Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0068%/8h= +7.4% APRpaid last 24h +0.007%

Price spread now: Lighter against Gate−0.024%7-day average +0.051% · you buy dearer than you sell

Net, funding: paid 7d − costs−$72as in the Funding arb table

Net, price: spread back to 7d avg − costs−$82as in the Price arb table

costs, in and out, $10k−$740.740% of the position

Long on Gate Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.017%+$2 on $10k

Price spread, last 4 days (all we have)+0.164%+$16 · spread now −0.024%, 7d avg +0.051%

Together, before fees+0.181%+ Points / potential airdropLighter: Season 3 · farm board+$18 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.075% cheaper against Gate than usual: you would sell low and buy high (spread −0.024% now, against its 7-day average of +0.051%). If the spread goes back, that is −$8 on $10k: about 3.7 days of funding at the current rate (+$2 a day). At the pace of the last 7 days (+0.017% in total) that is about 32 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate PENDLE_USDT	2.5240	0.0028	pay 0.0028% / 8h	6h 25m	$767K	$1.2M	75x
Short	Lighter PENDLE	2.5234	0.0096	get 0.0012% / 1h	25m 45s	$537K	$416K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Gate. 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 GatebpFee LighterbpOrdersPrice spread, now −0.024%Rate

Funding earned: $14.28
Price spread: −0.024% → +0.051%: −$7.52
Slippage, 4 orders: −$59
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Lighter: 0 bp × 2 orders: $0
Net: −$67.23
Costs to cover: 0.740%
Break-even: 40.0 days

Slippage from Gate: live order book, 1 min ago; Lighter: live order book, 35 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 Gate live order book, 1 min ago	3.96 bp	19.9 bp −$20	174.4 bp −$1,744	doesn't fit	doesn't fit
Sell Lighter live order book, 35 min ago	9.55 bp	10.0 bp −$10	98.0 bp −$980	doesn't fit	doesn't fit

PENDLE on 29 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	−0.4742%	1h	2.4870	−1.466%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0462%	1h	2.5254	+0.055%	$26K	$14K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0221%	1h	2.5204	−0.143%	$77K	$236K	50x	as long as short
Extended PENDLE-USD	−0.0120%	1h	2.5216	−0.097%	$168K	$566K	10x	as long as short
Binance PENDLEUSDT	−0.0118%	8h	2.5218	−0.087%	$27.2M	$43.4M	75x	as long as short
MEXC PENDLE_USDT	−0.0117%	8h	2.5218	−0.087%	$17.4M	$1.8M	125x	as long as short
GRVT PENDLE_USDT_Perp	−0.0112%	8h	2.5177	−0.249%	$425K	$1.7M	10x	as long as short
Bybit PENDLEUSDT	−0.0071%	8h	2.5210	−0.119%	$15.3M	$12.1M	50x	as long as short
Variational Omni PENDLE	−0.0041%	8h	2.5231	−0.036%	$601K	$1.8M	—	as long as short
Orderly PERP_PENDLE_USDC	−0.0037%	8h	2.5249	+0.036%	$20K	$16K	10x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster PENDLEUSDT	−0.0010%	8h	2.5239	−0.005%	$50K	$181K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5261	+0.082%	$11K	—	5x	as long as short
Gate PENDLE_USDTlong	+0.0028%	8h	2.5240	long leg	$767K	$1.2M	75x
Aevo PENDLE-PERP	+0.0048%	1h	2.5234	−0.024%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0055%	1h	2.5248	+0.034%	$4K	—	15x	as long as short
Lighter PENDLEshort	+0.0096%	1h	2.5234	−0.024%	$537K	$416K	5x
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5226	−0.057%	$35K	$16K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5270	+0.119%	$13.0M	$6.4M	5x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5230	−0.040%	$3.2M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5237	−0.012%	$872K	$595K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5219	−0.083%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5217	−0.091%	—	$33.8M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5185	−0.217%	$25K	$378K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5268	+0.111%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5259	+0.075%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0158% / S −0.0256%	1h	2.5266	+0.102%	$7K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0452%	1h	2.5288	+0.190%	$354K	$482K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0632%	1h	2.5320	+0.317%	$146K	$475K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0862%	1h	2.5294	+0.213%	$118K	$290K	20x	as long as short