Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0054%/8h= −5.9% APRpaid last 24h −0.002%

Price spread now: Binance against Lighter−0.004%7-day average −0.011% · you buy dearer than you sell

Net, funding: paid 7d − costs−$53as in the Funding arb table

Net, price: spread back to 7d avg − costs−$48as in the Price arb table

costs, in and out, $10k−$490.492% of the position

Long on Lighter Short on Binance

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)−0.044%−$4 · spread now −0.004%, 7d avg −0.011%

Together, before fees−0.085%+ Points / potential airdropLighter: Season 3 · farm board−$9 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.011%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PENDLE	2.5091	0.0096	pay 0.0012% / 1h	10m 43s	$544K	$397K	5x
Short	Binance PENDLEUSDT	2.5090	0.0042	get 0.0042% / 8h	2h 10m	$27.3M	$39.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Lighter. 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 LighterbpFee BinancebpOrdersPrice spread, now −0.004%Rate

Funding earned: −$11.3
Price spread: −0.004% → −0.011%: $0.72
Slippage, 4 orders: −$39.16
Fee Lighter: 0 bp × 2 orders: $0
Fee Binance: 5 bp × 2 orders: −$10
Net: −$59.74
Costs to cover: 0.492%
Break-even: never at this rate

Slippage from Lighter: live order book, 5 min ago; Binance: live order book, 1 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 Lighter live order book, 5 min ago	10.75 bp	14.5 bp −$15	67.4 bp −$674	doesn't fit	doesn't fit
Sell Binance live order book, 1 min ago	0.20 bp	11.5 bp −$12	29.5 bp −$295	103.7 bp −$10.4K	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	−1.000%	$2K	$53K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0431%	1h	2.5104	+0.051%	$149K	$277K	20x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0149%	1h	2.5071	−0.080%	$30K	$10K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5079	−0.047%	$11K	—	5x	as long as short
Orderly PERP_PENDLE_USDC	+0.0034%	8h	2.5063	−0.112%	$25K	$11K	10x	as long as short
Reya PENDLERUSDPERP	+0.0037%	1h	2.5057	−0.135%	$4K	—	15x	as long as short
Extended PENDLE-USD	+0.0040%	1h	2.5081	−0.038%	$165K	$524K	10x	as long as short
MEXC PENDLE_USDT	+0.0042%	8h	2.5086	−0.020%	$16.9M	$2.3M	125x	as long as short
Binance PENDLEUSDTshort	+0.0042%	8h	2.5090	−0.004%	$27.3M	$39.5M	75x
BloFin PENDLE-USDT	+0.0049%	8h	2.5058	−0.132%	$1.3M	$737K	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	+0.0055%	8h	2.5174	+0.330%	$619K	$2.1M	—	as long as short
ApeX Omni PENDLEUSDT	+0.0077%	1h	2.5130	+0.155%	$77K	$239K	50x	as long as short
Aevo PENDLE-PERP	+0.0088%	1h	2.5062	−0.116%	$26K	—	3x	as long as short
Lighter PENDLElong	+0.0096%	1h	2.5091	long leg	$544K	$397K	5x
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5081	−0.042%	$35K	$22K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5118	+0.108%	$12.3M	$5.7M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5074	−0.067%	$41K	$172K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5070	−0.084%	$15.5M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5090	−0.004%	$3.2M	$5.7M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5090	−0.004%	$851K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5088	−0.012%	$895K	$609K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5090	−0.004%	$3.7M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5077	−0.056%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5135	+0.175%	$25K	$413K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5034	−0.228%	$422K	$1.6M	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5075	−0.064%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5065	−0.104%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5072	−0.074%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5090	−0.004%	$116K	$417K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0839%	1h	2.5123	+0.128%	$362K	$460K	15x	as long as short