Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0196%/8h= +21.4% APRpaid last 24h +0.016%

Price spread now: Lighter against Binance+0.047%7-day average +0.010% · you sell dearer than you buy

Net, funding: paid 7d − costs−$42as in the Funding arb table

Net, price: spread back to 7d avg − costs−$44as in the Price arb table

costs, in and out, $10k−$470.473% of the position

Long on Binance Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.057%+$6 on $10k

Price spread, last 4 days (all we have)+0.043%+$4 · spread now +0.047%, 7d avg +0.010%

Together, before fees+0.100%+ Points / potential airdropLighter: Season 3 · farm board+$10 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Lighter is 0.037% dearer against Binance than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.010%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.057% in total (about 3.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance PENDLEUSDT	2.5366	−0.0100	get 0.0100% / 8h	7h 07m	$27.4M	$42.9M	75x
Short	Lighter PENDLE	2.5378	0.0096	get 0.0012% / 1h	7m 14s	$539K	$418K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Binance. 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 BinancebpFee LighterbpOrdersPrice spread, now +0.047%Rate

Funding earned: $41.06
Price spread: +0.047% → +0.010%: $3.68
Slippage, 4 orders: −$37.35
Fee Binance: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$2.6
Costs to cover: 0.473%
Break-even: 7.4 days

Slippage from Binance: live order book, 5 min ago; Lighter: live order book, 58 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 Binance live order book, 5 min ago	0.79 bp	14.2 bp −$14	30.1 bp −$301	doesn't fit	doesn't fit
Sell Lighter live order book, 58 min ago	7.96 bp	9.0 bp −$9	83.6 bp −$836	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	−0.4643%	1h	2.5030	−1.325%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0262%	1h	2.5386	+0.079%	$26K	$14K	10x	as long as short
Bybit PENDLEUSDT	−0.0193%	8h	2.5356	−0.039%	$15.6M	$12.0M	50x	as long as short
Binance PENDLEUSDTlong	−0.0100%	8h	2.5366	long leg	$27.4M	$42.9M	75x
Extended PENDLE-USD	−0.0096%	1h	2.5361	−0.021%	$165K	$565K	10x	as long as short
MEXC PENDLE_USDT	−0.0096%	8h	2.5388	+0.087%	$17.2M	$1.9M	125x	as long as short
GRVT PENDLE_USDT_Perp	−0.0095%	8h	2.5402	+0.144%	$420K	$1.7M	10x	as long as short
BloFin PENDLE-USDT	−0.0080%	8h	2.5375	+0.035%	$1.3M	$663K	75x	as long as short
ApeX Omni PENDLEUSDT	−0.0057%	1h	2.5447	+0.319%	$78K	$237K	50x	as long as short
Orderly PERP_PENDLE_USDC	−0.0026%	8h	2.5383	+0.067%	$20K	$16K	10x	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	−0.0024%	8h	2.5356	−0.040%	$611K	$1.8M	—	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5397	+0.122%	$11K	—	5x	as long as short
Aster PENDLEUSDT	+0.0043%	8h	2.5403	+0.147%	$48K	$174K	10x	as long as short
Reya PENDLERUSDPERP	+0.0052%	1h	2.5363	−0.013%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0056%	1h	2.5378	+0.048%	$27K	—	3x	as long as short
Lighter PENDLEshort	+0.0096%	1h	2.5378	+0.047%	$539K	$418K	5x
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5395	+0.114%	$36K	$18K	10x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5360	−0.024%	$3.2M	$6.1M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5370	+0.016%	$793K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5395	+0.114%	$882K	$589K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5366	0.000%	$3.9M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5372	+0.024%	—	$35.6M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5435	+0.271%	$25K	$380K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5380	+0.055%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5381	+0.059%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0203% / S −0.0382%	1h	2.5400	+0.132%	$7K	—	100x	as long as short
Hyperliquid PENDLE	+0.0362%	1h	2.5426	+0.237%	$13.1M	$6.3M	5x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0612%	1h	2.5435	+0.273%	$118K	$291K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0728%	1h	2.5400	+0.134%	$144K	$464K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0903%	1h	2.5423	+0.225%	$356K	$487K	15x	as long as short