Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Lighter against OKX+0.024%7-day average +0.071% · you sell dearer than you buy

Net, funding: paid 7d − costs−$54as in the Funding arb table

Net, price: spread back to 7d avg − costs−$59as in the Price arb table

costs, in and out, $10k−$540.541% of the position

Long on OKX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.003%$0 on $10k

Price spread, last 4 days (all we have)+0.126%+$13 · spread now +0.024%, 7d avg +0.071%

Together, before fees+0.123%+ Points / potential airdropLighter: Season 3 · farm board+$12 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: Lighter is 0.047% cheaper against OKX than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of +0.071%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX PENDLE-USDT-SWAP	2.4910	0.0100	pay 0.0050% / 4h	1h 18m	$3.2M	$5.9M	50x
Short	Lighter PENDLE	2.4916	0.0096	get 0.0012% / 1h	18m 05s	$524K	$424K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against OKX. 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 OKXbpFee LighterbpOrdersPrice spread, now +0.024%Rate

Funding earned: −$0.84
Price spread: +0.024% → +0.071%: −$4.66
Slippage, 4 orders: −$44.12
Fee OKX: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$59.62
Costs to cover: 0.541%
Break-even: never at this rate

Slippage from OKX: live order book, 5 min ago; Lighter: live order book, 57 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 OKX live order book, 5 min ago	2.00 bp	12.3 bp −$12	74.6 bp −$746	doesn't fit	doesn't fit
Sell Lighter live order book, 57 min ago	10.75 bp	11.3 bp −$11	112.8 bp −$1,128	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	−0.3656%	1h	2.4770	−0.562%	$2K	$53K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0191%	1h	2.4925	+0.060%	$29K	$10K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0050%	1h	2.4960	+0.201%	$76K	$239K	50x	as long as short
BloFin PENDLE-USDT	−0.0009%	8h	2.4911	+0.004%	$1.3M	$736K	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4943	+0.133%	$10K	—	5x	as long as short
Binance PENDLEUSDT	+0.0005%	8h	2.4900	−0.041%	$26.8M	$40.8M	75x	as long as short
MEXC PENDLE_USDT	+0.0005%	8h	2.4907	−0.012%	$16.8M	$2.1M	125x	as long as short
Extended PENDLE-USD	+0.0008%	1h	2.4897	−0.052%	$164K	$526K	10x	as long as short
Orderly PERP_PENDLE_USDC	+0.0019%	8h	2.4916	+0.024%	$20K	$16K	10x	as long as short
Reya PENDLERUSDPERP	+0.0041%	1h	2.4912	+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	+0.0065%	8h	2.4937	+0.108%	$551K	$2.0M	—	as long as short
GRVT PENDLE_USDT_Perp	+0.0080%	8h	2.4959	+0.197%	$415K	$1.6M	10x	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.4905	−0.018%	$26K	—	3x	as long as short
Lighter PENDLEshort	+0.0096%	1h	2.4916	+0.024%	$524K	$424K	5x
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4893	−0.068%	$35K	$20K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4928	+0.072%	$12.3M	$6.0M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4917	+0.028%	$44K	$176K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4882	−0.112%	$15.3M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAPlong	+0.0100%	4h	2.4910	long leg	$3.2M	$5.9M	50x
Gate PENDLE_USDT	+0.0100%	8h	2.4900	−0.040%	$781K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4930	+0.080%	$890K	$614K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4883	−0.108%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4899	−0.044%	—	$36.2M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4953	+0.174%	$25K	$397K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4932	+0.088%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4936	+0.104%	$1K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.4929	+0.075%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.5020	+0.442%	$139K	$462K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0676%	1h	2.4952	+0.169%	$352K	$474K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0754%	1h	2.4967	+0.229%	$120K	$304K	20x	as long as short