PENDLE

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0783%/8h= +85.7% APRnext payment +$0.98 per $10,000 · paid last 24h +0.165%

Price spread now: Backpack against ApeX Omni−0.008%7-day average +0.094% · you buy dearer than you sell

Net, funding: paid 7d − costs+$40as in the Funding arb table

Net, price: spread back to 7d avg − costs−$58as in the Price arb table

costs, in and out, $10k−$480.478% of the position

Long on ApeX Omni Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.881%+$88 on $10k

Price spread, last 4 days (all we have)−0.584%−$58 · spread now −0.008%, 7d avg +0.094%

Together, before fees+0.297%+$30 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.103% cheaper against ApeX Omni than usual: you would sell low and buy high (spread −0.008% now, against its 7-day average of +0.094%). If the spread goes back, that is −$10 on $10k: about 10 hours of funding at the current rate (+$23 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni PENDLEUSDT	2.4284	−0.0006	get 0.0001% / 1h	40m 25s	$74K	$231K	50x
Short	Backpack PENDLE_USDC_PERP	2.4282	0.0776	get 0.0097% / 1h	40m 25s	$358K	$432K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against ApeX Omni. 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 ApeX OmnibpFee BackpackbpOrdersPrice spread, now −0.008%Rate

Funding earned: $164.38
Price spread: −0.008% → +0.094%: −$10.25
Slippage, 4 orders: −$27.79
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: $106.33
Costs to cover: 0.478%
Break-even: 2.5 days

Slippage from ApeX Omni: live order book, 56 min ago; Backpack: live order book, 58 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 ApeX Omni live order book, 56 min ago	6.80 bp	15.0 bp −$15	97.4 bp −$974	doesn't fit	doesn't fit
Sell Backpack live order book, 58 min ago	1.84 bp	10.7 bp −$11	348.0 bp −$3,480	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	−0.3627%	1h	2.4010	−1.128%	$2K	$55K	5.5x	as long as short
GRVT PENDLE_USDT_Perp	−0.0736%	8h	2.4270	−0.057%	$403K	$2.6M	10x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0410%	1h	2.4235	−0.202%	$25K	$16K	10x	as long as short
Gate PENDLE_USDT	−0.0186%	8h	2.4250	−0.140%	$769K	$991K	75x	as long as short
BloFin PENDLE-USDT	−0.0061%	8h	2.4234	−0.206%	$1.1M	$503K	75x	as long as short
Binance PENDLEUSDT	−0.0048%	8h	2.4224	−0.247%	$25.4M	$45.8M	75x	as long as short
Extended PENDLE-USD	−0.0048%	1h	2.4213	−0.292%	$156K	$924K	10x	as long as short
MEXC PENDLE_USDT	−0.0048%	8h	2.4209	−0.309%	$18.0M	$2.1M	125x	as long as short
Orderly PERP_PENDLE_USDC	−0.0014%	8h	2.4226	−0.239%	$18K	$15K	10x	as long as short
ApeX Omni PENDLEUSDTlong	−0.0006%	1h	2.4284	long leg	$74K	$231K	50x

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX PENDLE-USD	0.0000%	1h	2.4263	−0.087%	$10K	—	5x	as long as short
Bybit PENDLEUSDT	+0.0033%	8h	2.4220	−0.264%	$14.0M	$11.9M	50x	as long as short
Aster PENDLEUSDT	+0.0066%	8h	2.4236	−0.198%	$47K	$168K	10x	as long as short
Aevo PENDLE-PERP	+0.0072%	1h	2.4219	−0.266%	$25K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0088%	1h	2.4217	−0.274%	$3K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4236	−0.198%	$522K	$429K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4217	−0.274%	$34K	$3K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4248	−0.148%	$12.7M	$6.1M	5x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4240	−0.181%	$3.1M	$6.7M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4274	−0.041%	$687K	$601K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4228	−0.231%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4238	−0.189%	—	$8.3M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4221	−0.259%	$564K	$1.2M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4278	−0.025%	$24K	$370K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4230	−0.222%	$16K	$4K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4259	−0.103%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4283	−0.006%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0664%	1h	2.4310	+0.107%	$163K	$516K	25x	as long as short
Backpack PENDLE_USDC_PERPshort	+0.0776%	1h	2.4282	−0.008%	$358K	$432K	15x
Kraken Futures PF_PENDLEUSD	+0.1278%	1h	2.4289	+0.020%	$115K	$256K	20x	as long as short