PENDLE

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0266%/8h= −29.2% APRnext payment −$0.33 per $10,000 · paid last 24h −0.014%

Price spread now: Lighter against Hyperliquid−0.327%7-day average −0.093% · you buy dearer than you sell

Net, funding: paid 7d − costs−$52as in the Funding arb table

Net, price: spread back to 7d avg − costs−$71as in the Price arb table

costs, in and out, $10k−$480.477% of the position

Long on Hyperliquid Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.043%−$4 on $10k

Price spread, last 4 days (all we have)+0.204%+$20 · spread now −0.327%, 7d avg −0.093%

Together, before fees+0.161%+ Points / potential airdropHyperliquid: Season 2 · Lighter: Season 3 · farm board+$16 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Lighter is 0.233% cheaper against Hyperliquid than usual: you would sell low and buy high (−$23 if the spread goes back to its 7-day average of −0.093%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.043% in total (about -2.2% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.33 per $10,000. 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	Hyperliquid PENDLE	2.5395	0.0362	pay 0.0045% / 1h	14m 21s	$13.0M	$6.4M	5x
Short	Lighter PENDLE	2.5312	0.0096	get 0.0012% / 1h	14m 21s	$538K	$418K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Hyperliquid. 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 HyperliquidbpFee LighterbpOrdersPrice spread, now −0.327%Rate

Funding earned: −$55.93
Price spread: −0.327% → −0.093%: −$23.35
Slippage, 4 orders: −$38.67
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Lighter: 0 bp × 2 orders: $0
Net: −$126.94
Costs to cover: 0.477%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 8 min ago; Lighter: live order book, 51 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 Hyperliquid live order book, 8 min ago	1.58 bp	12.2 bp −$12	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 51 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	2.4970	−1.674%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0223%	1h	2.5331	−0.252%	$26K	$14K	10x	as long as short
GRVT PENDLE_USDT_Perp	−0.0196%	8h	2.5228	−0.659%	$417K	$1.7M	10x	as long as short
Bybit PENDLEUSDT	−0.0149%	8h	2.5350	−0.177%	$15.6M	$11.9M	50x	as long as short
BloFin PENDLE-USDT	−0.0121%	8h	2.5295	−0.394%	$1.3M	$671K	75x	as long as short
Extended PENDLE-USD	−0.0104%	1h	2.5316	−0.312%	$164K	$570K	10x	as long as short
MEXC PENDLE_USDT	−0.0101%	8h	2.5345	−0.197%	$17.2M	$1.9M	125x	as long as short
Binance PENDLEUSDT	−0.0100%	8h	2.5353	−0.165%	$27.4M	$42.6M	75x	as long as short
ApeX Omni PENDLEUSDT	−0.0078%	1h	2.5241	−0.606%	$77K	$238K	50x	as long as short
Orderly PERP_PENDLE_USDC	−0.0024%	8h	2.5357	−0.150%	$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	−0.0013%	8h	2.5261	−0.527%	$609K	$1.8M	—	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5320	−0.296%	$11K	—	5x	as long as short
Aster PENDLEUSDT	+0.0043%	8h	2.5316	−0.312%	$47K	$173K	10x	as long as short
Reya PENDLERUSDPERP	+0.0051%	1h	2.5347	−0.187%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0056%	1h	2.5325	−0.276%	$26K	—	3x	as long as short
Gate PENDLE_USDT	+0.0080%	8h	2.5340	−0.217%	$789K	$1.2M	75x	as long as short
Lighter PENDLEshort	+0.0096%	1h	2.5312	−0.327%	$538K	$418K	5x
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5330	−0.255%	$35K	$18K	10x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5360	−0.138%	$3.2M	$6.0M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5354	−0.161%	$887K	$587K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5329	−0.260%	$3.9M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5352	−0.169%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5224	−0.673%	$25K	$382K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5360	−0.138%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5332	−0.248%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0203% / S −0.0382%	1h	2.5366	−0.113%	$7K	—	100x	as long as short
Hyperliquid PENDLElong	+0.0362%	1h	2.5395	long leg	$13.0M	$6.4M	5x
Kraken Futures PF_PENDLEUSD	+0.0614%	1h	2.5365	−0.119%	$118K	$293K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0728%	1h	2.5370	−0.098%	$144K	$461K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0864%	1h	2.5356	−0.154%	$355K	$489K	15x	as long as short