Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Lighter against KuCoin−0.069%7-day average +0.023% · you buy dearer than you sell

Net, funding: paid 7d − costs−$130as in the Funding arb table

Net, price: spread back to 7d avg − costs−$137as in the Price arb table

costs, in and out, $10k−$1281.276% of the position

Long on KuCoin 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 4 days (all we have)+0.194%+$19 · spread now −0.069%, 7d avg +0.023%

Together, before fees+0.167%+ Points / potential airdropLighter: Season 3 · farm board+$17 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 0.092% cheaper against KuCoin than usual: you would sell low and buy high, −$9 on $10k if it goes back to its 7-day average of +0.023%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin PENDLEUSDTM	2.4520	0.0100	pay 0.0100% / 8h	1h 48m	$877K	$559K	50x
Short	Lighter PENDLE	2.4503	0.0096	get 0.0012% / 1h	48m 23s	$518K	$415K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against KuCoin. 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 KuCoinbpFee LighterbpOrdersPrice spread, now −0.069%Rate

Funding earned: −$0.84
Price spread: −0.069% → +0.023%: −$9.19
Slippage, 4 orders: −$115.63
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$137.66
Costs to cover: 1.276%
Break-even: never at this rate

Slippage from KuCoin: live order book, 41 min ago; Lighter: live order book, 52 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 KuCoin live order book, 41 min ago	7.15 bp	50.6 bp −$51	149.9 bp −$1,499	doesn't fit	doesn't fit
Sell Lighter live order book, 52 min ago	7.79 bp	16.5 bp −$17	88.5 bp −$885	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	−0.4348%	1h	2.4250	−1.101%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0444%	1h	2.4495	−0.102%	$25K	$16K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0033%	8h	2.4489	−0.126%	$19K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4550	+0.121%	$10K	—	5x	as long as short
Gate PENDLE_USDT	+0.0002%	8h	2.4520	0.000%	$749K	$1.0M	75x	as long as short
Extended PENDLE-USD	+0.0032%	1h	2.4483	−0.149%	$160K	$575K	10x	as long as short
MEXC PENDLE_USDT	+0.0033%	8h	2.4487	−0.135%	$17.5M	$2.0M	125x	as long as short
Binance PENDLEUSDT	+0.0034%	8h	2.4483	−0.150%	$25.8M	$44.9M	75x	as long as short
ApeX Omni PENDLEUSDT	+0.0040%	1h	2.4504	−0.065%	$75K	$232K	50x	as long as short
BloFin PENDLE-USDT	+0.0042%	8h	2.4496	−0.098%	$1.1M	$498K	75x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya PENDLERUSDPERP	+0.0077%	1h	2.4496	−0.099%	$3K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0088%	1h	2.4493	−0.111%	$26K	—	3x	as long as short
Lighter PENDLEshort	+0.0096%	1h	2.4503	−0.069%	$518K	$415K	5x
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4495	−0.102%	$34K	$7K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4537	+0.069%	$12.7M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4514	−0.026%	$47K	$170K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4490	−0.122%	$14.3M	$12.3M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4500	−0.082%	$3.1M	$6.6M	50x	as long as short
KuCoin PENDLEUSDTMlong	+0.0100%	8h	2.4520	long leg	$877K	$559K	50x
Bitget PENDLEUSDT	+0.0100%	8h	2.4499	−0.086%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4517	−0.012%	—	$8.4M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4506	−0.057%	$565K	$1.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4486	−0.139%	$24K	$371K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.4512	−0.034%	$416K	$2.3M	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4512	−0.033%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4523	+0.012%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4501	−0.079%	$5K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0652%	1h	2.4565	+0.184%	$349K	$434K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0688%	1h	2.4580	+0.245%	$161K	$527K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1660%	1h	2.4554	+0.140%	$115K	$262K	20x	as long as short