PENDLE

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0641%/8h= −70.1% APRnext payment −$0.80 per $10,000 · paid last 24h −0.051%

Price spread now: Deribit against Lighter+0.044%7-day average — · you sell dearer than you buy

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

Long on Lighter Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropLighter: Season 3 · farm boardneeds both histories

The price spread pays, funding is against you. Deribit is 0.044% dearer against Lighter than usual: you sell high and buy low (spread +0.044% now, against zero (this spread has no 7-day history yet)): +$4 on $10k if it goes back. Holding the pair costs −$19 a day in funding at the current rate, which eats that in about 5 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PENDLE	2.5138	0.0096	pay 0.0012% / 1h	47m 58s	$535K	$414K	5x
Short	Deribit PENDLE_USDC-PERPETUAL	2.5149	−0.0545	pay 0.0068% / 1h	47m 58s	$26K	$14K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.044%Rate

Funding earned: −$134.53
Price spread: +0.044% → 0.000%: $4.38
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$137.15
Costs to cover: 0.070%
Break-even: never at this rate

Slippage unknown: Lighter: live order book, 12 min ago; Deribit: no order-book sample. 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 Lighter live order book, 12 min ago	9.55 bp	14.8 bp −$15	64.3 bp −$643	doesn't fit	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

Deribit: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.4742%	1h	2.4750	−1.543%	$2K	$54K	5.5x	as long as short
ApeX Omni PENDLEUSDT	−0.0606%	1h	2.5137	−0.004%	$77K	$237K	50x	as long as short
Deribit PENDLE_USDC-PERPETUALshort	−0.0545%	1h	2.5149	+0.044%	$26K	$14K	10x
Bybit PENDLEUSDT	−0.0139%	8h	2.5130	−0.032%	$15.4M	$12.1M	50x	as long as short
GRVT PENDLE_USDT_Perp	−0.0129%	8h	2.5154	+0.064%	$420K	$1.7M	10x	as long as short
Extended PENDLE-USD	−0.0112%	1h	2.5117	−0.083%	$163K	$565K	10x	as long as short
Binance PENDLEUSDT	−0.0111%	8h	2.5137	−0.004%	$27.1M	$43.2M	75x	as long as short
MEXC PENDLE_USDT	−0.0111%	8h	2.5135	−0.012%	$17.4M	$1.8M	125x	as long as short
BloFin PENDLE-USDT	−0.0095%	8h	2.5143	+0.020%	$1.3M	$654K	75x	as long as short
Variational Omni PENDLE	−0.0040%	8h	2.5116	−0.087%	$599K	$1.8M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate PENDLE_USDT	−0.0035%	8h	2.5120	−0.072%	$784K	$1.2M	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0031%	8h	2.5134	−0.016%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5166	+0.111%	$11K	—	5x	as long as short
Aster PENDLEUSDT	+0.0010%	8h	2.5137	−0.003%	$50K	$180K	10x	as long as short
Reya PENDLERUSDPERP	+0.0053%	1h	2.5132	−0.026%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0056%	1h	2.5132	−0.024%	$26K	—	3x	as long as short
Lighter PENDLElong	+0.0096%	1h	2.5138	long leg	$535K	$414K	5x
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5126	−0.046%	$35K	$16K	10x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5130	−0.032%	$3.2M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5159	+0.084%	$855K	$593K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5153	+0.060%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5140	+0.008%	—	$33.8M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5102	−0.142%	$25K	$380K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5155	+0.068%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5141	+0.012%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0158% / S −0.0256%	1h	2.5158	+0.078%	$7K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0297%	1h	2.5187	+0.195%	$353K	$485K	15x	as long as short
Hyperliquid PENDLE	+0.0315%	1h	2.5200	+0.247%	$13.0M	$6.4M	5x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0632%	1h	2.5210	+0.286%	$146K	$470K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0865%	1h	2.5197	+0.234%	$117K	$291K	20x	as long as short