Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

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

Price spread now: Lighter against Paradex+0.023%7-day average — · you sell dearer than you buy

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

Long on Paradex Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropParadex: Active · Lighter: Season 3 · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Lighter is 0.023% dearer against Paradex than usual: you sell high and buy low, +$2 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex PENDLE-USD-PERP	2.5106	0.0100	pay 0.0100% / 8h	4m 55s	$35K	$18K	10x
Short	Lighter PENDLE	2.5112	0.0096	get 0.0012% / 1h	4m 55s	$529K	$416K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Paradex. 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 ParadexbpFee LighterbpOrdersPrice spread, now +0.023%Rate

Funding earned: −$0.84
Price spread: +0.023% → 0.000%: $2.34
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Lighter: 0 bp × 2 orders: $0
Net: −$2.5
Costs to cover: 0.040%
Break-even: never at this rate

Slippage unknown: Paradex: no order-book sample; Lighter: live order book, 65 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 Paradex no order-book sample	—	—	—	—	—
Sell Lighter live order book, 65 min ago	9.68 bp	13.4 bp −$13	100.1 bp −$1,001	doesn't fit	doesn't fit

Paradex: 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	−0.662%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0148%	1h	2.5122	+0.063%	$28K	$11K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0090%	1h	2.5119	+0.051%	$77K	$239K	50x	as long as short
Binance PENDLEUSDT	−0.0074%	8h	2.5129	+0.089%	$27.2M	$42.3M	75x	as long as short
Extended PENDLE-USD	−0.0072%	1h	2.5114	+0.032%	$165K	$528K	10x	as long as short
MEXC PENDLE_USDT	−0.0070%	8h	2.5131	+0.099%	$17.0M	$1.9M	125x	as long as short
BloFin PENDLE-USDT	−0.0055%	8h	2.5103	−0.012%	$1.3M	$707K	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0010%	8h	2.5113	+0.027%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5111	+0.021%	$11K	—	5x	as long as short
GRVT PENDLE_USDT_Perp	+0.0016%	8h	2.5177	+0.282%	$417K	$1.6M	10x	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	+0.0021%	8h	2.5077	−0.118%	$596K	$1.9M	—	as long as short
Reya PENDLERUSDPERP	+0.0047%	1h	2.5103	−0.013%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.5105	−0.007%	$26K	—	3x	as long as short
Lighter PENDLEshort	+0.0096%	1h	2.5112	+0.023%	$529K	$416K	5x
Aster PENDLEUSDT	+0.0098%	8h	2.5103	−0.012%	$47K	$178K	10x	as long as short
Paradex PENDLE-USD-PERPlong	+0.0100%	8h	2.5106	long leg	$35K	$18K	10x
Bybit PENDLEUSDT	+0.0100%	8h	2.5130	+0.095%	$15.5M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5130	+0.095%	$3.2M	$6.0M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5100	−0.024%	$775K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5123	+0.067%	$883K	$600K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5102	−0.016%	$3.7M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5122	+0.063%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5130	+0.093%	$25K	$382K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5124	+0.071%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5119	+0.051%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5120	+0.057%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0293%	1h	2.5154	+0.191%	$12.7M	$6.2M	5x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0596%	1h	2.5165	+0.233%	$119K	$298K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.5340	+0.931%	$141K	$449K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0675%	1h	2.5160	+0.215%	$331K	$489K	15x	as long as short