26K	—	3x	as long as short
Lighter PENDLElong	+0.0096%	1h	2.5160	long leg	$530K	$416K	5x
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5149	−0.043%	$35K	$18K	10x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5165	+0.019%	$47K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5130	−0.119%	$15.5M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5140	−0.079%	$3.2M	$6.0M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5120	−0.159%	$776K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5134	−0.103%	$883K	$600K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5122	−0.151%	$3.7M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5145	−0.060%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5152	−0.030%	$25K	$380K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5186	+0.103%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5153	−0.028%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5173	+0.051%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0333%	1h	2.5192	+0.127%	$12.8M	$6.2M	5x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0596%	1h	2.5205	+0.181%	$119K	$298K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.5340	+0.715%	$141K	$450K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0665%	1h	2.5201	+0.163%	$331K	$489K	15x	as long as short