Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: Paradex against Lighter−0.049%7-day average — · you buy dearer than you sell

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

Long on Lighter Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 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 · Paradex: Active · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Paradex is 0.049% cheaper against Lighter than usual: you would sell low and buy high, −$5 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PENDLE	2.4488	0.0096	pay 0.0012% / 1h	0m 38s	$519K	$417K	5x
Short	Paradex PENDLE-USD-PERP	2.4476	0.0100	get 0.0100% / 8h	1h 00m	$34K	$7K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −0.049%Rate

Funding earned: $0.84
Price spread: −0.049% → 0.000%: −$4.86
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$8.02
Costs to cover: 0.040%
Break-even: 73.9 days

Slippage unknown: Lighter: live order book, 34 min ago; Paradex: 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, 34 min ago	9.81 bp	10.8 bp −$11	67.8 bp −$678	doesn't fit	doesn't fit
Sell Paradex no order-book sample	—	—	—	—	—

Paradex: 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	−0.4348%	1h	2.4230	−1.054%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0566%	1h	2.4482	−0.025%	$25K	$16K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0018%	8h	2.4473	−0.061%	$19K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4524	+0.147%	$10K	—	5x	as long as short
BloFin PENDLE-USDT	+0.0011%	8h	2.4463	−0.102%	$1.1M	$477K	75x	as long as short
Extended PENDLE-USD	+0.0016%	1h	2.4476	−0.050%	$160K	$515K	10x	as long as short
Binance PENDLEUSDT	+0.0017%	8h	2.4472	−0.065%	$25.8M	$45.4M	75x	as long as short
MEXC PENDLE_USDT	+0.0018%	8h	2.4474	−0.057%	$17.5M	$2.0M	125x	as long as short
Gate PENDLE_USDT	+0.0051%	8h	2.4480	−0.033%	$788K	$1.0M	75x	as long as short
Reya PENDLERUSDPERP	+0.0081%	1h	2.4476	−0.050%	$3K	—	15x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PENDLE-PERP	+0.0088%	1h	2.4479	−0.038%	$26K	—	3x	as long as short
GRVT PENDLE_USDT_Perp	+0.0093%	8h	2.4470	−0.075%	$411K	$2.4M	10x	as long as short
Lighter PENDLElong	+0.0096%	1h	2.4488	long leg	$519K	$417K	5x
Paradex PENDLE-USD-PERPshort	+0.0100%	8h	2.4476	−0.049%	$34K	$7K	10x
Hyperliquid PENDLE	+0.0100%	1h	2.4523	+0.143%	$12.7M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4480	−0.034%	$46K	$169K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4466	−0.090%	$14.3M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4500	+0.049%	$3.1M	$6.7M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4507	+0.078%	$872K	$548K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4490	+0.008%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4476	−0.049%	—	$8.2M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4456	−0.132%	$594K	$1.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4468	−0.083%	$24K	$372K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4502	+0.057%	$75K	$233K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4498	+0.041%	$16K	$4K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4508	+0.082%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4488	0.000%	$5K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0493%	1h	2.4534	+0.188%	$351K	$434K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0688%	1h	2.4510	+0.090%	$157K	$506K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1663%	1h	2.4513	+0.102%	$115K	$260K	20x	as long as short