Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0162%/8h= +17.7% APRpaid last 24h +0.016%

Price spread now: Lighter against MEXC+0.093%7-day average +0.015% · you sell dearer than you buy

Net, funding: paid 7d − costs−$32as in the Funding arb table

Net, price: spread back to 7d avg − costs−$30as in the Price arb table

costs, in and out, $10k−$380.376% of the position

Long on MEXC Short on Lighter

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)+0.107%+$11 · spread now +0.093%, 7d avg +0.015%

Together, before fees+0.165%+ Points / potential airdropLighter: Season 3 · farm board+$16 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Lighter is 0.079% dearer against MEXC than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of +0.015%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC PENDLE_USDT	2.4645	−0.0066	get 0.0066% / 8h	4h 51m	$17.3M	$1.9M	125x
Short	Lighter PENDLE	2.4668	0.0096	get 0.0012% / 1h	51m 52s	$527K	$414K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against MEXC. 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 MEXCbpFee LighterbpOrdersPrice spread, now +0.093%Rate

Funding earned: $34.02
Price spread: +0.093% → +0.015%: $7.87
Slippage, 4 orders: −$33.55
Fee MEXC: 2 bp × 2 orders: −$4
Fee Lighter: 0 bp × 2 orders: $0
Net: $4.34
Costs to cover: 0.376%
Break-even: 6.1 days

Slippage from MEXC: live order book, 2 min ago; Lighter: live order book, 63 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 MEXC live order book, 2 min ago	1.42 bp	5.0 bp −$5	32.6 bp −$326	91.7 bp −$9,169	doesn't fit
Sell Lighter live order book, 63 min ago	10.40 bp	11.2 bp −$11	95.0 bp −$950	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	−0.4334%	1h	2.4430	−0.872%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0358%	1h	2.4653	+0.032%	$25K	$14K	10x	as long as short
BloFin PENDLE-USDT	−0.0082%	8h	2.4693	+0.195%	$1.3M	$652K	75x	as long as short
Extended PENDLE-USD	−0.0072%	1h	2.4635	−0.039%	$161K	$570K	10x	as long as short
Binance PENDLEUSDT	−0.0068%	8h	2.4641	−0.018%	$26.2M	$43.8M	75x	as long as short
MEXC PENDLE_USDTlong	−0.0066%	8h	2.4645	long leg	$17.3M	$1.9M	125x
Aster PENDLEUSDT	−0.0040%	8h	2.4682	+0.150%	$47K	$178K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0036%	8h	2.4655	+0.041%	$19K	$15K	10x	as long as short
Gate PENDLE_USDT	−0.0002%	8h	2.4650	+0.020%	$716K	$1.1M	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4698	+0.215%	$10K	—	5x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni PENDLE	+0.0030%	8h	2.4746	+0.409%	$564K	$1.8M	—	as long as short
Reya PENDLERUSDPERP	+0.0062%	1h	2.4678	+0.136%	$3K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4644	−0.006%	$26K	—	3x	as long as short
GRVT PENDLE_USDT_Perp	+0.0081%	8h	2.4707	+0.252%	$412K	$1.8M	10x	as long as short
Lighter PENDLEshort	+0.0096%	1h	2.4668	+0.093%	$527K	$414K	5x
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4651	+0.024%	$34K	$13K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4636	−0.037%	$14.6M	$12.3M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4650	+0.020%	$3.1M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4686	+0.166%	$874K	$580K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4656	+0.045%	$3.7M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4672	+0.110%	—	$8.6M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4716	+0.287%	$24K	$377K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4657	+0.049%	$75K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4689	+0.179%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4666	+0.085%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4666	+0.085%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0221%	1h	2.4690	+0.183%	$12.6M	$6.1M	5x	as long as short
Backpack PENDLE_USDC_PERP	+0.0485%	1h	2.4703	+0.235%	$356K	$478K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0608%	1h	2.4760	+0.467%	$147K	$493K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1177%	1h	2.4712	+0.272%	$115K	$278K	20x	as long as short