PENDLE

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0337%/8h= +36.9% APRnext payment +$0.42 per $10,000 · paid last 24h +0.018%

Price spread now: Hyperliquid against Lighter+0.166%7-day average +0.097% · you sell dearer than you buy

Net, funding: paid 7d − costs−$24as in the Funding arb table

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$280.282% of the position

Long on Lighter Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.046%+$5 on $10k

Price spread, last 4 days (all we have)−0.038%−$4 · spread now +0.166%, 7d avg +0.097%

Together, before fees+0.008%+ Points / potential airdropLighter: Season 3 · Hyperliquid: Season 2 · farm board+$1 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Hyperliquid is 0.069% dearer against Lighter than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of +0.097%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.046% in total (about 2.4% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.42 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PENDLE	2.4716	0.0096	pay 0.0012% / 1h	32m 58s	$518K	$424K	5x
Short	Hyperliquid PENDLE	2.4757	0.0433	get 0.0054% / 1h	32m 58s	$12.8M	$6.0M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.166%Rate

Funding earned: $70.85
Price spread: +0.166% → +0.097%: $6.93
Slippage, 4 orders: −$19.23
Fee Lighter: 0 bp × 2 orders: $0
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $49.54
Costs to cover: 0.282%
Break-even: 2.1 days

Slippage from Lighter: live order book, 17 min ago; Hyperliquid: live order book, 10 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, 17 min ago	7.91 bp	8.0 bp −$8	64.2 bp −$642	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 10 min ago	0.20 bp	4.7 bp −$5	8.8 bp −$88	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	−0.4334%	1h	2.4340	−1.521%	$2K	$54K	5.5x	as long as short
BloFin PENDLE-USDT	−0.0075%	8h	2.4703	−0.053%	$1.2M	$630K	75x	as long as short
Binance PENDLEUSDT	−0.0057%	8h	2.4705	−0.045%	$26.2M	$44.0M	75x	as long as short
MEXC PENDLE_USDT	−0.0057%	8h	2.4719	+0.012%	$17.3M	$2.0M	125x	as long as short
Extended PENDLE-USD	−0.0056%	1h	2.4700	−0.063%	$159K	$574K	10x	as long as short
Gate PENDLE_USDT	−0.0039%	8h	2.4660	−0.227%	$720K	$1.1M	75x	as long as short
Aster PENDLEUSDT	−0.0039%	8h	2.4680	−0.144%	$47K	$178K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0036%	8h	2.4721	+0.020%	$19K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4618	−0.396%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4729	+0.053%	$25K	$14K	10x	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	+0.0043%	8h	2.4586	−0.527%	$552K	$1.6M	—	as long as short
Reya PENDLERUSDPERP	+0.0064%	1h	2.4708	−0.030%	$3K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4708	−0.034%	$26K	—	3x	as long as short
GRVT PENDLE_USDT_Perp	+0.0089%	8h	2.4622	−0.381%	$407K	$1.9M	10x	as long as short
Lighter PENDLElong	+0.0096%	1h	2.4716	long leg	$518K	$424K	5x
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4652	−0.257%	$34K	$13K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4705	−0.045%	$14.6M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4710	−0.024%	$3.1M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4676	−0.162%	$867K	$585K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4685	−0.125%	$3.7M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4701	−0.061%	—	$8.6M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4614	−0.414%	$24K	$378K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4623	−0.376%	$75K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4724	+0.032%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4726	+0.040%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4707	−0.038%	$5K	—	100x	as long as short
Hyperliquid PENDLEshort	+0.0433%	1h	2.4757	+0.166%	$12.8M	$6.0M	5x
Coinbase International PENDLE-PERP-INTX	+0.0608%	1h	2.4700	−0.065%	$147K	$495K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0638%	1h	2.4774	+0.235%	$357K	$470K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1174%	1h	2.4771	+0.223%	$115K	$277K	20x	as long as short