Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.036%

Price spread now: Bybit against Lighter−0.126%7-day average −0.058% · you buy dearer than you sell

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−$550.551% of the position

Long on Lighter Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.161%−$16 on $10k

Price spread, last 4 days (all we have)+0.006%+$1 · spread now −0.126%, 7d avg −0.058%

Together, before fees−0.155%+ Points / potential airdropLighter: Season 3 · farm board−$15 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: Bybit is 0.068% cheaper against Lighter than usual: you would sell low and buy high, −$7 on $10k if it goes back to its 7-day average of −0.058%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PENDLE	2.4591	0.0096	pay 0.0012% / 1h	33m 04s	$516K	$428K	5x
Short	Bybit PENDLEUSDT	2.4560	0.0100	get 0.0100% / 8h	3h 33m	$14.4M	$12.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.126%Rate

Funding earned: $0.84
Price spread: −0.126% → −0.058%: −$6.78
Slippage, 4 orders: −$44.07
Fee Lighter: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$61.01
Costs to cover: 0.551%
Break-even: 515.5 days

Slippage from Lighter: live order book, 12 min ago; Bybit: live order book, just now.

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, 12 min ago	8.15 bp	8.9 bp −$9	67.1 bp −$671	doesn't fit	doesn't fit
Sell Bybit live order book, just now	2.04 bp	14.9 bp −$15	47.4 bp −$474	253.4 bp −$25.3K	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	−0.4243%	1h	2.4260	−1.346%	$2K	$54K	5.5x	as long as short
ApeX Omni PENDLEUSDT	−0.0175%	1h	2.4607	+0.065%	$75K	$234K	50x	as long as short
BloFin PENDLE-USDT	−0.0075%	8h	2.4584	−0.028%	$1.1M	$596K	75x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0075%	1h	2.4598	+0.028%	$25K	$14K	10x	as long as short
Binance PENDLEUSDT	−0.0057%	8h	2.4580	−0.045%	$26.0M	$44.1M	75x	as long as short
Extended PENDLE-USD	−0.0056%	1h	2.4580	−0.044%	$158K	$581K	10x	as long as short
MEXC PENDLE_USDT	−0.0056%	8h	2.4586	−0.020%	$17.4M	$2.0M	125x	as long as short
Gate PENDLE_USDT	−0.0050%	8h	2.4580	−0.045%	$719K	$1.1M	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0040%	8h	2.4592	+0.004%	$19K	$15K	10x	as long as short
Aster PENDLEUSDT	−0.0008%	8h	2.4656	+0.266%	$47K	$172K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX PENDLE-USD	0.0000%	1h	2.4600	+0.037%	$10K	—	5x	as long as short
GRVT PENDLE_USDT_Perp	+0.0046%	8h	2.4608	+0.069%	$417K	$2.0M	10x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4585	−0.024%	$26K	—	3x	as long as short
Variational Omni PENDLE	+0.0066%	8h	2.4571	−0.083%	$552K	$1.4M	—	as long as short
Reya PENDLERUSDPERP	+0.0069%	1h	2.4571	−0.082%	$3K	—	15x	as long as short
Lighter PENDLElong	+0.0096%	1h	2.4591	long leg	$516K	$428K	5x
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4565	−0.108%	$34K	$11K	10x	as long as short
Bybit PENDLEUSDTshort	+0.0100%	8h	2.4560	−0.126%	$14.4M	$12.1M	50x
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4600	+0.037%	$3.1M	$6.4M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4611	+0.081%	$889K	$551K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4571	−0.081%	$3.7M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4578	−0.053%	—	$8.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4595	+0.016%	$24K	$377K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4600	+0.037%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4588	−0.012%	$2K	$1.8M	20x	as long as short
Hyperliquid PENDLE	+0.0114%	1h	2.4635	+0.179%	$12.8M	$6.1M	5x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4583	−0.031%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0640%	1h	2.4620	+0.118%	$146K	$499K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0714%	1h	2.4629	+0.155%	$358K	$400K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1182%	1h	2.4636	+0.183%	$115K	$268K	20x	as long as short