PENDLE

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0047%/8h= −5.1% APRnext payment −$0.06 per $10,000 · paid last 24h −0.031%

Price spread now: Reya against Lighter+0.040%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 Reya

What this pair did over the last

the charts below follow

Funding, last 3 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 · Reya: Active · farm boardneeds both histories

The price spread pays, funding is against you. Reya is 0.040% dearer against Lighter than usual: you sell high and buy low (spread +0.040% now, against zero (this spread has no 7-day history yet)): +$4 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 2.8 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PENDLE	2.5342	0.0096	pay 0.0012% / 1h	39m 27s	$537K	$413K	5x
Short	Reya PENDLERUSDPERP	2.5352	0.0049	get 0.0006% / 1h	39m 27s	$4K	—	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now +0.040%Rate

Funding earned: −$9.87
Price spread: +0.040% → 0.000%: $4
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Reya: 3 bp × 2 orders: −$6
Net: −$11.86
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Lighter: live order book, 26 min ago; Reya: 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, 26 min ago	7.96 bp	12.6 bp −$13	65.8 bp −$658	doesn't fit	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

Reya: 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	−0.4643%	1h	2.4970	−1.468%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0382%	1h	2.5316	−0.103%	$26K	$14K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0119%	1h	2.5269	−0.288%	$77K	$238K	50x	as long as short
Gate PENDLE_USDT	−0.0090%	8h	2.5300	−0.166%	$781K	$1.2M	75x	as long as short
BloFin PENDLE-USDT	−0.0081%	8h	2.5260	−0.324%	$1.3M	$711K	75x	as long as short
Extended PENDLE-USD	−0.0080%	1h	2.5330	−0.049%	$166K	$721K	10x	as long as short
Binance PENDLEUSDT	−0.0079%	8h	2.5362	+0.080%	$27.4M	$42.7M	75x	as long as short
MEXC PENDLE_USDT	−0.0076%	8h	2.5351	+0.036%	$17.1M	$1.9M	125x	as long as short
Orderly PERP_PENDLE_USDC	−0.0015%	8h	2.5319	−0.091%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5343	+0.004%	$11K	—	5x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT PENDLE_USDT_Perp	+0.0008%	8h	2.5291	−0.202%	$427K	$1.6M	10x	as long as short
Variational Omni PENDLE	+0.0013%	8h	2.5266	−0.300%	$610K	$1.9M	—	as long as short
Reya PENDLERUSDPERPshort	+0.0049%	1h	2.5352	+0.040%	$4K	—	15x
Aevo PENDLE-PERP	+0.0064%	1h	2.5317	−0.099%	$26K	—	3x	as long as short
Aster PENDLEUSDT	+0.0083%	8h	2.5320	−0.089%	$47K	$178K	10x	as long as short
Lighter PENDLElong	+0.0096%	1h	2.5342	long leg	$537K	$413K	5x
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5345	+0.014%	$35K	$18K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5349	+0.028%	$15.6M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5340	−0.008%	$3.3M	$6.1M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5354	+0.047%	$892K	$594K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5339	−0.012%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5330	−0.047%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5269	−0.289%	$25K	$380K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5371	+0.114%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5329	−0.051%	$2K	$1.8M	20x	as long as short
Hyperliquid PENDLE	+0.0194%	1h	2.5419	+0.304%	$12.9M	$6.3M	5x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0203% / S −0.0382%	1h	2.5362	+0.078%	$7K	—	100x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0614%	1h	2.5363	+0.084%	$118K	$294K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0728%	1h	2.5310	−0.126%	$141K	$440K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0873%	1h	2.5372	+0.118%	$334K	$487K	15x	as long as short