Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0160%/8h= −17.5% APRpaid last 24h −0.007%

Price spread now: Gate against Lighter−0.081%7-day average −0.050% · you buy dearer than you sell

Net, funding: paid 7d − costs−$63as in the Funding arb table

Net, price: spread back to 7d avg − costs−$64as in the Price arb table

costs, in and out, $10k−$610.611% of the position

Long on Lighter Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.016%−$2 on $10k

Price spread, last 4 days (all we have)−0.084%−$8 · spread now −0.081%, 7d avg −0.050%

Together, before fees−0.101%+ Points / potential airdropLighter: Season 3 · farm board−$10 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Gate is 0.031% cheaper against Lighter than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.050%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PENDLE	2.4640	0.0096	pay 0.0012% / 1h	53m 25s	$517K	$428K	5x
Short	Gate PENDLE_USDT	2.4620	−0.0064	pay 0.0064% / 8h	3h 53m	$715K	$1.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.081%Rate

Funding earned: −$33.6
Price spread: −0.081% → −0.050%: −$3.08
Slippage, 4 orders: −$46.12
Fee Lighter: 0 bp × 2 orders: $0
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$97.8
Costs to cover: 0.611%
Break-even: never at this rate

Slippage from Lighter: live order book, 57 min ago; Gate: live order book, 4 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, 57 min ago	7.91 bp	8.0 bp −$8	64.2 bp −$642	doesn't fit	doesn't fit
Sell Gate live order book, 4 min ago	4.07 bp	24.7 bp −$25	130.8 bp −$1,308	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	−0.4243%	1h	2.4370	−1.096%	$2K	$54K	5.5x	as long as short
ApeX Omni PENDLEUSDT	−0.0423%	1h	2.4629	−0.045%	$75K	$235K	50x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0278%	1h	2.4614	−0.106%	$25K	$14K	10x	as long as short
BloFin PENDLE-USDT	−0.0066%	8h	2.4656	+0.065%	$1.1M	$596K	75x	as long as short
Extended PENDLE-USD	−0.0064%	1h	2.4654	+0.058%	$159K	$578K	10x	as long as short
Gate PENDLE_USDTshort	−0.0064%	8h	2.4620	−0.081%	$715K	$1.1M	75x
Binance PENDLEUSDT	−0.0061%	8h	2.4659	+0.079%	$26.1M	$43.6M	75x	as long as short
MEXC PENDLE_USDT	−0.0060%	8h	2.4638	−0.008%	$17.4M	$1.9M	125x	as long as short
Aster PENDLEUSDT	−0.0050%	8h	2.4655	+0.061%	$47K	$171K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0041%	8h	2.4663	+0.093%	$19K	$15K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX PENDLE-USD	0.0000%	1h	2.4665	+0.102%	$10K	—	5x	as long as short
GRVT PENDLE_USDT_Perp	+0.0054%	8h	2.4595	−0.184%	$408K	$1.9M	10x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4668	+0.114%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0067%	1h	2.4639	−0.003%	$3K	—	15x	as long as short
Variational Omni PENDLE	+0.0070%	8h	2.4586	−0.220%	$552K	$1.4M	—	as long as short
Lighter PENDLElong	+0.0096%	1h	2.4640	long leg	$517K	$428K	5x
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4628	−0.048%	$34K	$11K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4670	+0.122%	$14.6M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4680	+0.162%	$3.1M	$6.3M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4664	+0.097%	$886K	$550K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4638	−0.008%	$3.7M	$2.2M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4643	+0.012%	—	$8.5M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4627	−0.054%	$24K	$376K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4664	+0.097%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4624	−0.065%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4648	+0.031%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0206%	1h	2.4684	+0.179%	$12.8M	$6.0M	5x	as long as short
Backpack PENDLE_USDC_PERP	+0.0470%	1h	2.4682	+0.170%	$359K	$399K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0640%	1h	2.4660	+0.081%	$147K	$496K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1179%	1h	2.4701	+0.246%	$115K	$268K	20x	as long as short