Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: edgeX against Lighter+0.020%109s7-day average −0.023% · you sell dearer than you buy

Net, funding: paid 7d − costs−$39as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$410.413% of the position

Long on Lighter Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.027%+$3 on $10k

Price spread, last 4 days (all we have)+0.650%+$65 · spread now +0.020%, 7d avg −0.023%

Together, before fees+0.677%+ Points / potential airdropLighter: Season 3 · edgeX: Active · farm board+$68 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: edgeX is 0.043% dearer against Lighter than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of −0.023%. The two prices were read 109 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PENDLE	2.5014	0.0096	pay 0.0012% / 1h	15m 44s	$534K	$418K	5x
Short	edgeX PENDLEUSDC	2.5019	0.0100	get 0.0050% / 4h	1h 15m	$25K	$379K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now +0.020%Rate

Funding earned: $0.84
Price spread: +0.020% → −0.023%: $4.28
Slippage, 4 orders: −$32.29
Fee Lighter: 0 bp × 2 orders: $0
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$36.17
Costs to cover: 0.413%
Break-even: 308.4 days

Slippage from Lighter: live order book, 39 min ago; edgeX: live order book, 48 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, 39 min ago	10.40 bp	15.6 bp −$16	69.6 bp −$696	doesn't fit	doesn't fit
Sell edgeX live order book, 48 min ago	2.39 bp	7.3 bp −$7	doesn't fit	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	−0.4938%	1h	2.4720	−1.175%	$2K	$54K	5.5x	as long as short
BloFin PENDLE-USDT	−0.0096%	8h	2.5093	+0.316%	$1.3M	$655K	75x	as long as short
Binance PENDLEUSDT	−0.0074%	8h	2.5004	−0.040%	$26.7M	$43.6M	75x	as long as short
MEXC PENDLE_USDT	−0.0073%	8h	2.5008	−0.024%	$17.5M	$1.9M	125x	as long as short
Extended PENDLE-USD	−0.0072%	1h	2.5001	−0.053%	$163K	$570K	10x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0069%	1h	2.5032	+0.072%	$26K	$14K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0036%	8h	2.5036	+0.088%	$20K	$15K	10x	as long as short
Aster PENDLEUSDT	−0.0023%	8h	2.5028	+0.058%	$47K	$177K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5028	+0.056%	$11K	—	5x	as long as short
Variational Omni PENDLE	+0.0017%	8h	2.5015	+0.004%	$563K	$1.8M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate PENDLE_USDT	+0.0050%	8h	2.5020	+0.024%	$725K	$1.1M	75x	as long as short
Reya PENDLERUSDPERP	+0.0061%	1h	2.5028	+0.054%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.5019	+0.020%	$26K	—	3x	as long as short
GRVT PENDLE_USDT_Perp	+0.0081%	8h	2.5069	+0.219%	$418K	$1.8M	10x	as long as short
Lighter PENDLElong	+0.0096%	1h	2.5014	long leg	$534K	$418K	5x
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5003	−0.044%	$35K	$15K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5065	+0.204%	$12.8M	$6.0M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5001	−0.052%	$15.0M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5010	−0.016%	$3.2M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5033	+0.076%	$855K	$573K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5006	−0.032%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5022	+0.032%	—	$33.6M	—	as long as short
edgeX PENDLEUSDCshort	+0.0100%	4h	2.5019	+0.020%	$25K	$379K	10x
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4958	−0.224%	$76K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5046	+0.128%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5024	+0.040%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0158% / S −0.0257%	1h	2.5037	+0.092%	$7K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0552%	1h	2.5100	+0.344%	$148K	$497K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0747%	1h	2.5079	+0.262%	$117K	$277K	20x	as long as short
Backpack PENDLE_USDC_PERP	+0.0783%	1h	2.5067	+0.212%	$362K	$488K	15x	as long as short