Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0114%/8h= +12.5% APRpaid last 24h +0.017%

Price spread now: Lighter against BloFin+0.070%7-day average +0.018% · you sell dearer than you buy

Net, funding: paid 7d − costs−$40as in the Funding arb table

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$460.455% of the position

Long on BloFin Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.058%+$6 on $10k

Price spread, last 4 days (all we have)−0.151%−$15 · spread now +0.070%, 7d avg +0.018%

Together, before fees−0.093%+ Points / potential airdropLighter: Season 3 · farm board−$9 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Lighter is 0.052% dearer against BloFin than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.018%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin PENDLE-USDT	2.4193	−0.0018	get 0.0018% / 8h	20m 46s	$1.1M	$501K	75x
Short	Lighter PENDLE	2.4210	0.0096	get 0.0012% / 1h	20m 46s	$521K	$432K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against BloFin. 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 BloFinbpFee LighterbpOrdersPrice spread, now +0.070%Rate

Funding earned: $23.89
Price spread: +0.070% → +0.018%: $5.22
Slippage, 4 orders: −$33.53
Fee BloFin: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$16.42
Costs to cover: 0.455%
Break-even: 11.8 days

Slippage from BloFin: live order book, 1 min ago; Lighter: live order book, 9 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 BloFin live order book, 1 min ago	0.62 bp	11.6 bp −$12	21.3 bp −$213	doesn't fit	doesn't fit
Sell Lighter live order book, 9 min ago	8.47 bp	10.1 bp −$10	91.6 bp −$916	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	−0.4810%	1h	2.3940	−1.046%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0122%	1h	2.4197	+0.017%	$24K	$16K	10x	as long as short
BloFin PENDLE-USDTlong	−0.0018%	8h	2.4193	long leg	$1.1M	$501K	75x
Orderly PERP_PENDLE_USDC	−0.0015%	8h	2.4187	−0.025%	$18K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4199	+0.024%	$10K	—	5x	as long as short
MEXC PENDLE_USDT	+0.0005%	8h	2.4199	+0.025%	$17.9M	$2.1M	125x	as long as short
Binance PENDLEUSDT	+0.0005%	8h	2.4200	+0.029%	$25.4M	$46.0M	75x	as long as short
Extended PENDLE-USD	+0.0008%	1h	2.4189	−0.017%	$157K	$927K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0062%	1h	2.4193	0.000%	$74K	$231K	50x	as long as short
Gate PENDLE_USDT	+0.0069%	8h	2.4200	+0.029%	$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	−0.005%	$408K	$2.5M	10x	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.4190	−0.011%	$25K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0084%	1h	2.4195	+0.009%	$3K	—	15x	as long as short
Lighter PENDLEshort	+0.0096%	1h	2.4210	+0.070%	$521K	$432K	5x
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4200	+0.029%	$34K	$5K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4236	+0.178%	$12.7M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4214	+0.087%	$47K	$171K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4195	+0.008%	$14.1M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4220	+0.112%	$3.1M	$6.7M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4194	+0.004%	$719K	$617K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4200	+0.029%	$3.7M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4203	+0.041%	—	$8.2M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4181	−0.051%	$562K	$1.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4183	−0.042%	$24K	$369K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4226	+0.136%	$16K	$4K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4224	+0.128%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4206	+0.055%	$5K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0607%	1h	2.4252	+0.244%	$350K	$435K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0672%	1h	2.4230	+0.153%	$156K	$505K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1529%	1h	2.4253	+0.247%	$115K	$263K	20x	as long as short