Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0098%/8h= −10.7% APRpaid last 24h −0.001%

Price spread now: MEXC against Lighter−0.012%7-day average −0.015% · you buy dearer than you sell

Net, funding: paid 7d − costs−$45as in the Funding arb table

Net, price: spread back to 7d avg − costs−$41as in the Price arb table

costs, in and out, $10k−$410.413% of the position

Long on Lighter Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.042%−$4 on $10k

Price spread, last 4 days (all we have)−0.146%−$15 · spread now −0.012%, 7d avg −0.015%

Together, before fees−0.188%+ Points / potential airdropLighter: Season 3 · farm board−$19 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.015%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PENDLE	2.4875	0.0096	pay 0.0012% / 1h	13m 23s	$524K	$424K	5x
Short	MEXC PENDLE_USDT	2.4872	−0.0002	pay 0.0002% / 8h	1h 13m	$16.8M	$2.1M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.012%Rate

Funding earned: −$20.58
Price spread: −0.012% → −0.015%: $0.32
Slippage, 4 orders: −$37.25
Fee Lighter: 0 bp × 2 orders: $0
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$61.52
Costs to cover: 0.413%
Break-even: never at this rate

Slippage from Lighter: live order book, 62 min ago; MEXC: live order book, 5 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, 62 min ago	10.75 bp	14.5 bp −$15	67.4 bp −$674	doesn't fit	doesn't fit
Sell MEXC live order book, 5 min ago	1.00 bp	6.9 bp −$7	30.5 bp −$305	81.9 bp −$8,189	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	−0.3656%	1h	2.4770	−0.422%	$2K	$53K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0272%	1h	2.4872	−0.012%	$29K	$10K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0070%	1h	2.4903	+0.113%	$76K	$239K	50x	as long as short
BloFin PENDLE-USDT	−0.0028%	8h	2.4860	−0.060%	$1.3M	$732K	75x	as long as short
Binance PENDLEUSDT	−0.0004%	8h	2.4862	−0.054%	$26.8M	$40.9M	75x	as long as short
MEXC PENDLE_USDTshort	−0.0002%	8h	2.4872	−0.012%	$16.8M	$2.1M	125x
dYdX PENDLE-USD	0.0000%	1h	2.4892	+0.068%	$10K	—	5x	as long as short
Extended PENDLE-USD	0.0000%	1h	2.4851	−0.096%	$164K	$526K	10x	as long as short
Orderly PERP_PENDLE_USDC	+0.0016%	8h	2.4867	−0.032%	$20K	$16K	10x	as long as short
Reya PENDLERUSDPERP	+0.0041%	1h	2.4873	−0.008%	$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	+0.0062%	8h	2.4872	−0.012%	$550K	$2.0M	—	as long as short
GRVT PENDLE_USDT_Perp	+0.0071%	8h	2.4885	+0.039%	$413K	$1.6M	10x	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.4859	−0.063%	$26K	—	3x	as long as short
Lighter PENDLElong	+0.0096%	1h	2.4875	long leg	$524K	$424K	5x
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4864	−0.042%	$35K	$20K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4916	+0.165%	$12.3M	$6.0M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4885	+0.040%	$44K	$176K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4850	−0.101%	$15.3M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4860	−0.060%	$3.2M	$5.9M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.4870	−0.020%	$780K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4888	+0.052%	$888K	$613K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4848	−0.109%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4873	−0.008%	—	$36.2M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4872	−0.012%	$25K	$398K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4902	+0.109%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4887	+0.048%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.4884	+0.037%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.5020	+0.583%	$139K	$461K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0663%	1h	2.4946	+0.285%	$352K	$475K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0756%	1h	2.4924	+0.198%	$119K	$305K	20x	as long as short