Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0097%/8h= +10.6% APRpaid last 24h +0.019%

Price spread now: Lighter against Orderly−0.071%7-day average — · you buy dearer than you sell

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

Long on Orderly Short on Lighter

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

Funding pays, the price is against you. Lighter is 0.071% cheaper against Orderly than usual: you would sell low and buy high (spread −0.071% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$7 on $10k: about 2.5 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_PENDLE_USDC	2.5216	−0.0001	get 0.0001% / 8h	31m 33s	$20K	$16K	10x
Short	Lighter PENDLE	2.5198	0.0096	get 0.0012% / 1h	31m 33s	$530K	$415K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Orderly. 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 OrderlybpFee LighterbpOrdersPrice spread, now −0.071%Rate

Funding earned: $20.39
Price spread: −0.071% → 0.000%: −$7.14
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Lighter: 0 bp × 2 orders: $0
Net: $7.25
Costs to cover: 0.060%
Break-even: 4.5 days

Slippage unknown: Orderly: no order-book sample; Lighter: live order book, 39 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 Orderly no order-book sample	—	—	—	—	—
Sell Lighter live order book, 39 min ago	9.68 bp	13.4 bp −$13	100.1 bp −$1,001	doesn't fit	doesn't fit

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	−0.5000%	1h	2.4940	−1.095%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0384%	1h	2.5225	+0.036%	$30K	$10K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0061%	1h	2.5232	+0.063%	$77K	$240K	50x	as long as short
BloFin PENDLE-USDT	−0.0037%	8h	2.5249	+0.131%	$1.3M	$754K	75x	as long as short
Extended PENDLE-USD	−0.0032%	1h	2.5184	−0.127%	$166K	$528K	10x	as long as short
Binance PENDLEUSDT	−0.0029%	8h	2.5204	−0.048%	$27.2M	$41.9M	75x	as long as short
MEXC PENDLE_USDT	−0.0029%	8h	2.5198	−0.071%	$17.1M	$1.9M	125x	as long as short
Orderly PERP_PENDLE_USDClong	−0.0001%	8h	2.5216	long leg	$20K	$16K	10x
dYdX PENDLE-USD	0.0000%	1h	2.5242	+0.102%	$11K	—	5x	as long as short
Variational Omni PENDLE	+0.0043%	8h	2.5187	−0.115%	$594K	$1.9M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya PENDLERUSDPERP	+0.0045%	1h	2.5207	−0.034%	$4K	—	15x	as long as short
GRVT PENDLE_USDT_Perp	+0.0047%	8h	2.5223	+0.027%	$418K	$1.6M	10x	as long as short
Aevo PENDLE-PERP	+0.0072%	1h	2.5240	+0.094%	$26K	—	3x	as long as short
Lighter PENDLEshort	+0.0096%	1h	2.5198	−0.071%	$530K	$415K	5x
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5197	−0.077%	$35K	$18K	10x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5226	+0.038%	$46K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5194	−0.087%	$15.5M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5190	−0.103%	$3.2M	$6.1M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5190	−0.103%	$783K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5228	+0.048%	$893K	$600K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5206	−0.040%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5191	−0.099%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5230	+0.054%	$25K	$397K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5234	+0.071%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5212	−0.016%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5236	+0.077%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0252%	1h	2.5265	+0.194%	$12.7M	$6.1M	5x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0594%	1h	2.5266	+0.200%	$120K	$299K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.5340	+0.492%	$141K	$458K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0805%	1h	2.5261	+0.178%	$330K	$491K	15x	as long as short