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 SunX+0.064%7-day average −0.008% · you sell dearer than you buy

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

Long on SunX Short on Lighter

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)−0.096%−$10 · spread now +0.064%, 7d avg −0.008%

Together, before fees−0.124%+ Points / potential airdropLighter: Season 3 · farm board−$12 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 0.072% dearer against SunX than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of −0.008%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX PENDLE-USDT	2.5153	0.0100	pay 0.0100% / 8h	9m 41s	$2K	$1.8M	20x
Short	Lighter PENDLE	2.5169	0.0096	get 0.0012% / 1h	9m 41s	$530K	$416K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against SunX. 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 SunXbpFee LighterbpOrdersPrice spread, now +0.064%Rate

Funding earned: −$0.84
Price spread: +0.064% → −0.008%: $7.16
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Lighter: 0 bp × 2 orders: $0
Net: −$1.68
Costs to cover: 0.080%
Break-even: never at this rate

Slippage unknown: SunX: live order book, 6 min ago; Lighter: live order book, 60 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 SunX live order book, 6 min ago	500.22 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 60 min ago	9.68 bp	13.4 bp −$13	100.1 bp −$1,001	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	−0.5000%	1h	2.4940	−0.847%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0505%	1h	2.5157	+0.016%	$28K	$11K	10x	as long as short
Binance PENDLEUSDT	−0.0069%	8h	2.5164	+0.044%	$27.2M	$42.2M	75x	as long as short
ApeX Omni PENDLEUSDT	−0.0066%	1h	2.5150	−0.012%	$77K	$239K	50x	as long as short
MEXC PENDLE_USDT	−0.0065%	8h	2.5170	+0.068%	$17.1M	$1.9M	125x	as long as short
Extended PENDLE-USD	−0.0064%	1h	2.5130	−0.090%	$165K	$528K	10x	as long as short
BloFin PENDLE-USDT	−0.0047%	8h	2.5102	−0.203%	$1.3M	$707K	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0009%	8h	2.5155	+0.008%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5181	+0.112%	$11K	—	5x	as long as short
GRVT PENDLE_USDT_Perp	+0.0016%	8h	2.5140	−0.051%	$416K	$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	+0.0022%	8h	2.5081	−0.285%	$596K	$1.9M	—	as long as short
Reya PENDLERUSDPERP	+0.0047%	1h	2.5157	+0.016%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.5159	+0.024%	$26K	—	3x	as long as short
Lighter PENDLEshort	+0.0096%	1h	2.5169	+0.064%	$530K	$416K	5x
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5153	+0.001%	$35K	$18K	10x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5184	+0.123%	$47K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5140	−0.052%	$15.5M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5150	−0.012%	$3.2M	$6.0M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5160	+0.028%	$777K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5148	−0.020%	$883K	$600K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5148	−0.020%	$3.7M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5165	+0.048%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5152	−0.003%	$25K	$380K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5186	+0.131%	$16K	$20K	5x	as long as short
SunX PENDLE-USDTlong	+0.0100%	8h	2.5153	long leg	$2K	$1.8M	20x
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5173	+0.079%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0332%	1h	2.5220	+0.266%	$12.8M	$6.2M	5x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0596%	1h	2.5205	+0.208%	$119K	$298K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.5340	+0.743%	$141K	$450K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0665%	1h	2.5201	+0.191%	$331K	$489K	15x	as long as short