Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC+0.0096%/8hnext payment +$0.12 per $10,000 · paid last 24h +0.049%

Price spread now: Lighter against Deribit−0.024%7-day average — · you buy dearer than you sell

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

Long on Deribit 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

Funding pays, the price is against you. Lighter is 0.024% cheaper against Deribit than usual: you would sell low and buy high (spread −0.024% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$2 on $10k: about 20 hours of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit PENDLE_USDC-PERPETUAL	2.5430	0	get 0.0000% / 1h	5m 46s	$30K	$11K	10x
Short	Lighter PENDLE	2.5424	0.0096	get 0.0012% / 1h	5m 46s	$555K	$380K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Deribit. 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 DeribitbpFee LighterbpOrdersPrice spread, now −0.024%Rate

Funding earned: $20.16
Price spread: −0.024% → 0.000%: −$2.36
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Lighter: 0 bp × 2 orders: $0
Net: $10.8
Costs to cover: 0.070%
Break-even: 3.2 days

Slippage unknown: Deribit: no order-book sample; Lighter: live order book, 23 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 Deribit no order-book sample	—	—	—	—	—
Sell Lighter live order book, 23 min ago	10.62 bp	18.9 bp −$19	103.6 bp −$1,036	doesn't fit	doesn't fit

Deribit: 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	−0.4300%	1h	2.5140	−1.140%	$2K	$7K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0625%	1h	2.5440	+0.039%	$158K	$248K	20x	as long as short
Variational Omni PENDLE	−0.0017%	8h	2.5445	+0.058%	$657K	$2.2M	—	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5465	+0.138%	$11K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUALlong	0.0000%	1h	2.5430	long leg	$30K	$11K	10x
Aster PENDLEUSDT	+0.0019%	8h	2.5442	+0.048%	$51K	$140K	10x	as long as short
Reya PENDLERUSDPERP	+0.0028%	1h	2.5425	−0.020%	$4K	—	15x	as long as short
Orderly PERP_PENDLE_USDC	+0.0041%	8h	2.5429	−0.004%	$23K	$8K	10x	as long as short
MEXC PENDLE_USDT	+0.0078%	8h	2.5415	−0.059%	$17.0M	$2.2M	125x	as long as short
Binance PENDLEUSDT	+0.0078%	8h	2.5403	−0.108%	$27.9M	$37.1M	75x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended PENDLE-USD	+0.0080%	1h	2.5406	−0.093%	$167K	$519K	10x	as long as short
Lighter PENDLEshort	+0.0096%	1h	2.5424	−0.024%	$555K	$380K	5x
BloFin PENDLE-USDT	+0.0097%	8h	2.5452	+0.087%	$1.4M	$822K	75x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5418	−0.047%	$36K	$26K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5467	+0.145%	$12.4M	$5.3M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5391	−0.153%	$15.8M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5410	−0.079%	$3.3M	$5.4M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5420	−0.039%	$814K	$1.0M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5443	+0.051%	$927K	$599K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5424	−0.024%	$3.8M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5410	−0.079%	—	$34.9M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5441	+0.045%	$25K	$414K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5456	+0.102%	$430K	$1.4M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.5443	+0.051%	$78K	$239K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5450	+0.079%	$16K	$30K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5433	+0.012%	$2K	$1.6M	20x	as long as short
Aevo PENDLE-PERP	+0.0104%	1h	2.5430	0.000%	$27K	—	3x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0272%	1h	2.5435	+0.021%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0576%	1h	2.5520	+0.354%	$118K	$438K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0972%	1h	2.5476	+0.181%	$376K	$458K	15x	as long as short