Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: KuCoin against Lighter+0.052%7-day average −0.026% · you sell dearer than you buy

Net, funding: paid 7d − costs−$123as in the Funding arb table

Net, price: spread back to 7d avg − costs−$118as in the Price arb table

costs, in and out, $10k−$1261.256% of the position

Long on Lighter Short on KuCoin

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)−0.206%−$21 · spread now +0.052%, 7d avg −0.026%

Together, before fees−0.178%+ Points / potential airdropLighter: Season 3 · farm board−$18 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: KuCoin is 0.079% dearer against Lighter than usual: you sell high and buy low, +$8 on $10k if it goes back to its 7-day average of −0.026%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PENDLE	2.4884	0.0096	pay 0.0012% / 1h	9m 07s	$525K	$426K	5x
Short	KuCoin PENDLEUSDTM	2.4897	0.0100	get 0.0100% / 8h	1h 09m	$889K	$612K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now +0.052%Rate

Funding earned: $0.84
Price spread: +0.052% → −0.026%: $7.85
Slippage, 4 orders: −$113.58
Fee Lighter: 0 bp × 2 orders: $0
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$116.89
Costs to cover: 1.256%
Break-even: 981.1 days

Slippage from Lighter: live order book, 1 min ago; KuCoin: live order book, 65 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, 1 min ago	9.68 bp	10.7 bp −$11	73.8 bp −$738	doesn't fit	doesn't fit
Sell KuCoin live order book, 65 min ago	8.16 bp	48.3 bp −$48	142.8 bp −$1,428	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	−0.3656%	1h	2.4770	−0.458%	$2K	$53K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0272%	1h	2.4898	+0.056%	$29K	$10K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0066%	1h	2.4890	+0.024%	$76K	$239K	50x	as long as short
BloFin PENDLE-USDT	−0.0035%	8h	2.4871	−0.052%	$1.3M	$742K	75x	as long as short
Extended PENDLE-USD	−0.0016%	1h	2.4870	−0.056%	$164K	$526K	10x	as long as short
Binance PENDLEUSDT	−0.0016%	8h	2.4901	+0.068%	$26.8M	$41.2M	75x	as long as short
MEXC PENDLE_USDT	−0.0011%	8h	2.4886	+0.008%	$16.8M	$2.1M	125x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4853	−0.124%	$10K	—	5x	as long as short
Orderly PERP_PENDLE_USDC	+0.0013%	8h	2.4892	+0.032%	$20K	$16K	10x	as long as short
Reya PENDLERUSDPERP	+0.0042%	1h	2.4909	+0.100%	$4K	—	15x	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	+0.0058%	8h	2.4827	−0.230%	$550K	$2.0M	—	as long as short
GRVT PENDLE_USDT_Perp	+0.0068%	8h	2.4869	−0.062%	$413K	$1.6M	10x	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.4877	−0.029%	$26K	—	3x	as long as short
Lighter PENDLElong	+0.0096%	1h	2.4884	long leg	$525K	$426K	5x
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4877	−0.030%	$35K	$20K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4905	+0.084%	$12.2M	$6.0M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4865	−0.076%	$44K	$176K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4890	+0.024%	$15.3M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4890	+0.024%	$3.2M	$5.9M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.4870	−0.056%	$779K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTMshort	+0.0100%	8h	2.4897	+0.052%	$889K	$612K	50x
Bitget PENDLEUSDT	+0.0100%	8h	2.4875	−0.036%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4880	−0.016%	—	$36.2M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4840	−0.177%	$25K	$396K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4926	+0.169%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4901	+0.068%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.4911	+0.110%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.4900	+0.064%	$138K	$460K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0634%	1h	2.4937	+0.213%	$352K	$475K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0755%	1h	2.4942	+0.233%	$118K	$306K	20x	as long as short