PENDLE

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0168%/8h= −18.4% APRnext payment −$0.21 per $10,000 · paid last 24h −0.005%

Price spread now: Extended against Lighter+0.032%7-day average −0.096% · you sell dearer than you buy

Net, funding: paid 7d − costs−$54as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$500.503% of the position

Long on Lighter Short on Extended

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)−0.185%−$19 · spread now +0.032%, 7d avg −0.096%

Together, before fees−0.226%+ Points / potential airdropLighter: Season 3 · Extended: Active · farm board−$23 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Extended is 0.128% dearer against Lighter than usual: you sell high and buy low (spread +0.032% now, against its 7-day average of −0.096%): +$13 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 2.5 days. At the pace of the last 7 days (−0.041% in total) that is about 22 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PENDLE	2.5294	0.0096	pay 0.0012% / 1h	42m 45s	$536K	$413K	5x
Short	Extended PENDLE-USD	2.5302	−0.0072	pay 0.0009% / 1h	42m 45s	$165K	$703K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now +0.032%Rate

Funding earned: −$35.28
Price spread: +0.032% → −0.096%: $12.81
Slippage, 4 orders: −$45.33
Fee Lighter: 0 bp × 2 orders: $0
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$72.81
Costs to cover: 0.503%
Break-even: never at this rate

Slippage from Lighter: live order book, 22 min ago; Extended: live order book, 30 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, 22 min ago	7.96 bp	12.6 bp −$13	65.8 bp −$658	doesn't fit	doesn't fit
Sell Extended live order book, 30 min ago	1.19 bp	14.9 bp −$15	93.7 bp −$937	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	2.4970	−1.281%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0618%	1h	2.5328	+0.134%	$26K	$14K	10x	as long as short
Gate PENDLE_USDT	−0.0134%	8h	2.5320	+0.103%	$782K	$1.2M	75x	as long as short
BloFin PENDLE-USDT	−0.0076%	8h	2.5289	−0.020%	$1.3M	$712K	75x	as long as short
Binance PENDLEUSDT	−0.0074%	8h	2.5314	+0.079%	$27.3M	$42.7M	75x	as long as short
MEXC PENDLE_USDT	−0.0074%	8h	2.5305	+0.043%	$17.1M	$1.9M	125x	as long as short
Extended PENDLE-USDshort	−0.0072%	1h	2.5302	+0.032%	$165K	$703K	10x
ApeX Omni PENDLEUSDT	−0.0054%	1h	2.5317	+0.091%	$77K	$238K	50x	as long as short
Orderly PERP_PENDLE_USDC	−0.0014%	8h	2.5337	+0.170%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5296	+0.008%	$11K	—	5x	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	+0.0014%	8h	2.5226	−0.268%	$604K	$1.9M	—	as long as short
GRVT PENDLE_USDT_Perp	+0.0044%	8h	2.5369	+0.297%	$429K	$1.6M	10x	as long as short
Reya PENDLERUSDPERP	+0.0049%	1h	2.5337	+0.170%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.5330	+0.140%	$26K	—	3x	as long as short
Aster PENDLEUSDT	+0.0090%	8h	2.5304	+0.038%	$47K	$178K	10x	as long as short
Lighter PENDLElong	+0.0096%	1h	2.5294	long leg	$536K	$413K	5x
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5305	+0.043%	$35K	$18K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5299	+0.020%	$15.6M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5320	+0.103%	$3.2M	$6.1M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5323	+0.115%	$889K	$593K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5288	−0.024%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5296	+0.008%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5320	+0.103%	$25K	$383K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5367	+0.289%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5339	+0.178%	$2K	$1.8M	20x	as long as short
Hyperliquid PENDLE	+0.0111%	1h	2.5342	+0.190%	$12.9M	$6.3M	5x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0203% / S −0.0382%	1h	2.5352	+0.229%	$7K	—	100x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0614%	1h	2.5356	+0.244%	$118K	$295K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0728%	1h	2.5360	+0.261%	$141K	$441K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0885%	1h	2.5340	+0.182%	$333K	$487K	15x	as long as short