Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Lighter against OKX+0.044%7-day average +0.071% · you sell dearer than you buy

Net, funding: paid 7d − costs−$56as in the Funding arb table

Net, price: spread back to 7d avg − costs−$59as in the Price arb table

costs, in and out, $10k−$560.561% of the position

Long on OKX Short on Lighter

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)+0.106%+$11 · spread now +0.044%, 7d avg +0.071%

Together, before fees+0.103%+ Points / potential airdropLighter: Season 3 · farm board+$10 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: Lighter is 0.026% cheaper against OKX than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of +0.071%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX PENDLE-USDT-SWAP	2.4860	0.0100	pay 0.0050% / 4h	1h 11m	$3.2M	$5.9M	50x
Short	Lighter PENDLE	2.4871	0.0096	get 0.0012% / 1h	11m 50s	$524K	$424K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against OKX. 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 OKXbpFee LighterbpOrdersPrice spread, now +0.044%Rate

Funding earned: −$0.84
Price spread: +0.044% → +0.071%: −$2.64
Slippage, 4 orders: −$46.1
Fee OKX: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$59.58
Costs to cover: 0.561%
Break-even: never at this rate

Slippage from OKX: live order book, 1 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 OKX live order book, 1 min ago	4.02 bp	18.6 bp −$19	86.4 bp −$864	doesn't fit	doesn't fit
Sell Lighter live order book, 63 min ago	10.75 bp	11.3 bp −$11	112.8 bp −$1,128	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	−0.3656%	1h	2.4770	−0.362%	$2K	$53K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0433%	1h	2.4870	+0.040%	$29K	$10K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0070%	1h	2.4903	+0.173%	$76K	$239K	50x	as long as short
BloFin PENDLE-USDT	−0.0028%	8h	2.4860	0.000%	$1.3M	$732K	75x	as long as short
Binance PENDLEUSDT	−0.0004%	8h	2.4853	−0.029%	$26.8M	$41.0M	75x	as long as short
MEXC PENDLE_USDT	−0.0003%	8h	2.4858	−0.008%	$16.8M	$2.1M	125x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4892	+0.129%	$10K	—	5x	as long as short
Extended PENDLE-USD	0.0000%	1h	2.4841	−0.077%	$164K	$526K	10x	as long as short
Orderly PERP_PENDLE_USDC	+0.0015%	8h	2.4861	+0.004%	$20K	$16K	10x	as long as short
Reya PENDLERUSDPERP	+0.0042%	1h	2.4863	+0.011%	$4K	—	15x	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	+0.0062%	8h	2.4872	+0.048%	$550K	$2.0M	—	as long as short
GRVT PENDLE_USDT_Perp	+0.0071%	8h	2.4885	+0.099%	$413K	$1.6M	10x	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.4851	−0.038%	$26K	—	3x	as long as short
Lighter PENDLEshort	+0.0096%	1h	2.4871	+0.044%	$524K	$424K	5x
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4857	−0.014%	$35K	$20K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4888	+0.113%	$12.3M	$6.0M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4885	+0.101%	$44K	$176K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4860	0.000%	$15.3M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAPlong	+0.0100%	4h	2.4860	long leg	$3.2M	$5.9M	50x
Gate PENDLE_USDT	+0.0100%	8h	2.4850	−0.040%	$779K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4862	+0.008%	$887K	$613K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4832	−0.113%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4860	0.000%	—	$36.2M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4872	+0.048%	$25K	$398K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4892	+0.129%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4882	+0.088%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.4882	+0.088%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.5020	+0.644%	$139K	$461K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0648%	1h	2.4894	+0.137%	$351K	$475K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0756%	1h	2.4922	+0.248%	$118K	$306K	20x	as long as short