PENDLE

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0504%/8h= −55.2% APRnext payment −$0.63 per $10,000 · paid last 24h −0.139%

Price spread now: Lighter against Coinbase International+0.279%7-day average −0.074% · you sell dearer than you buy

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

Long on Coinbase International Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.057%−$6 on $10k

Price spread, last 4 days (all we have)−0.497%−$50 · spread now +0.279%, 7d avg −0.074%

Together, before fees−0.553%+ Points / potential airdropLighter: Season 3 · farm board−$55 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Lighter is 0.353% dearer against Coinbase International than usual: you sell high and buy low (spread +0.279% now, against its 7-day average of −0.074%): +$35 on $10k if it goes back. Holding the pair costs −$15 a day in funding at the current rate, which eats that in about 2.3 days. At the pace of the last 7 days (−0.057% in total) that is about 43 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.057% in total (about -3.0% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.63 per $10,000. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International PENDLE-PERP-INTX	2.4020	0.0600	pay 0.0075% / 1h	48m 37s	$159K	$539K	25x
Short	Lighter PENDLE	2.4087	0.0096	get 0.0012% / 1h	48m 37s	$647K	$528K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Coinbase International. 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 Coinbase InternationalbpFee LighterbpOrdersPrice spread, now +0.279%Rate

Funding earned: −$105.84
Price spread: +0.279% → −0.074%: $35.26
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$80.58
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Coinbase International: live order book, 58 min ago; Lighter: live order book, 50 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 Coinbase International live order book, 58 min ago	6.17 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 50 min ago	4.55 bp	10.6 bp −$11	82.1 bp −$821	doesn't fit	doesn't fit

PENDLE on 30 exchanges

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	−0.3596%	1h	2.3810	−0.874%	$2K	$52K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0333%	1h	2.3994	−0.108%	$24K	$10K	10x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0139%	1h	2.3999	−0.086%	$123K	$255K	20x	as long as short
BloFin PENDLE-USDT	−0.0103%	8h	2.3990	−0.125%	$1.1M	$523K	75x	as long as short
MEXC PENDLE_USDT	−0.0090%	8h	2.4070	+0.208%	$18.5M	$2.1M	125x	as long as short
Extended PENDLE-USD	−0.0088%	1h	2.4045	+0.102%	$155K	$943K	10x	as long as short
Binance PENDLEUSDT	−0.0088%	8h	2.4058	+0.160%	$24.9M	$47.2M	75x	as long as short
Aster PENDLEUSDT	−0.0034%	8h	2.4043	+0.095%	$49K	$166K	10x	as long as short
GRVT PENDLE_USDT_Perp	−0.0001%	8h	2.4000	−0.082%	$396K	$3.2M	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4053	+0.138%	$10K	—	5x	as long as short

Show all 30 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_PENDLE_USDC	+0.0004%	8h	2.3986	−0.142%	$18K	$15K	10x	as long as short
Aevo PENDLE-PERP	+0.0056%	1h	2.3966	−0.225%	$25K	—	3x	as long as short
Variational Omni PENDLE	+0.0075%	8h	2.3979	−0.172%	$546K	$921K	—	as long as short
Lighter PENDLEshort	+0.0096%	1h	2.4087	+0.279%	$647K	$528K	5x
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4069	+0.202%	$34K	—	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4050	+0.125%	$14.4M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4050	+0.125%	$3.1M	$6.8M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.4060	+0.167%	$768K	$895K	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4049	+0.121%	$634K	$505K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4049	+0.121%	$3.8M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4074	+0.225%	—	$8.1M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.3989	−0.127%	$22K	$364K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4003	−0.071%	$73K	$232K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4054	+0.142%	$16K	$4K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4009	−0.046%	$2K	$1.8M	20x	as long as short
Reya PENDLERUSDPERP	+0.0101%	1h	2.4037	+0.072%	$3K	—	15x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0175% / S −0.0165%	1h	2.4015	−0.019%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0296%	1h	2.4111	+0.379%	$12.9M	$5.9M	5x	as long as short
Coinbase International PENDLE-PERP-INTXlong	+0.0600%	1h	2.4020	long leg	$159K	$539K	25x
Backpack PENDLE_USDC_PERP	+0.0813%	1h	2.4071	+0.212%	$358K	$384K	15x	as long as short