Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: SunX against Lighter−0.079%7-day average +0.009% · you buy dearer than you sell

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

Long on Lighter Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.027%+$3 on $10k

Price spread, last 3 days (all we have)+0.099%+$10 · spread now −0.079%, 7d avg +0.009%

Together, before fees+0.126%+ Points / potential airdropLighter: Season 3 · farm board+$13 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: SunX is 0.088% cheaper against Lighter than usual: you would sell low and buy high, −$9 on $10k if it goes back to its 7-day average of +0.009%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PENDLE	2.5332	0.0096	pay 0.0012% / 1h	15m 54s	$538K	$418K	5x
Short	SunX PENDLE-USDT	2.5312	0.0100	get 0.0100% / 8h	7h 15m	$1K	$1.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.079%Rate

Funding earned: $0.84
Price spread: −0.079% → +0.009%: −$8.78
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee SunX: 4 bp × 2 orders: −$8
Net: −$15.94
Costs to cover: 0.080%
Break-even: 139.9 days

Slippage unknown: Lighter: live order book, 49 min ago; SunX: live order book, 10 min ago. 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, 49 min ago	7.96 bp	12.6 bp −$13	65.8 bp −$658	doesn't fit	doesn't fit
Sell SunX live order book, 10 min ago	500.15 bp	doesn't fit	doesn't fit	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	−0.4643%	1h	2.4970	−1.429%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0145%	1h	2.5304	−0.111%	$26K	$14K	10x	as long as short
Bybit PENDLEUSDT	−0.0131%	8h	2.5300	−0.126%	$15.6M	$11.9M	50x	as long as short
GRVT PENDLE_USDT_Perp	−0.0121%	8h	2.5264	−0.268%	$427K	$1.6M	10x	as long as short
Binance PENDLEUSDT	−0.0100%	8h	2.5323	−0.034%	$27.4M	$42.6M	75x	as long as short
MEXC PENDLE_USDT	−0.0099%	8h	2.5331	−0.004%	$17.1M	$1.9M	125x	as long as short
Extended PENDLE-USD	−0.0096%	1h	2.5311	−0.081%	$164K	$570K	10x	as long as short
BloFin PENDLE-USDT	−0.0084%	8h	2.5219	−0.446%	$1.3M	$669K	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0024%	8h	2.5298	−0.134%	$20K	$16K	10x	as long as short
Variational Omni PENDLE	−0.0013%	8h	2.5261	−0.280%	$609K	$1.8M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni PENDLEUSDT	−0.0010%	1h	2.5280	−0.205%	$77K	$237K	50x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5286	−0.182%	$11K	—	5x	as long as short
Aster PENDLEUSDT	+0.0041%	8h	2.5303	−0.114%	$47K	$173K	10x	as long as short
Gate PENDLE_USDT	+0.0045%	8h	2.5320	−0.047%	$789K	$1.2M	75x	as long as short
Reya PENDLERUSDPERP	+0.0051%	1h	2.5297	−0.137%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0056%	1h	2.5303	−0.113%	$26K	—	3x	as long as short
Lighter PENDLElong	+0.0096%	1h	2.5332	long leg	$538K	$418K	5x
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5281	−0.200%	$35K	$18K	10x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5300	−0.126%	$3.2M	$6.1M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5319	−0.051%	$889K	$587K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5304	−0.111%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5313	−0.075%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5263	−0.274%	$25K	$381K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5310	−0.087%	$16K	$20K	5x	as long as short
SunX PENDLE-USDTshort	+0.0100%	8h	2.5312	−0.079%	$1K	$1.8M	20x
GMX PENDLE/USD [PENDLE-USDC]	L +0.0203% / S −0.0382%	1h	2.5309	−0.089%	$7K	—	100x	as long as short
Hyperliquid PENDLE	+0.0366%	1h	2.5375	+0.170%	$13.0M	$6.4M	5x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0614%	1h	2.5383	+0.201%	$118K	$293K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0728%	1h	2.5320	−0.047%	$143K	$460K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0850%	1h	2.5373	+0.162%	$356K	$489K	15x	as long as short