Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0191%/8h= −20.9% APRpaid last 24h −0.017%

Price spread now: BloFin against Lighter+0.108%120s7-day average 0.000% · you sell dearer than you buy

Net, funding: paid 7d − costs−$58as 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−$520.522% of the position

Long on Lighter Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.058%−$6 on $10k

Price spread, last 3 days (all we have)−0.026%−$3 · spread now +0.108%, 7d avg 0.000%

Together, before fees−0.085%+ Points / potential airdropLighter: Season 3 · farm board−$8 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BloFin is 0.107% dearer against Lighter than usual: you sell high and buy low (spread +0.108% now, against its 7-day average of 0.000%): +$11 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 45 hours. At the pace of the last 7 days (−0.058% in total) that is about 13 days. The two prices were read 120 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.058% in total (about -3.0% a year). A funding rate is set anew for every payment. 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	Lighter PENDLE	2.5116	0.0096	pay 0.0012% / 1h	46m 57s	$535K	$414K	5x
Short	BloFin PENDLE-USDT	2.5143	−0.0095	pay 0.0095% / 8h	6h 46m	$1.3M	$654K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.108%Rate

Funding earned: −$40.12
Price spread: +0.108% → 0.000%: $10.72
Slippage, 4 orders: −$40.17
Fee Lighter: 0 bp × 2 orders: $0
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$81.56
Costs to cover: 0.522%
Break-even: never at this rate

Slippage from Lighter: live order book, 13 min ago; BloFin: live order book, 6 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, 13 min ago	9.55 bp	14.8 bp −$15	64.3 bp −$643	doesn't fit	doesn't fit
Sell BloFin live order book, 6 min ago	0.99 bp	14.9 bp −$15	35.2 bp −$352	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	−0.4742%	1h	2.4750	−1.457%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0784%	1h	2.5120	+0.016%	$26K	$14K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0377%	1h	2.5149	+0.131%	$77K	$237K	50x	as long as short
Bybit PENDLEUSDT	−0.0132%	8h	2.5110	−0.024%	$15.4M	$12.1M	50x	as long as short
Extended PENDLE-USD	−0.0112%	1h	2.5093	−0.091%	$167K	$569K	10x	as long as short
GRVT PENDLE_USDT_Perp	−0.0112%	8h	2.5146	+0.120%	$420K	$1.7M	10x	as long as short
MEXC PENDLE_USDT	−0.0111%	8h	2.5106	−0.040%	$17.4M	$1.8M	125x	as long as short
Binance PENDLEUSDT	−0.0111%	8h	2.5123	+0.028%	$27.1M	$43.2M	75x	as long as short
BloFin PENDLE-USDTshort	−0.0095%	8h	2.5143	+0.108%	$1.3M	$654K	75x
Variational Omni PENDLE	−0.0040%	8h	2.5116	0.000%	$599K	$1.8M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_PENDLE_USDC	−0.0031%	8h	2.5115	−0.004%	$20K	$16K	10x	as long as short
Gate PENDLE_USDT	−0.0028%	8h	2.5090	−0.104%	$783K	$1.2M	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5166	+0.199%	$11K	—	5x	as long as short
Aster PENDLEUSDT	+0.0009%	8h	2.5102	−0.055%	$50K	$180K	10x	as long as short
Reya PENDLERUSDPERP	+0.0053%	1h	2.5127	+0.044%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0056%	1h	2.5104	−0.048%	$26K	—	3x	as long as short
Lighter PENDLElong	+0.0096%	1h	2.5116	long leg	$535K	$414K	5x
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5125	+0.035%	$35K	$16K	10x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5130	+0.056%	$3.2M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5121	+0.020%	$854K	$593K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5100	−0.064%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5116	0.000%	—	$33.8M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5139	+0.092%	$25K	$381K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5145	+0.115%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5137	+0.084%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0158% / S −0.0256%	1h	2.5146	+0.121%	$7K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0309%	1h	2.5159	+0.171%	$353K	$485K	15x	as long as short
Hyperliquid PENDLE	+0.0317%	1h	2.5159	+0.171%	$13.0M	$6.4M	5x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0632%	1h	2.5140	+0.096%	$145K	$469K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0866%	1h	2.5158	+0.166%	$117K	$291K	20x	as long as short