Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0042%/8h= +4.6% APRpaid last 24h 0.000%

Price spread now: BloFin against ApeX Omni+0.224%7-day average −0.029% · you sell dearer than you buy

Net, funding: paid 7d − costs−$44as in the Funding arb table

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$510.514% of the position

Long on ApeX Omni Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.072%+$7 on $10k

Price spread, last 3 days (all we have)−0.029%−$3 · spread now +0.224%, 7d avg −0.029%

Together, before fees+0.043%+$4 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and BloFin is 0.253% dearer against ApeX Omni than usual: you sell high and buy low: +$25 more if the spread goes back to its 7-day average of −0.029%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni PENDLEUSDT	2.5046	−0.0049	get 0.0006% / 1h	56m 09s	$76K	$239K	50x
Short	BloFin PENDLE-USDT	2.5102	−0.0007	pay 0.0007% / 8h	56m 09s	$1.3M	$755K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.224%Rate

Funding earned: $8.82
Price spread: +0.224% → −0.029%: $25.3
Slippage, 4 orders: −$29.43
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$17.31
Costs to cover: 0.514%
Break-even: 20.7 days

Slippage from ApeX Omni: live order book, 20 min ago; BloFin: live order book, 1 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, 20 min ago	6.83 bp	14.2 bp −$14	91.2 bp −$912	doesn't fit	doesn't fit
Sell BloFin live order book, 1 min ago	2.59 bp	12.9 bp −$13	19.1 bp −$191	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	−0.5000%	1h	2.4740	−1.222%	$2K	$54K	5.5x	as long as short
ApeX Omni PENDLEUSDTlong	−0.0049%	1h	2.5046	long leg	$76K	$239K	50x
Extended PENDLE-USD	−0.0008%	1h	2.5140	+0.377%	$165K	$528K	10x	as long as short
MEXC PENDLE_USDT	−0.0008%	8h	2.5160	+0.455%	$17.0M	$1.9M	125x	as long as short
Binance PENDLEUSDT	−0.0007%	8h	2.5159	+0.451%	$27.2M	$41.5M	75x	as long as short
BloFin PENDLE-USDTshort	−0.0007%	8h	2.5102	+0.224%	$1.3M	$755K	75x
dYdX PENDLE-USD	0.0000%	1h	2.5106	+0.240%	$11K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.5165	+0.475%	$30K	$10K	10x	as long as short
Orderly PERP_PENDLE_USDC	+0.0009%	8h	2.5151	+0.419%	$20K	$16K	10x	as long as short
Reya PENDLERUSDPERP	+0.0043%	1h	2.5148	+0.407%	$4K	—	15x	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	+0.0061%	8h	2.4982	−0.257%	$552K	$2.0M	—	as long as short
GRVT PENDLE_USDT_Perp	+0.0065%	8h	2.5031	−0.060%	$416K	$1.6M	10x	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.5147	+0.403%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5160	+0.455%	$530K	$415K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5106	+0.241%	$35K	$18K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5187	+0.561%	$12.4M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5143	+0.387%	$44K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5150	+0.415%	$15.5M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5160	+0.455%	$3.3M	$6.0M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5160	+0.455%	$782K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5177	+0.523%	$895K	$597K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5153	+0.427%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5148	+0.407%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5027	−0.076%	$25K	$395K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5165	+0.475%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5174	+0.511%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5161	+0.458%	$5K	—	100x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0595%	1h	2.5212	+0.663%	$119K	$303K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.5140	+0.375%	$140K	$457K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.1276%	1h	2.5212	+0.663%	$327K	$492K	15x	as long as short