Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0111%/8h= +12.1% APRpaid last 24h +0.021%

Price spread now: Lighter against Orderly+0.033%7-day average — · you sell dearer than you buy

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

Long on Orderly Short on Lighter

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

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Lighter is 0.033% dearer against Orderly than usual: you sell high and buy low: +$3 more if the spread 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	Orderly PERP_PENDLE_USDC	2.4232	−0.0015	get 0.0015% / 8h	19m 58s	$18K	$15K	10x
Short	Lighter PENDLE	2.4240	0.0096	get 0.0012% / 1h	19m 58s	$522K	$432K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Orderly. 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 OrderlybpFee LighterbpOrdersPrice spread, now +0.033%Rate

Funding earned: $23.3
Price spread: +0.033% → 0.000%: $3.3
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Lighter: 0 bp × 2 orders: $0
Net: $20.6
Costs to cover: 0.060%
Break-even: 0.8 days

Slippage unknown: Orderly: no order-book sample; Lighter: live order book, 10 min ago. 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 Orderly no order-book sample	—	—	—	—	—
Sell Lighter live order book, 10 min ago	8.47 bp	10.1 bp −$10	91.6 bp −$916	doesn't fit	doesn't fit

Orderly: 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	−0.4810%	1h	2.3940	−1.205%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0039%	1h	2.4244	+0.050%	$25K	$16K	10x	as long as short
BloFin PENDLE-USDT	−0.0018%	8h	2.4193	−0.161%	$1.1M	$501K	75x	as long as short
Orderly PERP_PENDLE_USDClong	−0.0015%	8h	2.4232	long leg	$18K	$15K	10x
dYdX PENDLE-USD	0.0000%	1h	2.4199	−0.137%	$10K	—	5x	as long as short
MEXC PENDLE_USDT	+0.0005%	8h	2.4236	+0.017%	$18.0M	$2.1M	125x	as long as short
Binance PENDLEUSDT	+0.0005%	8h	2.4233	+0.004%	$25.5M	$46.0M	75x	as long as short
Extended PENDLE-USD	+0.0008%	1h	2.4222	−0.040%	$157K	$927K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0062%	1h	2.4193	−0.161%	$74K	$231K	50x	as long as short
Gate PENDLE_USDT	+0.0071%	8h	2.4200	−0.132%	$758K	$1.1M	75x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT PENDLE_USDT_Perp	+0.0078%	8h	2.4192	−0.166%	$408K	$2.5M	10x	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.4230	−0.006%	$25K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0084%	1h	2.4236	+0.015%	$3K	—	15x	as long as short
Lighter PENDLEshort	+0.0096%	1h	2.4240	+0.033%	$522K	$432K	5x
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4200	−0.132%	$34K	$5K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4269	+0.153%	$12.7M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4238	+0.025%	$47K	$171K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4230	−0.008%	$14.1M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4250	+0.074%	$3.1M	$6.7M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4212	−0.083%	$719K	$617K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4231	−0.004%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4218	−0.058%	—	$8.2M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4181	−0.211%	$562K	$1.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4183	−0.203%	$24K	$369K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4255	+0.095%	$16K	$4K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4263	+0.128%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4241	+0.038%	$5K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0612%	1h	2.4287	+0.227%	$350K	$435K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0672%	1h	2.4290	+0.239%	$156K	$507K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1527%	1h	2.4282	+0.206%	$115K	$263K	20x	as long as short