PENDLE

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0464%/8h= +50.8% APRnext payment +$0.58 per $10,000 · paid last 24h −0.036%

Price spread now: Coinbase International against Lighter+0.251%7-day average +0.047% · you sell dearer than you buy

Net, funding: paid 7d − costs−$75as in the Funding arb table

Net, price: spread back to 7d avg − costs−$54as in the Price arb table

costs, in and out, $10k−$740.743% of the position

Long on Lighter Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.010%−$1 on $10k

Price spread, last 3 days (all we have)−0.173%−$17 · spread now +0.251%, 7d avg +0.047%

Together, before fees−0.182%+ Points / potential airdropLighter: Season 3 · farm board−$18 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$14 a day on $10k at the current rate, and Coinbase International is 0.204% dearer against Lighter than usual: you sell high and buy low: +$20 more if the spread goes back to its 7-day average of +0.047%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.010% in total (about -0.5% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.58 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PENDLE	2.5067	0.0096	pay 0.0012% / 1h	7m 11s	$543K	$397K	5x
Short	Coinbase International PENDLE-PERP-INTX	2.5130	0.0560	get 0.0070% / 1h	7m 11s	$116K	$418K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.251%Rate

Funding earned: $97.44
Price spread: +0.251% → +0.047%: $20.4
Slippage, 4 orders: −$64.34
Fee Lighter: 0 bp × 2 orders: $0
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $43.5
Costs to cover: 0.743%
Break-even: 3.9 days

Slippage from Lighter: live order book, 8 min ago; Coinbase International: live order book, 16 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, 8 min ago	10.75 bp	14.5 bp −$15	67.4 bp −$674	doesn't fit	doesn't fit
Sell Coinbase International live order book, 16 min ago	11.85 bp	27.8 bp −$28	doesn't fit	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	−0.906%	$2K	$53K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0431%	1h	2.5098	+0.124%	$149K	$275K	20x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5079	+0.049%	$11K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.5087	+0.080%	$30K	$10K	10x	as long as short
BloFin PENDLE-USDT	+0.0029%	8h	2.5068	+0.004%	$1.3M	$737K	75x	as long as short
Orderly PERP_PENDLE_USDC	+0.0033%	8h	2.5075	+0.032%	$25K	$11K	10x	as long as short
Reya PENDLERUSDPERP	+0.0037%	1h	2.5077	+0.042%	$4K	—	15x	as long as short
Extended PENDLE-USD	+0.0040%	1h	2.5062	−0.020%	$165K	$524K	10x	as long as short
MEXC PENDLE_USDT	+0.0043%	8h	2.5054	−0.052%	$16.9M	$2.3M	125x	as long as short
Binance PENDLEUSDT	+0.0043%	8h	2.5058	−0.034%	$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	−0.130%	$616K	$2.1M	—	as long as short
ApeX Omni PENDLEUSDT	+0.0074%	1h	2.5055	−0.048%	$76K	$240K	50x	as long as short
Aevo PENDLE-PERP	+0.0088%	1h	2.5071	+0.016%	$26K	—	3x	as long as short
Lighter PENDLElong	+0.0096%	1h	2.5067	long leg	$543K	$397K	5x
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5056	−0.044%	$35K	$22K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5085	+0.072%	$12.3M	$5.6M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5076	+0.035%	$41K	$172K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5040	−0.108%	$15.5M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5050	−0.068%	$3.2M	$5.7M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5070	+0.012%	$851K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5064	−0.012%	$894K	$608K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5075	+0.032%	$3.7M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5059	−0.032%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5061	−0.023%	$25K	$410K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5064	−0.010%	$423K	$1.6M	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5092	+0.100%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5094	+0.108%	$1K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5083	+0.064%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTXshort	+0.0560%	1h	2.5130	+0.251%	$116K	$418K	25x
Backpack PENDLE_USDC_PERP	+0.0840%	1h	2.5115	+0.191%	$362K	$460K	15x	as long as short