Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: OKX against Lighter−0.012%7-day average −0.071% · you buy dearer than you sell

Net, funding: paid 7d − costs−$54as in the Funding arb table

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

costs, in and out, $10k−$540.543% of the position

Long on Lighter Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.003%$0 on $10k

Price spread, last 4 days (all we have)−0.138%−$14 · spread now −0.012%, 7d avg −0.071%

Together, before fees−0.135%+ Points / potential airdropLighter: Season 3 · farm board−$14 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: OKX is 0.059% dearer against Lighter than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of −0.071%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PENDLE	2.4853	0.0096	pay 0.0012% / 1h	7m 59s	$525K	$426K	5x
Short	OKX PENDLE-USDT-SWAP	2.4850	0.0100	get 0.0050% / 4h	1h 07m	$3.2M	$5.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.012%Rate

Funding earned: $0.84
Price spread: −0.012% → −0.071%: $5.86
Slippage, 4 orders: −$44.27
Fee Lighter: 0 bp × 2 orders: $0
Fee OKX: 5 bp × 2 orders: −$10
Net: −$47.57
Costs to cover: 0.543%
Break-even: 403.4 days

Slippage from Lighter: live order book, 2 min ago; OKX: live order book, 5 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, 2 min ago	9.68 bp	10.7 bp −$11	73.8 bp −$738	doesn't fit	doesn't fit
Sell OKX live order book, 5 min ago	4.02 bp	11.7 bp −$12	47.1 bp −$471	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	−0.3656%	1h	2.4770	−0.334%	$2K	$53K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0353%	1h	2.4858	+0.020%	$29K	$10K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0066%	1h	2.4890	+0.149%	$76K	$239K	50x	as long as short
BloFin PENDLE-USDT	−0.0035%	8h	2.4871	+0.072%	$1.3M	$742K	75x	as long as short
Extended PENDLE-USD	−0.0016%	1h	2.4837	−0.065%	$164K	$526K	10x	as long as short
Binance PENDLEUSDT	−0.0016%	8h	2.4842	−0.045%	$26.8M	$41.2M	75x	as long as short
MEXC PENDLE_USDT	−0.0015%	8h	2.4844	−0.036%	$16.8M	$2.1M	125x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4873	+0.079%	$10K	—	5x	as long as short
Orderly PERP_PENDLE_USDC	+0.0012%	8h	2.4857	+0.016%	$20K	$16K	10x	as long as short
Reya PENDLERUSDPERP	+0.0042%	1h	2.4862	+0.036%	$4K	—	15x	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	+0.0058%	8h	2.4827	−0.106%	$550K	$2.0M	—	as long as short
GRVT PENDLE_USDT_Perp	+0.0068%	8h	2.4869	+0.063%	$413K	$1.6M	10x	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.4844	−0.036%	$26K	—	3x	as long as short
Lighter PENDLElong	+0.0096%	1h	2.4853	long leg	$525K	$426K	5x
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4842	−0.044%	$35K	$20K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4871	+0.072%	$12.2M	$6.0M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4839	−0.057%	$44K	$176K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4840	−0.052%	$15.3M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAPshort	+0.0100%	4h	2.4850	−0.012%	$3.2M	$5.9M	50x
Gate PENDLE_USDT	+0.0100%	8h	2.4840	−0.052%	$778K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4852	−0.004%	$887K	$612K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4866	+0.052%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4843	−0.040%	—	$36.2M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4840	−0.053%	$25K	$396K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4870	+0.068%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4870	+0.068%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.4870	+0.070%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.4930	+0.310%	$139K	$460K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0636%	1h	2.4887	+0.137%	$351K	$474K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0757%	1h	2.4897	+0.175%	$118K	$306K	20x	as long as short