Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0156%/8h= −17.1% APRpaid last 24h −0.016%

Price spread now: Binance against Lighter−0.231%7-day average −0.010% · you buy dearer than you sell

Net, funding: paid 7d − costs−$47as in the Funding arb table

Net, price: spread back to 7d avg − costs−$63as in the Price arb table

costs, in and out, $10k−$410.411% of the position

Long on Lighter Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.057%−$6 on $10k

Price spread, last 4 days (all we have)+0.183%+$18 · spread now −0.231%, 7d avg −0.010%

Together, before fees+0.127%+ Points / potential airdropLighter: Season 3 · farm board+$13 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Binance is 0.221% cheaper against Lighter than usual: you would sell low and buy high (−$22 if the spread goes back to its 7-day average of −0.010%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PENDLE	2.4650	0.0096	pay 0.0012% / 1h	54m 16s	$517K	$428K	5x
Short	Binance PENDLEUSDT	2.4593	−0.0060	pay 0.0060% / 8h	3h 54m	$26.0M	$43.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Lighter. 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 LighterbpFee BinancebpOrdersPrice spread, now −0.231%Rate

Funding earned: −$32.8
Price spread: −0.231% → −0.010%: −$22.09
Slippage, 4 orders: −$31.12
Fee Lighter: 0 bp × 2 orders: $0
Fee Binance: 5 bp × 2 orders: −$10
Net: −$96.01
Costs to cover: 0.411%
Break-even: never at this rate

Slippage from Lighter: live order book, 56 min ago; Binance: live order book, 3 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 Lighter live order book, 56 min ago	7.91 bp	8.0 bp −$8	64.2 bp −$642	doesn't fit	doesn't fit
Sell Binance live order book, 3 min ago	1.22 bp	11.4 bp −$11	28.1 bp −$281	136.3 bp −$13.6K	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	−0.4243%	1h	2.4370	−1.136%	$2K	$54K	5.5x	as long as short
ApeX Omni PENDLEUSDT	−0.0593%	1h	2.4620	−0.122%	$75K	$235K	50x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0278%	1h	2.4614	−0.146%	$25K	$14K	10x	as long as short
Gate PENDLE_USDT	−0.0068%	8h	2.4630	−0.081%	$715K	$1.1M	75x	as long as short
BloFin PENDLE-USDT	−0.0066%	8h	2.4656	+0.024%	$1.1M	$596K	75x	as long as short
Extended PENDLE-USD	−0.0064%	1h	2.4585	−0.264%	$159K	$578K	10x	as long as short
MEXC PENDLE_USDT	−0.0061%	8h	2.4596	−0.219%	$17.4M	$1.9M	125x	as long as short
Binance PENDLEUSDTshort	−0.0060%	8h	2.4593	−0.231%	$26.0M	$43.6M	75x
Aster PENDLEUSDT	−0.0053%	8h	2.4638	−0.050%	$47K	$179K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0041%	8h	2.4599	−0.207%	$19K	$15K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX PENDLE-USD	0.0000%	1h	2.4633	−0.069%	$10K	—	5x	as long as short
GRVT PENDLE_USDT_Perp	+0.0054%	8h	2.4595	−0.225%	$408K	$1.9M	10x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4596	−0.219%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0067%	1h	2.4599	−0.205%	$3K	—	15x	as long as short
Variational Omni PENDLE	+0.0070%	8h	2.4586	−0.261%	$552K	$1.4M	—	as long as short
Lighter PENDLElong	+0.0096%	1h	2.4650	long leg	$517K	$428K	5x
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4607	−0.174%	$34K	$11K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4590	−0.243%	$14.5M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4630	−0.081%	$3.1M	$6.3M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4640	−0.041%	$885K	$550K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4630	−0.081%	$3.7M	$2.2M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4610	−0.162%	—	$8.5M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4595	−0.223%	$24K	$375K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4625	−0.101%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4624	−0.105%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4608	−0.171%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0201%	1h	2.4643	−0.028%	$12.7M	$6.0M	5x	as long as short
Backpack PENDLE_USDC_PERP	+0.0366%	1h	2.4712	+0.252%	$359K	$399K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0640%	1h	2.4660	+0.041%	$147K	$496K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1179%	1h	2.4701	+0.206%	$115K	$268K	20x	as long as short