Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: BingX against Lighter+0.016%7-day average −0.045% · you sell dearer than you buy

Net, funding: paid 7d − costs−$50as in the Funding arb table

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$490.491% of the position

Long on Lighter Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.010%−$1 on $10k

Price spread, last 4 days (all we have)−0.145%−$15 · spread now +0.016%, 7d avg −0.045%

Together, before fees−0.155%+ Points / potential airdropLighter: Season 3 · farm board−$16 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: BingX is 0.061% dearer against Lighter than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of −0.045%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PENDLE	2.5167	0.0096	pay 0.0012% / 1h	54m 54s	$528K	$421K	5x
Short	BingX PENDLE-USDT	2.5171	0.0100	get 0.0100% / 8h	1h 54m	—	$36.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now +0.016%Rate

Funding earned: $0.84
Price spread: +0.016% → −0.045%: $6.07
Slippage, 4 orders: −$39.11
Fee Lighter: 0 bp × 2 orders: $0
Fee BingX: 5 bp × 2 orders: −$10
Net: −$42.21
Costs to cover: 0.491%
Break-even: 358.7 days

Slippage from Lighter: live order book, 20 min ago; BingX: live order book, 14 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, 20 min ago	10.75 bp	14.5 bp −$15	67.4 bp −$674	doesn't fit	doesn't fit
Sell BingX live order book, 14 min ago	3.19 bp	11.7 bp −$12	20.0 bp −$200	87.4 bp −$8,736	322.4 bp −$161.2K

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	−0.3656%	1h	2.4770	−1.577%	$2K	$53K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0226%	1h	2.5172	+0.020%	$30K	$10K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5145	−0.088%	$11K	—	5x	as long as short
BloFin PENDLE-USDT	+0.0021%	8h	2.5155	−0.048%	$1.3M	$732K	75x	as long as short
Orderly PERP_PENDLE_USDC	+0.0032%	8h	2.5164	−0.012%	$20K	$16K	10x	as long as short
Reya PENDLERUSDPERP	+0.0038%	1h	2.5167	+0.002%	$4K	—	15x	as long as short
MEXC PENDLE_USDT	+0.0043%	8h	2.5164	−0.012%	$17.0M	$2.1M	125x	as long as short
Binance PENDLEUSDT	+0.0045%	8h	2.5167	0.000%	$27.3M	$39.6M	75x	as long as short
Extended PENDLE-USD	+0.0048%	1h	2.5139	−0.110%	$165K	$524K	10x	as long as short
Variational Omni PENDLE	+0.0060%	8h	2.5103	−0.255%	$618K	$2.0M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter PENDLElong	+0.0096%	1h	2.5167	long leg	$528K	$421K	5x
Aevo PENDLE-PERP	+0.0096%	1h	2.5160	−0.026%	$26K	—	3x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5145	−0.088%	$35K	$20K	10x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5174	+0.027%	$41K	$172K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5160	−0.028%	$15.6M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5160	−0.028%	$3.2M	$5.8M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5200	+0.131%	$860K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5187	+0.079%	$898K	$605K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5147	−0.079%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDTshort	+0.0100%	8h	2.5171	+0.016%	—	$36.3M	—
edgeX PENDLEUSDC	+0.0100%	4h	2.5048	−0.474%	$25K	$409K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5144	−0.092%	$424K	$1.6M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.5121	−0.183%	$77K	$240K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5178	+0.044%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5167	0.000%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5189	+0.089%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0200%	1h	2.5228	+0.242%	$12.5M	$5.7M	5x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.5180	+0.052%	$117K	$417K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0747%	1h	2.5225	+0.229%	$150K	$274K	20x	as long as short
Backpack PENDLE_USDC_PERP	+0.1300%	1h	2.5244	+0.306%	$359K	$460K	15x	as long as short