Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0053%/8h= +5.8% APRpaid last 24h +0.049%

Price spread now: Lighter against Variational Omni+0.134%7-day average +0.057% · you sell dearer than you buy

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

Long on Variational Omni Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.102%+$10 on $10k

Price spread, last 4 days (all we have)+1.024%+$102 · spread now +0.134%, 7d avg +0.057%

Together, before fees+1.126%+ Points / potential airdropVariational Omni: Active · Lighter: Season 3 · farm board+$113 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Lighter is 0.077% dearer against Variational Omni than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of +0.057%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni PENDLE	2.5289	0.0043	pay 0.0043% / 8h	2h 24m	$611K	$2.3M	—
Short	Lighter PENDLE	2.5323	0.0096	get 0.0012% / 1h	24m 17s	$550K	$396K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Variational Omni. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpFee LighterbpOrdersPrice spread, now +0.134%Rate

Funding earned: $11.11
Price spread: +0.134% → +0.057%: $7.66
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Lighter: 0 bp × 2 orders: $0
Net: $18.76
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 5 min ago; Lighter: live order book, 60 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 Variational Omni RFQ quote, 5 min ago	6.68 bp	doesn't fit	51.0 bp −$510	doesn't fit	doesn't fit
Sell Lighter live order book, 60 min ago	8.07 bp	12.6 bp −$13	85.1 bp −$851	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	−0.4806%	1h	2.4990	−1.183%	$2K	$7K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0427%	1h	2.5350	+0.242%	$151K	$279K	20x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0303%	1h	2.5290	+0.003%	$30K	$10K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5330	+0.160%	$11K	—	5x	as long as short
Orderly PERP_PENDLE_USDC	+0.0035%	8h	2.5298	+0.035%	$25K	$11K	10x	as long as short
Reya PENDLERUSDPERP	+0.0036%	1h	2.5279	−0.038%	$4K	—	15x	as long as short
Variational Omni PENDLElong	+0.0043%	8h	2.5289	long leg	$611K	$2.3M	—
BloFin PENDLE-USDT	+0.0044%	8h	2.5327	+0.150%	$1.3M	$750K	75x	as long as short
Extended PENDLE-USD	+0.0056%	1h	2.5269	−0.079%	$166K	$524K	10x	as long as short
MEXC PENDLE_USDT	+0.0057%	8h	2.5275	−0.056%	$17.0M	$2.2M	125x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance PENDLEUSDT	+0.0059%	8h	2.5279	−0.039%	$27.5M	$39.3M	75x	as long as short
ApeX Omni PENDLEUSDT	+0.0084%	1h	2.5265	−0.095%	$77K	$240K	50x	as long as short
Lighter PENDLEshort	+0.0096%	1h	2.5323	+0.134%	$550K	$396K	5x
Aevo PENDLE-PERP	+0.0096%	1h	2.5283	−0.025%	$26K	—	3x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5307	+0.072%	$35K	$22K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5304	+0.059%	$12.4M	$5.6M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5331	+0.167%	$41K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5271	−0.072%	$15.6M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5300	+0.043%	$3.3M	$5.7M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5320	+0.122%	$851K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5310	+0.083%	$916K	$611K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5308	+0.075%	$3.8M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5292	+0.011%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5266	−0.092%	$25K	$410K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5275	−0.055%	$426K	$1.6M	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5299	+0.039%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5300	+0.043%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5300	+0.042%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5360	+0.280%	$117K	$434K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0836%	1h	2.5396	+0.423%	$368K	$465K	15x	as long as short