Funding arb · Price arb /

PENDLE

all PENDLE markets

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: OKX against Lighter+0.117%7-day average −0.068% · you sell dearer than you buy

Net, funding: paid 7d − costs−$58as in the Funding arb table

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

costs, in and out, $10k−$580.580% of the position

Long on Lighter Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.003%$0 on $10k

Price spread, last 4 days (all we have)−0.113%−$11 · spread now +0.117%, 7d avg −0.068%

Together, before fees−0.110%+ Points / potential airdropLighter: Season 3 · farm board−$11 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: OKX is 0.185% dearer against Lighter than usual: you sell high and buy low, +$19 on $10k if it goes back to its 7-day average of −0.068%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PENDLE	2.4791	0.0096	pay 0.0012% / 1h	41m 17s	$529K	$418K	5x
Short	OKX PENDLE-USDT-SWAP	2.4820	0.0100	get 0.0050% / 4h	1h 41m	$3.1M	$6.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.117%Rate

Funding earned: $0.84
Price spread: +0.117% → −0.068%: $18.52
Slippage, 4 orders: −$47.96
Fee Lighter: 0 bp × 2 orders: $0
Fee OKX: 5 bp × 2 orders: −$10
Net: −$38.6
Costs to cover: 0.580%
Break-even: 328.7 days

Slippage from Lighter: live order book, 14 min ago; OKX: live order book, 2 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, 14 min ago	10.40 bp	15.6 bp −$16	69.6 bp −$696	doesn't fit	doesn't fit
Sell OKX live order book, 2 min ago	2.01 bp	17.9 bp −$18	75.8 bp −$758	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	2.4490	−1.214%	$2K	$54K	5.5x	as long as short
BloFin PENDLE-USDT	−0.0121%	8h	2.4784	−0.028%	$1.3M	$644K	75x	as long as short
Extended PENDLE-USD	−0.0120%	1h	2.4779	−0.050%	$163K	$568K	10x	as long as short
Binance PENDLEUSDT	−0.0118%	8h	2.4787	−0.016%	$26.6M	$43.2M	75x	as long as short
MEXC PENDLE_USDT	−0.0117%	8h	2.4800	+0.036%	$17.1M	$1.8M	125x	as long as short
Aster PENDLEUSDT	−0.0053%	8h	2.4791	−0.002%	$47K	$175K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0039%	8h	2.4795	+0.016%	$19K	$15K	10x	as long as short
GRVT PENDLE_USDT_Perp	−0.0034%	8h	2.4875	+0.339%	$417K	$1.7M	10x	as long as short
Variational Omni PENDLE	−0.0019%	8h	2.4691	−0.405%	$544K	$1.8M	—	as long as short
Gate PENDLE_USDT	−0.0010%	8h	2.4790	−0.004%	$721K	$1.1M	75x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX PENDLE-USD	0.0000%	1h	2.4776	−0.062%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4798	+0.028%	$25K	$14K	10x	as long as short
Aevo PENDLE-PERP	+0.0048%	1h	2.4788	−0.011%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0059%	1h	2.4788	−0.013%	$3K	—	15x	as long as short
ApeX Omni PENDLEUSDT	+0.0073%	1h	2.4866	+0.303%	$76K	$235K	50x	as long as short
Lighter PENDLElong	+0.0096%	1h	2.4791	long leg	$529K	$418K	5x
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4756	−0.143%	$35K	$15K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4825	+0.137%	$12.6M	$6.0M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4790	−0.004%	$14.9M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAPshort	+0.0100%	4h	2.4820	+0.117%	$3.1M	$6.1M	50x
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4807	+0.065%	$848K	$578K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4811	+0.081%	$3.7M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4808	+0.069%	—	$33.6M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4852	+0.248%	$25K	$377K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4806	+0.061%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4802	+0.044%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0191% / S −0.0316%	1h	2.4807	+0.065%	$7K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0484%	1h	2.4890	+0.399%	$353K	$483K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0552%	1h	2.4840	+0.198%	$149K	$491K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0755%	1h	2.4838	+0.189%	$115K	$283K	20x	as long as short