Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0177%/8h= −19.4% APRpaid last 24h −0.025%

Price spread now: MEXC against Lighter−0.107%7-day average −0.015% · you buy dearer than you sell

Net, funding: paid 7d − costs−$36as in the Funding arb table

Net, price: spread back to 7d avg − costs−$39as in the Price arb table

costs, in and out, $10k−$300.302% of the position

Long on Lighter Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.057%−$6 on $10k

Price spread, last 4 days (all we have)−0.028%−$3 · spread now −0.107%, 7d avg −0.015%

Together, before fees−0.085%+ Points / potential airdropLighter: Season 3 · farm board−$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and MEXC is 0.092% cheaper against Lighter than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.015%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PENDLE	2.4413	0.0096	pay 0.0012% / 1h	21m 34s	$656K	$512K	5x
Short	MEXC PENDLE_USDT	2.4387	−0.0081	pay 0.0081% / 8h	6h 21m	$18.5M	$2.2M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.107%Rate

Funding earned: −$37.17
Price spread: −0.107% → −0.015%: −$9.17
Slippage, 4 orders: −$26.19
Fee Lighter: 0 bp × 2 orders: $0
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$76.53
Costs to cover: 0.302%
Break-even: never at this rate

Slippage from Lighter: live order book, 25 min ago; MEXC: live order book, 5 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, 25 min ago	5.96 bp	8.2 bp −$8	76.2 bp −$762	doesn't fit	doesn't fit
Sell MEXC live order book, 5 min ago	2.05 bp	7.1 bp −$7	27.7 bp −$277	87.3 bp −$8,735	doesn't fit

PENDLE on 30 exchanges

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	−0.5000%	1h	2.4660	+1.012%	$2K	$55K	5.5x	as long as short
ApeX Omni PENDLEUSDT	−0.0093%	1h	2.4388	−0.102%	$74K	$231K	50x	as long as short
MEXC PENDLE_USDTshort	−0.0081%	8h	2.4387	−0.107%	$18.5M	$2.2M	125x
Extended PENDLE-USD	−0.0080%	1h	2.4371	−0.173%	$162K	$936K	10x	as long as short
Binance PENDLEUSDT	−0.0080%	8h	2.4391	−0.090%	$25.5M	$46.7M	75x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0077%	1h	2.4432	+0.079%	$121K	$252K	20x	as long as short
BloFin PENDLE-USDT	−0.0057%	8h	2.4383	−0.123%	$1.1M	$517K	75x	as long as short
GRVT PENDLE_USDT_Perp	−0.0001%	8h	2.4406	−0.030%	$403K	$2.9M	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4421	+0.033%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4416	+0.012%	$25K	$12K	10x	as long as short

Show all 30 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_PENDLE_USDC	+0.0009%	8h	2.4403	−0.041%	$18K	$14K	10x	as long as short
Aster PENDLEUSDT	+0.0014%	8h	2.4399	−0.058%	$49K	$167K	10x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4395	−0.073%	$26K	—	3x	as long as short
Variational Omni PENDLE	+0.0080%	8h	2.4355	−0.238%	$573K	$1.1M	—	as long as short
Reya PENDLERUSDPERP	+0.0094%	1h	2.4413	−0.001%	$3K	—	15x	as long as short
Lighter PENDLElong	+0.0096%	1h	2.4413	long leg	$656K	$512K	5x
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4367	−0.190%	$34K	$1K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4380	−0.135%	$14.2M	$11.6M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4390	−0.094%	$3.1M	$6.8M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.4400	−0.053%	$772K	$967K	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4397	−0.066%	$685K	$503K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4388	−0.102%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4381	−0.131%	—	$8.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4381	−0.133%	$23K	$369K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4426	+0.053%	$16K	$4K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4432	+0.078%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0184% / S −0.0207%	1h	2.4414	+0.002%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0407%	1h	2.4441	+0.115%	$13.0M	$6.0M	5x	as long as short
Backpack PENDLE_USDC_PERP	+0.0622%	1h	2.4458	+0.184%	$365K	$420K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0728%	1h	2.4430	+0.070%	$167K	$538K	25x	as long as short