Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.007%

Price spread now: Gate against Lighter+0.016%7-day average −0.050% · you sell dearer than you buy

Net, funding: paid 7d − costs−$75as in the Funding arb table

Net, price: spread back to 7d avg − costs−$65as in the Price arb table

costs, in and out, $10k−$720.720% of the position

Long on Lighter Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.030%−$3 on $10k

Price spread, last 4 days (all we have)−0.173%−$17 · spread now +0.016%, 7d avg −0.050%

Together, before fees−0.203%+ Points / potential airdropLighter: Season 3 · farm board−$20 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: Gate is 0.066% dearer against Lighter than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of −0.050%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PENDLE	2.5216	0.0096	pay 0.0012% / 1h	50m 47s	$531K	$415K	5x
Short	Gate PENDLE_USDT	2.5220	0.0100	get 0.0100% / 8h	50m 47s	$787K	$1.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.016%Rate

Funding earned: $0.84
Price spread: +0.016% → −0.050%: $6.62
Slippage, 4 orders: −$57.02
Fee Lighter: 0 bp × 2 orders: $0
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$64.56
Costs to cover: 0.720%
Break-even: 545.0 days

Slippage from Lighter: live order book, 19 min ago; Gate: live order book, 1 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, 19 min ago	9.68 bp	10.7 bp −$11	73.8 bp −$738	doesn't fit	doesn't fit
Sell Gate live order book, 1 min ago	3.97 bp	23.9 bp −$24	190.0 bp −$1,900	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	−0.5000%	1h	2.4860	−1.412%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0226%	1h	2.5213	−0.012%	$30K	$10K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0068%	1h	2.5214	−0.008%	$77K	$239K	50x	as long as short
BloFin PENDLE-USDT	−0.0014%	8h	2.5197	−0.075%	$1.3M	$758K	75x	as long as short
Extended PENDLE-USD	−0.0008%	1h	2.5225	+0.037%	$166K	$528K	10x	as long as short
Binance PENDLEUSDT	−0.0006%	8h	2.5231	+0.059%	$27.3M	$41.5M	75x	as long as short
MEXC PENDLE_USDT	−0.0005%	8h	2.5230	+0.056%	$17.1M	$1.9M	125x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5215	−0.002%	$11K	—	5x	as long as short
Orderly PERP_PENDLE_USDC	+0.0006%	8h	2.5207	−0.036%	$20K	$16K	10x	as long as short
Reya PENDLERUSDPERP	+0.0043%	1h	2.5229	+0.050%	$4K	—	15x	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	+0.0059%	8h	2.5097	−0.473%	$555K	$1.9M	—	as long as short
GRVT PENDLE_USDT_Perp	+0.0071%	8h	2.5159	−0.226%	$420K	$1.6M	10x	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.5210	−0.022%	$26K	—	3x	as long as short
Lighter PENDLElong	+0.0096%	1h	2.5216	long leg	$531K	$415K	5x
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5199	−0.067%	$35K	$18K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5290	+0.293%	$12.5M	$6.0M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5227	+0.043%	$45K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5220	+0.016%	$15.5M	$11.8M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5230	+0.056%	$3.3M	$6.0M	50x	as long as short
Gate PENDLE_USDTshort	+0.0100%	8h	2.5220	+0.016%	$787K	$1.2M	75x
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5240	+0.095%	$900K	$593K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5217	+0.004%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5223	+0.028%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5147	−0.272%	$25K	$395K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5247	+0.123%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5220	+0.016%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5233	+0.067%	$5K	—	100x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0594%	1h	2.5268	+0.208%	$120K	$301K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.5250	+0.135%	$141K	$456K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.1155%	1h	2.5265	+0.194%	$328K	$491K	15x	as long as short