PENDLE

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0184%/8h= −20.1% APRnext payment −$0.23 per $10,000 · paid last 24h −0.026%

Price spread now: Extended against Lighter−0.143%7-day average −0.094% · you buy dearer than you sell

Net, funding: paid 7d − costs−$51as in the Funding arb table

Net, price: spread back to 7d avg − costs−$50as in the Price arb table

costs, in and out, $10k−$450.453% of the position

Long on Lighter Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days−0.054%−$5 on $10k

Price spread, last 4 days (all we have)−0.001%$0 · spread now −0.143%, 7d avg −0.094%

Together, before fees−0.054%+ Points / potential airdropLighter: Season 3 · Extended: Active · farm board−$5 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Extended is 0.049% cheaper against Lighter than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.094%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.054% in total (about -2.8% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.23 per $10,000. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PENDLE	2.4087	0.0096	pay 0.0012% / 1h	48m 24s	$647K	$528K	5x
Short	Extended PENDLE-USD	2.4053	−0.0088	pay 0.0011% / 1h	48m 24s	$155K	$943K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.143%Rate

Funding earned: −$38.64
Price spread: −0.143% → −0.094%: −$4.94
Slippage, 4 orders: −$40.33
Fee Lighter: 0 bp × 2 orders: $0
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$88.91
Costs to cover: 0.453%
Break-even: never at this rate

Slippage from Lighter: live order book, 50 min ago; Extended: live order book, 58 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, 50 min ago	4.55 bp	7.0 bp −$7	70.0 bp −$700	doesn't fit	doesn't fit
Sell Extended live order book, 58 min ago	1.03 bp	13.9 bp −$14	115.5 bp −$1,155	doesn't fit	doesn't fit

PENDLE on 30 exchanges

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	−0.3596%	1h	2.3810	−1.150%	$2K	$52K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0139%	1h	2.4083	−0.015%	$124K	$255K	20x	as long as short
BloFin PENDLE-USDT	−0.0103%	8h	2.3990	−0.403%	$1.1M	$523K	75x	as long as short
MEXC PENDLE_USDT	−0.0090%	8h	2.4040	−0.195%	$18.5M	$2.1M	125x	as long as short
Extended PENDLE-USDshort	−0.0088%	1h	2.4053	−0.143%	$155K	$943K	10x
Binance PENDLEUSDT	−0.0088%	8h	2.4045	−0.176%	$24.9M	$47.2M	75x	as long as short
Aster PENDLEUSDT	−0.0034%	8h	2.4037	−0.207%	$49K	$166K	10x	as long as short
GRVT PENDLE_USDT_Perp	−0.0001%	8h	2.4000	−0.360%	$396K	$3.2M	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4053	−0.140%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4072	−0.062%	$24K	$10K	10x	as long as short

Show all 30 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_PENDLE_USDC	+0.0004%	8h	2.4054	−0.137%	$18K	$15K	10x	as long as short
Aevo PENDLE-PERP	+0.0056%	1h	2.4028	−0.245%	$25K	—	3x	as long as short
Variational Omni PENDLE	+0.0075%	8h	2.3979	−0.450%	$546K	$921K	—	as long as short
Lighter PENDLElong	+0.0096%	1h	2.4087	long leg	$647K	$528K	5x
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4069	−0.077%	$34K	—	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4044	−0.179%	$14.4M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4070	−0.071%	$3.1M	$6.8M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.4050	−0.154%	$768K	$895K	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4046	−0.170%	$634K	$505K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4073	−0.058%	$3.8M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4049	−0.158%	—	$8.1M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.3989	−0.405%	$22K	$364K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4003	−0.349%	$73K	$232K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4054	−0.137%	$16K	$4K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4060	−0.112%	$2K	$1.8M	20x	as long as short
Reya PENDLERUSDPERP	+0.0101%	1h	2.4037	−0.206%	$3K	—	15x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0175% / S −0.0165%	1h	2.4053	−0.139%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0285%	1h	2.4083	−0.016%	$12.8M	$5.9M	5x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.4080	−0.029%	$160K	$533K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0813%	1h	2.4071	−0.066%	$358K	$384K	15x	as long as short