PENDLE

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0176%/8h= +19.3% APRnext payment +$0.22 per $10,000 · paid last 24h +0.005%

Price spread now: Lighter against Extended+0.072%7-day average +0.096% · you sell dearer than you buy

Net, funding: paid 7d − costs−$46as in the Funding arb table

Net, price: spread back to 7d avg − costs−$53as in the Price arb table

costs, in and out, $10k−$500.503% of the position

Long on Extended Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.041%+$4 on $10k

Price spread, last 4 days (all we have)+0.081%+$8 · spread now +0.072%, 7d avg +0.096%

Together, before fees+0.122%+ Points / potential airdropExtended: Active · Lighter: Season 3 · farm board+$12 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.024% cheaper against Extended than usual: you would sell low and buy high (spread +0.072% now, against its 7-day average of +0.096%). If the spread goes back, that is −$2 on $10k: about 11 hours of funding at the current rate (+$5 a day). At the pace of the last 7 days (+0.041% in total) that is about 4.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended PENDLE-USD	2.5274	−0.0080	get 0.0010% / 1h	35m 07s	$165K	$689K	10x
Short	Lighter PENDLE	2.5292	0.0096	get 0.0012% / 1h	35m 07s	$536K	$413K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Extended. 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 ExtendedbpFee LighterbpOrdersPrice spread, now +0.072%Rate

Funding earned: $36.96
Price spread: +0.072% → +0.096%: −$2.4
Slippage, 4 orders: −$45.33
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Lighter: 0 bp × 2 orders: $0
Net: −$15.77
Costs to cover: 0.503%
Break-even: 10.0 days

Slippage from Extended: live order book, 38 min ago; Lighter: live order book, 30 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 Extended live order book, 38 min ago	1.19 bp	13.9 bp −$14	104.5 bp −$1,045	doesn't fit	doesn't fit
Sell Lighter live order book, 30 min ago	7.96 bp	9.0 bp −$9	83.6 bp −$836	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	−0.4643%	1h	2.4970	−1.202%	$2K	$54K	5.5x	as long as short
BloFin PENDLE-USDT	−0.0108%	8h	2.5289	+0.060%	$1.3M	$705K	75x	as long as short
Extended PENDLE-USDlong	−0.0080%	1h	2.5274	long leg	$165K	$689K	10x
Binance PENDLEUSDT	−0.0078%	8h	2.5293	+0.076%	$27.3M	$42.8M	75x	as long as short
MEXC PENDLE_USDT	−0.0077%	8h	2.5293	+0.076%	$17.1M	$1.9M	125x	as long as short
ApeX Omni PENDLEUSDT	−0.0060%	1h	2.5347	+0.289%	$77K	$238K	50x	as long as short
GRVT PENDLE_USDT_Perp	−0.0045%	8h	2.5333	+0.235%	$428K	$1.6M	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0016%	8h	2.5294	+0.080%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5343	+0.275%	$11K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.5301	+0.107%	$26K	$14K	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	+0.0014%	8h	2.5291	+0.068%	$609K	$1.9M	—	as long as short
Gate PENDLE_USDT	+0.0049%	8h	2.5310	+0.143%	$783K	$1.2M	75x	as long as short
Reya PENDLERUSDPERP	+0.0049%	1h	2.5299	+0.100%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.5309	+0.139%	$26K	—	3x	as long as short
Aster PENDLEUSDT	+0.0080%	8h	2.5339	+0.257%	$47K	$178K	10x	as long as short
Lighter PENDLEshort	+0.0096%	1h	2.5292	+0.072%	$536K	$413K	5x
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5308	+0.137%	$35K	$18K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5291	+0.068%	$15.6M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5280	+0.024%	$3.3M	$6.1M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5349	+0.297%	$891K	$594K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5329	+0.218%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5299	+0.099%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5331	+0.225%	$25K	$381K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5317	+0.171%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5292	+0.072%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0203% / S −0.0382%	1h	2.5303	+0.114%	$7K	—	100x	as long as short
Hyperliquid PENDLE	+0.0267%	1h	2.5356	+0.325%	$12.9M	$6.3M	5x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0614%	1h	2.5348	+0.293%	$118K	$293K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0728%	1h	2.5330	+0.222%	$141K	$442K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0888%	1h	2.5343	+0.273%	$333K	$487K	15x	as long as short