Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Lighter against edgeX−0.130%79s7-day average +0.025% · you buy dearer than you sell

Net, funding: paid 7d − costs−$41as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$380.383% of the position

Long on edgeX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.027%−$3 on $10k

Price spread, last 3 days (all we have)−0.397%−$40 · spread now −0.130%, 7d avg +0.025%

Together, before fees−0.424%+ Points / potential airdropedgeX: Active · Lighter: Season 3 · farm board−$42 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Lighter is 0.155% cheaper against edgeX than usual: you would sell low and buy high, −$16 on $10k if it goes back to its 7-day average of +0.025%. The two prices were read 79 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX PENDLEUSDC	2.5193	0.0100	pay 0.0050% / 4h	2h 14m	$25K	$412K	10x
Short	Lighter PENDLE	2.5160	0.0096	get 0.0012% / 1h	14m 06s	$546K	$396K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against edgeX. 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 edgeXbpFee LighterbpOrdersPrice spread, now −0.130%Rate

Funding earned: −$0.84
Price spread: −0.130% → +0.025%: −$15.52
Slippage, 4 orders: −$29.35
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Lighter: 0 bp × 2 orders: $0
Net: −$54.71
Costs to cover: 0.383%
Break-even: never at this rate

Slippage from edgeX: live order book, 9 min ago; Lighter: live order book, 1 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 edgeX live order book, 9 min ago	1.19 bp	6.4 bp −$6	66.0 bp −$660	doesn't fit	doesn't fit
Sell Lighter live order book, 1 min ago	10.75 bp	11.3 bp −$11	112.8 bp −$1,128	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	−0.4806%	1h	2.5200	+0.029%	$2K	$53K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0429%	1h	2.5218	+0.101%	$150K	$277K	20x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0147%	1h	2.5189	−0.015%	$30K	$10K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5138	−0.219%	$11K	—	5x	as long as short
BloFin PENDLE-USDT	+0.0031%	8h	2.5104	−0.353%	$1.3M	$739K	75x	as long as short
Orderly PERP_PENDLE_USDC	+0.0034%	8h	2.5182	−0.043%	$25K	$11K	10x	as long as short
Reya PENDLERUSDPERP	+0.0037%	1h	2.5174	−0.074%	$4K	—	15x	as long as short
Extended PENDLE-USD	+0.0040%	1h	2.5121	−0.285%	$165K	$524K	10x	as long as short
Binance PENDLEUSDT	+0.0044%	8h	2.5145	−0.189%	$27.3M	$39.2M	75x	as long as short
MEXC PENDLE_USDT	+0.0044%	8h	2.5165	−0.110%	$17.0M	$2.3M	125x	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	+0.0055%	8h	2.5174	−0.075%	$619K	$2.1M	—	as long as short
ApeX Omni PENDLEUSDT	+0.0075%	1h	2.5188	−0.019%	$77K	$239K	50x	as long as short
Lighter PENDLEshort	+0.0096%	1h	2.5160	−0.130%	$546K	$396K	5x
Aevo PENDLE-PERP	+0.0096%	1h	2.5171	−0.087%	$26K	—	3x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5090	−0.407%	$35K	$22K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5170	−0.091%	$12.3M	$5.6M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5156	−0.145%	$41K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5119	−0.293%	$15.6M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5140	−0.210%	$3.2M	$5.7M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5170	−0.091%	$845K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5172	−0.083%	$895K	$599K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5143	−0.198%	$3.7M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5160	−0.130%	—	$36.3M	—	as long as short
edgeX PENDLEUSDClong	+0.0100%	4h	2.5193	long leg	$25K	$412K	10x
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5173	−0.077%	$425K	$1.6M	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5185	−0.031%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5184	−0.035%	$1K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5186	−0.027%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5210	+0.068%	$116K	$419K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0847%	1h	2.5207	+0.056%	$364K	$460K	15x	as long as short