Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0062%/8h= −6.8% APRpaid last 24h −0.019%

Price spread now: Orderly against Lighter+0.087%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Lighter Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropLighter: Season 3 · farm boardneeds both histories

The price spread pays, funding is against you. Orderly is 0.087% dearer against Lighter than usual: you sell high and buy low (spread +0.087% now, against zero (this spread has no 7-day history yet)): +$9 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 4.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PENDLE	2.5160	0.0096	pay 0.0012% / 1h	14m 01s	$546K	$396K	5x
Short	Orderly PERP_PENDLE_USDC	2.5182	0.0034	get 0.0034% / 8h	2h 14m	$25K	$11K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.087%Rate

Funding earned: −$12.97
Price spread: +0.087% → 0.000%: $8.74
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$10.22
Costs to cover: 0.060%
Break-even: from the start

Slippage unknown: Lighter: live order book, 1 min ago; Orderly: no order-book sample. Net counts fees only.

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, 1 min ago	10.75 bp	14.5 bp −$15	67.4 bp −$674	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.4806%	1h	2.5200	+0.159%	$2K	$53K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0429%	1h	2.5218	+0.232%	$150K	$277K	20x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0147%	1h	2.5189	+0.115%	$30K	$10K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5138	−0.088%	$11K	—	5x	as long as short
BloFin PENDLE-USDT	+0.0031%	8h	2.5104	−0.223%	$1.3M	$739K	75x	as long as short
Orderly PERP_PENDLE_USDCshort	+0.0034%	8h	2.5182	+0.087%	$25K	$11K	10x
Reya PENDLERUSDPERP	+0.0037%	1h	2.5174	+0.057%	$4K	—	15x	as long as short
Extended PENDLE-USD	+0.0040%	1h	2.5121	−0.155%	$165K	$524K	10x	as long as short
Binance PENDLEUSDT	+0.0044%	8h	2.5145	−0.059%	$27.3M	$39.2M	75x	as long as short
MEXC PENDLE_USDT	+0.0044%	8h	2.5165	+0.020%	$17.0M	$2.3M	125x	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	+0.0055%	8h	2.5174	+0.055%	$619K	$2.1M	—	as long as short
ApeX Omni PENDLEUSDT	+0.0075%	1h	2.5188	+0.111%	$77K	$239K	50x	as long as short
Lighter PENDLElong	+0.0096%	1h	2.5160	long leg	$546K	$396K	5x
Aevo PENDLE-PERP	+0.0096%	1h	2.5171	+0.044%	$26K	—	3x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5090	−0.277%	$35K	$22K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5170	+0.040%	$12.3M	$5.6M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5156	−0.014%	$41K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5119	−0.163%	$15.6M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5140	−0.079%	$3.2M	$5.7M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5170	+0.040%	$845K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5172	+0.048%	$895K	$599K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5143	−0.068%	$3.7M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5160	0.000%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5193	+0.130%	$25K	$412K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5173	+0.054%	$425K	$1.6M	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5185	+0.099%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5184	+0.095%	$1K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5186	+0.103%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5210	+0.199%	$116K	$419K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0847%	1h	2.5207	+0.187%	$364K	$460K	15x	as long as short