Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.012%

Price spread now: Bitget against ApeX Omni+0.166%83s7-day average −0.103% · you sell dearer than you buy

Net, funding: paid 7d − costs−$62as 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−$730.726% of the position

Long on ApeX Omni Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.105%+$11 on $10k

Price spread, last 4 days (all we have)−0.925%−$93 · spread now +0.166%, 7d avg −0.103%

Together, before fees−0.820%−$82 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: Bitget is 0.269% dearer against ApeX Omni than usual: you sell high and buy low, +$27 on $10k if it goes back to its 7-day average of −0.103%. The two prices were read 83 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	2.4657	0.0100	pay 0.0013% / 1h	54m 13s	$75K	$235K	50x
Short	Bitget PENDLEUSDT	2.4698	0.0100	get 0.0100% / 8h	4h 54m	$3.7M	$2.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now +0.166%Rate

Funding earned: $0
Price spread: +0.166% → −0.103%: $26.93
Slippage, 4 orders: −$50.57
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$45.64
Costs to cover: 0.726%
Break-even: never at this rate

Slippage from ApeX Omni: live order book, 2 min ago; Bitget: live order book, 4 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, 2 min ago	6.87 bp	14.5 bp −$14	99.5 bp −$995	doesn't fit	doesn't fit
Sell Bitget live order book, 4 min ago	5.07 bp	21.9 bp −$22	38.6 bp −$386	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	−0.4334%	1h	2.4430	−0.921%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0275%	1h	2.4729	+0.292%	$25K	$14K	10x	as long as short
BloFin PENDLE-USDT	−0.0088%	8h	2.4722	+0.264%	$1.3M	$654K	75x	as long as short
Binance PENDLEUSDT	−0.0068%	8h	2.4705	+0.194%	$26.3M	$43.9M	75x	as long as short
MEXC PENDLE_USDT	−0.0067%	8h	2.4715	+0.235%	$17.3M	$1.9M	125x	as long as short
Extended PENDLE-USD	−0.0064%	1h	2.4698	+0.165%	$161K	$570K	10x	as long as short
Aster PENDLEUSDT	−0.0038%	8h	2.4728	+0.288%	$47K	$178K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0035%	8h	2.4712	+0.223%	$19K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4761	+0.421%	$10K	—	5x	as long as short
Gate PENDLE_USDT	+0.0010%	8h	2.4730	+0.296%	$718K	$1.1M	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	+0.0030%	8h	2.4746	+0.361%	$564K	$1.8M	—	as long as short
Reya PENDLERUSDPERP	+0.0062%	1h	2.4725	+0.274%	$3K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4708	+0.207%	$26K	—	3x	as long as short
GRVT PENDLE_USDT_Perp	+0.0081%	8h	2.4707	+0.203%	$412K	$1.8M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4715	+0.235%	$527K	$413K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4716	+0.239%	$35K	$13K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4710	+0.215%	$14.7M	$12.3M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4710	+0.215%	$3.1M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4740	+0.337%	$875K	$581K	50x	as long as short
Bitget PENDLEUSDTshort	+0.0100%	8h	2.4698	+0.166%	$3.7M	$2.4M	75x
BingX PENDLE-USDT	+0.0100%	8h	2.4726	+0.280%	—	$8.6M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4652	−0.019%	$24K	$376K	10x	as long as short
ApeX Omni PENDLEUSDTlong	+0.0100%	1h	2.4657	long leg	$75K	$235K	50x
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4742	+0.345%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4710	+0.215%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4725	+0.274%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0271%	1h	2.4761	+0.422%	$12.6M	$6.1M	5x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0608%	1h	2.4760	+0.418%	$147K	$493K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0682%	1h	2.4760	+0.418%	$356K	$478K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1176%	1h	2.4719	+0.252%	$115K	$278K	20x	as long as short