Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: Bitget against Lighter−0.039%7-day average −0.068% · you buy dearer than you sell

Net, funding: paid 7d − costs−$65as in the Funding arb table

Net, price: spread back to 7d avg − costs−$60as in the Price arb table

costs, in and out, $10k−$630.633% of the position

Long on Lighter Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.021%−$2 on $10k

Price spread, last 4 days (all we have)−0.192%−$19 · spread now −0.039%, 7d avg −0.068%

Together, before fees−0.213%+ Points / potential airdropLighter: Season 3 · farm board−$21 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: Bitget is 0.029% dearer against Lighter than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of −0.068%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PENDLE	2.5390	0.0096	pay 0.0012% / 1h	44m 38s	$538K	$413K	5x
Short	Bitget PENDLEUSDT	2.5380	0.0100	get 0.0100% / 8h	7h 44m	$3.8M	$2.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.039%Rate

Funding earned: $0.84
Price spread: −0.039% → −0.068%: $2.88
Slippage, 4 orders: −$51.31
Fee Lighter: 0 bp × 2 orders: $0
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$59.59
Costs to cover: 0.633%
Break-even: 503.6 days

Slippage from Lighter: live order book, 21 min ago; Bitget: live order book, 3 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, 21 min ago	7.96 bp	12.6 bp −$13	65.8 bp −$658	doesn't fit	doesn't fit
Sell Bitget live order book, 3 min ago	1.39 bp	22.5 bp −$22	42.3 bp −$423	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	−0.4643%	1h	2.4860	−2.087%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0144%	1h	2.5349	−0.161%	$26K	$14K	10x	as long as short
BloFin PENDLE-USDT	−0.0106%	8h	2.5356	−0.134%	$1.3M	$714K	75x	as long as short
ApeX Omni PENDLEUSDT	−0.0098%	1h	2.5215	−0.689%	$77K	$238K	50x	as long as short
Extended PENDLE-USD	−0.0080%	1h	2.5374	−0.062%	$170K	$667K	10x	as long as short
MEXC PENDLE_USDT	−0.0076%	8h	2.5389	−0.004%	$17.2M	$1.9M	125x	as long as short
Binance PENDLEUSDT	−0.0074%	8h	2.5386	−0.016%	$27.4M	$42.6M	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0014%	8h	2.5344	−0.181%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5396	+0.023%	$11K	—	5x	as long as short
Variational Omni PENDLE	+0.0014%	8h	2.5226	−0.646%	$604K	$1.9M	—	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	+0.0026%	8h	2.5260	−0.512%	$417K	$1.6M	10x	as long as short
Gate PENDLE_USDT	+0.0048%	8h	2.5380	−0.039%	$783K	$1.2M	75x	as long as short
Reya PENDLERUSDPERP	+0.0049%	1h	2.5350	−0.158%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.5338	−0.205%	$26K	—	3x	as long as short
Bybit PENDLEUSDT	+0.0083%	8h	2.5370	−0.079%	$15.6M	$12.1M	50x	as long as short
Aster PENDLEUSDT	+0.0087%	8h	2.5388	−0.009%	$47K	$178K	10x	as long as short
Lighter PENDLElong	+0.0096%	1h	2.5390	long leg	$538K	$413K	5x
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5382	−0.030%	$35K	$18K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5447	+0.224%	$12.9M	$6.3M	5x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5390	0.000%	$3.2M	$6.1M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5392	+0.008%	$891K	$593K	50x	as long as short
Bitget PENDLEUSDTshort	+0.0100%	8h	2.5380	−0.039%	$3.8M	$2.4M	75x
BingX PENDLE-USDT	+0.0100%	8h	2.5371	−0.075%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5225	−0.650%	$25K	$382K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5360	−0.118%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5358	−0.126%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0203% / S −0.0382%	1h	2.5346	−0.173%	$7K	—	100x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0613%	1h	2.5412	+0.086%	$118K	$295K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0728%	1h	2.5320	−0.276%	$141K	$440K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0821%	1h	2.5425	+0.138%	$334K	$487K	15x	as long as short