Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0061%/8h= −6.7% APRpaid last 24h −0.019%

Price spread now: Orderly against Lighter+0.016%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Lighter Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropLighter: Season 3 · farm boardneeds both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PENDLE	2.5173	0.0096	pay 0.0012% / 1h	52m 00s	$551K	$376K	5x
Short	Orderly PERP_PENDLE_USDC	2.5177	0.0035	get 0.0035% / 8h	2h 52m	$23K	$8K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.016%Rate

Funding earned: −$12.82
Price spread: +0.016% → 0.000%: $1.59
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$17.23
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Lighter: live order book, 32 min ago; Orderly: no order-book sample. Net counts fees only.

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, 32 min ago	8.07 bp	8.9 bp −$9	62.8 bp −$628	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.4806%	1h	2.4860	−1.243%	$2K	$7K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0430%	1h	2.5180	+0.030%	$158K	$259K	20x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0107%	1h	2.5181	+0.032%	$30K	$10K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5190	+0.067%	$11K	—	5x	as long as short
Variational Omni PENDLE	+0.0010%	8h	2.5125	−0.191%	$607K	$2.3M	—	as long as short
Reya PENDLERUSDPERP	+0.0034%	1h	2.5170	−0.011%	$4K	—	15x	as long as short
Orderly PERP_PENDLE_USDCshort	+0.0035%	8h	2.5177	+0.016%	$23K	$8K	10x
Binance PENDLEUSDT	+0.0037%	8h	2.5172	−0.004%	$27.5M	$39.0M	75x	as long as short
MEXC PENDLE_USDT	+0.0037%	8h	2.5174	+0.004%	$16.9M	$2.2M	125x	as long as short
Extended PENDLE-USD	+0.0040%	1h	2.5159	−0.054%	$165K	$524K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin PENDLE-USDT	+0.0041%	8h	2.5191	+0.072%	$1.3M	$799K	75x	as long as short
Aster PENDLEUSDT	+0.0078%	8h	2.5182	+0.036%	$41K	$177K	10x	as long as short
Aevo PENDLE-PERP	+0.0088%	1h	2.5177	+0.018%	$26K	—	3x	as long as short
Lighter PENDLElong	+0.0096%	1h	2.5173	long leg	$551K	$376K	5x
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5165	−0.030%	$35K	$22K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5201	+0.111%	$12.4M	$5.5M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5150	−0.091%	$15.6M	$12.3M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5170	−0.012%	$3.2M	$5.6M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5170	−0.012%	$847K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5185	+0.048%	$908K	$607K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5178	+0.020%	$3.8M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5172	−0.004%	—	$36.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5194	+0.084%	$25K	$411K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5218	+0.178%	$416K	$1.6M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.5100	−0.290%	$77K	$239K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5192	+0.075%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5192	+0.075%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5183	+0.038%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5270	+0.385%	$118K	$440K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0823%	1h	2.5227	+0.215%	$365K	$466K	15x	as long as short