Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h +0.013%

Price spread now: BingX against ApeX Omni−0.163%68s7-day average −0.076% · you buy dearer than you sell

Net, funding: paid 7d − costs−$45as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$560.564% of the position

Long on ApeX Omni Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.115%+$11 on $10k

Price spread, last 4 days (all we have)−0.089%−$9 · spread now −0.163%, 7d avg −0.076%

Together, before fees+0.026%+$3 on $10k · with fees, hour by hour

Funding pays, the price is against you. BingX is 0.088% cheaper against ApeX Omni than usual: you would sell low and buy high (spread −0.163% now, against its 7-day average of −0.076%). If the spread goes back, that is −$9 on $10k: about 9.2 days of funding at the current rate (+$1 a day). The two prices were read 68 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni PENDLEUSDT	2.4489	0.0068	pay 0.0009% / 1h	42m 26s	$74K	$233K	50x
Short	BingX PENDLE-USDT	2.4449	0.0100	get 0.0100% / 8h	2h 42m	—	$8.4M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.163%Rate

Funding earned: $6.65
Price spread: −0.163% → −0.076%: −$8.77
Slippage, 4 orders: −$36.39
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$58.51
Costs to cover: 0.564%
Break-even: 68.6 days

Slippage from ApeX Omni: live order book, 4 min ago; BingX: live order book, 6 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, 4 min ago	6.34 bp	14.3 bp −$14	99.8 bp −$998	doesn't fit	doesn't fit
Sell BingX live order book, 6 min ago	4.08 bp	15.6 bp −$16	27.5 bp −$275	167.6 bp −$16.8K	386.4 bp −$193.2K

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	−0.3926%	1h	2.4240	−1.017%	$2K	$54K	5.5x	as long as short
Gate PENDLE_USDT	−0.0052%	8h	2.4470	−0.078%	$719K	$1.1M	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0035%	8h	2.4451	−0.155%	$19K	$15K	10x	as long as short
Extended PENDLE-USD	−0.0008%	1h	2.4441	−0.195%	$158K	$579K	10x	as long as short
MEXC PENDLE_USDT	−0.0008%	8h	2.4437	−0.212%	$17.3M	$2.0M	125x	as long as short
Binance PENDLEUSDT	−0.0007%	8h	2.4442	−0.194%	$25.8M	$44.2M	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4505	+0.066%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4459	−0.123%	$24K	$15K	10x	as long as short
BloFin PENDLE-USDT	+0.0011%	8h	2.4458	−0.127%	$1.1M	$600K	75x	as long as short
ApeX Omni PENDLEUSDTlong	+0.0068%	1h	2.4489	long leg	$74K	$233K	50x

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya PENDLERUSDPERP	+0.0073%	1h	2.4436	−0.217%	$3K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.4445	−0.180%	$26K	—	3x	as long as short
Aster PENDLEUSDT	+0.0090%	8h	2.4456	−0.134%	$46K	$171K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0094%	8h	2.4470	−0.078%	$405K	$2.1M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4470	−0.078%	$516K	$415K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4425	−0.262%	$34K	$9K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4475	−0.057%	$12.6M	$6.1M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4430	−0.241%	$14.3M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4470	−0.078%	$3.1M	$6.4M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4483	−0.025%	$862K	$555K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4428	−0.249%	$3.6M	$2.3M	75x	as long as short
BingX PENDLE-USDTshort	+0.0100%	8h	2.4449	−0.163%	—	$8.4M	—
Variational Omni PENDLE	+0.0100%	8h	2.4451	−0.156%	$549K	$1.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4469	−0.083%	$24K	$376K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4462	−0.110%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4460	−0.118%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4435	−0.219%	$5K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0552%	1h	2.4505	+0.065%	$354K	$402K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.4530	+0.167%	$154K	$520K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1190%	1h	2.4512	+0.093%	$115K	$263K	20x	as long as short