PENDLE

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0381%/8h= −41.7% APRnext payment −$0.48 per $10,000 · paid last 24h −0.118%

Price spread now: Lighter against Backpack−0.109%7-day average −0.118% · you buy dearer than you sell

Net, funding: paid 7d − costs−$115as in the Funding arb table

Net, price: spread back to 7d avg − costs−$42as in the Price arb table

costs, in and out, $10k−$430.430% of the position

Long on Backpack Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.721%−$72 on $10k

Price spread, last 4 days (all we have)+0.253%+$25 · spread now −0.109%, 7d avg −0.118%

Together, before fees−0.468%+ Points / potential airdropLighter: Season 3 · farm board−$47 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.118%, so right now this pair is about funding alone: −$11 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack PENDLE_USDC_PERP	2.4845	0.0477	pay 0.0060% / 1h	40m 36s	$351K	$483K	15x
Short	Lighter PENDLE	2.4818	0.0096	get 0.0012% / 1h	40m 36s	$530K	$418K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Backpack. 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 BackpackbpFee LighterbpOrdersPrice spread, now −0.109%Rate

Funding earned: −$79.96
Price spread: −0.109% → −0.118%: $0.89
Slippage, 4 orders: −$33.04
Fee Backpack: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$122.12
Costs to cover: 0.430%
Break-even: never at this rate

Slippage from Backpack: live order book, 23 min ago; Lighter: live order book, 15 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 Backpack live order book, 23 min ago	1.59 bp	7.2 bp −$7	35.4 bp −$354	doesn't fit	doesn't fit
Sell Lighter live order book, 15 min ago	10.40 bp	11.2 bp −$11	95.0 bp −$950	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	−0.4938%	1h	2.4490	−1.429%	$2K	$54K	5.5x	as long as short
BloFin PENDLE-USDT	−0.0121%	8h	2.4784	−0.246%	$1.3M	$644K	75x	as long as short
Extended PENDLE-USD	−0.0120%	1h	2.4803	−0.169%	$163K	$568K	10x	as long as short
MEXC PENDLE_USDT	−0.0117%	8h	2.4814	−0.125%	$17.1M	$1.8M	125x	as long as short
Binance PENDLEUSDT	−0.0116%	8h	2.4823	−0.091%	$26.7M	$43.2M	75x	as long as short
Aster PENDLEUSDT	−0.0056%	8h	2.4816	−0.118%	$47K	$175K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0039%	8h	2.4795	−0.201%	$19K	$15K	10x	as long as short
GRVT PENDLE_USDT_Perp	−0.0034%	8h	2.4875	+0.121%	$417K	$1.7M	10x	as long as short
Variational Omni PENDLE	−0.0009%	8h	2.4780	−0.261%	$546K	$1.8M	—	as long as short
Gate PENDLE_USDT	−0.0006%	8h	2.4800	−0.181%	$721K	$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
dYdX PENDLE-USD	0.0000%	1h	2.4803	−0.170%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4798	−0.189%	$25K	$14K	10x	as long as short
Aevo PENDLE-PERP	+0.0048%	1h	2.4788	−0.228%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0059%	1h	2.4813	−0.131%	$4K	—	15x	as long as short
ApeX Omni PENDLEUSDT	+0.0073%	1h	2.4866	+0.085%	$76K	$235K	50x	as long as short
Lighter PENDLEshort	+0.0096%	1h	2.4818	−0.109%	$530K	$418K	5x
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4808	−0.148%	$35K	$15K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4850	+0.020%	$12.6M	$6.0M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4810	−0.141%	$14.9M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4810	−0.141%	$3.1M	$6.1M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4808	−0.149%	$848K	$578K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4822	−0.093%	$3.7M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4817	−0.113%	—	$33.6M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4852	+0.030%	$25K	$377K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4836	−0.036%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4802	−0.173%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0191% / S −0.0316%	1h	2.4807	−0.153%	$7K	—	100x	as long as short
Backpack PENDLE_USDC_PERPlong	+0.0477%	1h	2.4845	long leg	$351K	$483K	15x
Coinbase International PENDLE-PERP-INTX	+0.0552%	1h	2.4840	−0.020%	$149K	$491K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0755%	1h	2.4838	−0.029%	$115K	$283K	20x	as long as short