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: Lighter against Orderly+0.112%7-day average — · you sell dearer than you buy

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

Long on Orderly Short on Lighter

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

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Lighter is 0.112% dearer against Orderly than usual: you sell high and buy low: +$11 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_PENDLE_USDC	2.5063	0.0034	pay 0.0034% / 8h	2h 10m	$25K	$11K	10x
Short	Lighter PENDLE	2.5091	0.0096	get 0.0012% / 1h	10m 42s	$544K	$397K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Orderly. 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 OrderlybpFee LighterbpOrdersPrice spread, now +0.112%Rate

Funding earned: $13.11
Price spread: +0.112% → 0.000%: $11.17
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Lighter: 0 bp × 2 orders: $0
Net: $18.28
Costs to cover: 0.060%
Break-even: from the start

Slippage unknown: Orderly: no order-book sample; Lighter: live order book, 5 min ago. 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 Orderly no order-book sample	—	—	—	—	—
Sell Lighter live order book, 5 min ago	10.75 bp	11.3 bp −$11	112.8 bp −$1,128	doesn't fit	doesn't fit

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	2.4840	−0.890%	$2K	$53K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0431%	1h	2.5104	+0.163%	$149K	$277K	20x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0149%	1h	2.5071	+0.032%	$30K	$10K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5079	+0.065%	$11K	—	5x	as long as short
Orderly PERP_PENDLE_USDClong	+0.0034%	8h	2.5063	long leg	$25K	$11K	10x
Reya PENDLERUSDPERP	+0.0037%	1h	2.5057	−0.023%	$4K	—	15x	as long as short
Extended PENDLE-USD	+0.0040%	1h	2.5081	+0.074%	$165K	$524K	10x	as long as short
MEXC PENDLE_USDT	+0.0042%	8h	2.5086	+0.092%	$16.9M	$2.3M	125x	as long as short
Binance PENDLEUSDT	+0.0042%	8h	2.5090	+0.108%	$27.3M	$39.5M	75x	as long as short
BloFin PENDLE-USDT	+0.0049%	8h	2.5058	−0.020%	$1.3M	$737K	75x	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	+0.442%	$619K	$2.1M	—	as long as short
ApeX Omni PENDLEUSDT	+0.0077%	1h	2.5130	+0.267%	$77K	$239K	50x	as long as short
Aevo PENDLE-PERP	+0.0088%	1h	2.5062	−0.004%	$26K	—	3x	as long as short
Lighter PENDLEshort	+0.0096%	1h	2.5091	+0.112%	$544K	$397K	5x
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5081	+0.070%	$35K	$22K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5118	+0.219%	$12.3M	$5.7M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5074	+0.045%	$41K	$172K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5070	+0.028%	$15.5M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5090	+0.108%	$3.2M	$5.7M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5090	+0.108%	$851K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5088	+0.100%	$895K	$609K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5090	+0.108%	$3.7M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5077	+0.056%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5135	+0.287%	$25K	$413K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5034	−0.117%	$422K	$1.6M	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5075	+0.048%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5065	+0.008%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5072	+0.037%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5090	+0.108%	$116K	$417K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0839%	1h	2.5123	+0.239%	$362K	$460K	15x	as long as short