Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Lighter against KuCoin−0.095%7-day average +0.021% · you buy dearer than you sell

Net, funding: paid 7d − costs−$147as in the Funding arb table

Net, price: spread back to 7d avg − costs−$156as in the Price arb table

costs, in and out, $10k−$1441.444% of the position

Long on KuCoin 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 4 days (all we have)+0.215%+$22 · spread now −0.095%, 7d avg +0.021%

Together, before fees+0.188%+ Points / potential airdropLighter: Season 3 · farm board+$19 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 0.116% cheaper against KuCoin than usual: you would sell low and buy high, −$12 on $10k if it goes back to its 7-day average of +0.021%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin PENDLEUSDTM	2.4273	0.0100	pay 0.0100% / 8h	35m 18s	$863K	$548K	50x
Short	Lighter PENDLE	2.4250	0.0096	get 0.0012% / 1h	35m 18s	$523K	$429K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against KuCoin. 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 KuCoinbpFee LighterbpOrdersPrice spread, now −0.095%Rate

Funding earned: −$0.84
Price spread: −0.095% → +0.021%: −$11.57
Slippage, 4 orders: −$132.39
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$156.8
Costs to cover: 1.444%
Break-even: never at this rate

Slippage from KuCoin: live order book, 49 min ago; Lighter: live order book, 60 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 KuCoin live order book, 49 min ago	9.50 bp	61.1 bp −$61	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 60 min ago	9.81 bp	14.1 bp −$14	79.2 bp −$792	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	−0.4810%	1h	2.4020	−1.042%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0409%	1h	2.4258	−0.062%	$25K	$16K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0017%	8h	2.4244	−0.119%	$18K	$15K	10x	as long as short
BloFin PENDLE-USDT	−0.0006%	8h	2.4266	−0.029%	$1.1M	$475K	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4279	+0.023%	$10K	—	5x	as long as short
Extended PENDLE-USD	+0.0008%	1h	2.4250	−0.095%	$156K	$884K	10x	as long as short
MEXC PENDLE_USDT	+0.0010%	8h	2.4240	−0.136%	$17.3M	$2.0M	125x	as long as short
Binance PENDLEUSDT	+0.0010%	8h	2.4249	−0.099%	$25.5M	$45.8M	75x	as long as short
Gate PENDLE_USDT	+0.0047%	8h	2.4250	−0.095%	$760K	$1.0M	75x	as long as short
Reya PENDLERUSDPERP	+0.0083%	1h	2.4246	−0.111%	$3K	—	15x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni PENDLEUSDT	+0.0084%	1h	2.4311	+0.157%	$74K	$232K	50x	as long as short
GRVT PENDLE_USDT_Perp	+0.0086%	8h	2.4391	+0.487%	$414K	$2.4M	10x	as long as short
Aevo PENDLE-PERP	+0.0088%	1h	2.4253	−0.082%	$25K	—	3x	as long as short
Lighter PENDLEshort	+0.0096%	1h	2.4250	−0.095%	$523K	$429K	5x
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4241	−0.132%	$34K	$5K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4282	+0.037%	$12.6M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4240	−0.138%	$47K	$171K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4230	−0.177%	$14.1M	$12.4M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4250	−0.095%	$3.1M	$6.7M	50x	as long as short
KuCoin PENDLEUSDTMlong	+0.0100%	8h	2.4273	long leg	$863K	$548K	50x
Bitget PENDLEUSDT	+0.0100%	8h	2.4248	−0.103%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4247	−0.107%	—	$8.2M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4230	−0.176%	$562K	$1.5M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4312	+0.161%	$24K	$370K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4274	+0.004%	$16K	$4K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4282	+0.037%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4266	−0.029%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0672%	1h	2.4320	+0.194%	$156K	$504K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0748%	1h	2.4312	+0.161%	$349K	$438K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1523%	1h	2.4340	+0.276%	$116K	$261K	20x	as long as short