Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.036%

Price spread now: Lighter against Bybit+0.092%7-day average +0.060% · you sell dearer than you buy

Net, funding: paid 7d − costs−$49as in the Funding arb table

Net, price: spread back to 7d avg − costs−$61as in the Price arb table

costs, in and out, $10k−$650.647% of the position

Long on Bybit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.161%+$16 on $10k

Price spread, last 4 days (all we have)−0.046%−$5 · spread now +0.092%, 7d avg +0.060%

Together, before fees+0.115%+ 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 0.032% dearer against Bybit than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of +0.060%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit PENDLEUSDT	2.5047	0.0100	pay 0.0100% / 8h	2h 07m	$15.5M	$12.0M	50x
Short	Lighter PENDLE	2.5070	0.0096	get 0.0012% / 1h	7m 53s	$544K	$397K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Bybit. 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 BybitbpFee LighterbpOrdersPrice spread, now +0.092%Rate

Funding earned: −$0.84
Price spread: +0.092% → +0.060%: $3.23
Slippage, 4 orders: −$53.7
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Lighter: 0 bp × 2 orders: $0
Net: −$62.31
Costs to cover: 0.647%
Break-even: never at this rate

Slippage from Bybit: live order book, 1 min ago; Lighter: live order book, 7 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 Bybit live order book, 1 min ago	2.00 bp	16.4 bp −$16	51.0 bp −$510	doesn't fit	doesn't fit
Sell Lighter live order book, 7 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	−0.4806%	1h	2.4840	−0.826%	$2K	$53K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0432%	1h	2.5065	+0.072%	$149K	$275K	20x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5079	+0.129%	$11K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.5079	+0.128%	$30K	$10K	10x	as long as short
Orderly PERP_PENDLE_USDC	+0.0033%	8h	2.5069	+0.088%	$25K	$11K	10x	as long as short
Reya PENDLERUSDPERP	+0.0037%	1h	2.5067	+0.079%	$4K	—	15x	as long as short
Extended PENDLE-USD	+0.0040%	1h	2.5054	+0.028%	$165K	$524K	10x	as long as short
BloFin PENDLE-USDT	+0.0041%	8h	2.5053	+0.024%	$1.3M	$737K	75x	as long as short
MEXC PENDLE_USDT	+0.0042%	8h	2.5061	+0.056%	$16.9M	$2.3M	125x	as long as short
Binance PENDLEUSDT	+0.0044%	8h	2.5060	+0.052%	$27.2M	$39.3M	75x	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	+0.0050%	8h	2.5034	−0.050%	$616K	$2.1M	—	as long as short
ApeX Omni PENDLEUSDT	+0.0069%	1h	2.5059	+0.048%	$76K	$240K	50x	as long as short
Aevo PENDLE-PERP	+0.0088%	1h	2.5070	+0.093%	$26K	—	3x	as long as short
Lighter PENDLEshort	+0.0096%	1h	2.5070	+0.092%	$544K	$397K	5x
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5066	+0.077%	$35K	$22K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5097	+0.200%	$12.3M	$5.6M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5074	+0.109%	$41K	$172K	10x	as long as short
Bybit PENDLEUSDTlong	+0.0100%	8h	2.5047	long leg	$15.5M	$12.0M	50x
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5080	+0.132%	$3.2M	$5.7M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5070	+0.092%	$850K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5083	+0.144%	$895K	$608K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5053	+0.024%	$3.7M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5063	+0.064%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5052	+0.019%	$25K	$410K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5073	+0.103%	$423K	$1.6M	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5093	+0.184%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5083	+0.144%	$1K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5074	+0.109%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5130	+0.331%	$116K	$418K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0845%	1h	2.5122	+0.299%	$362K	$460K	15x	as long as short