Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0025%/8h= +2.7% APRpaid last 24h −0.030%

Price spread now: Bybit against ApeX Omni−0.389%7-day average −0.099% · you buy dearer than you sell

Net, funding: paid 7d − costs−$76as in the Funding arb table

Net, price: spread back to 7d avg − costs−$101as in the Price arb table

costs, in and out, $10k−$710.715% of the position

Long on ApeX Omni Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.043%−$4 on $10k

Price spread, last 3 days (all we have)−0.006%−$1 · spread now −0.389%, 7d avg −0.099%

Together, before fees−0.049%−$5 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bybit is 0.290% cheaper against ApeX Omni than usual: you would sell low and buy high (spread −0.389% now, against its 7-day average of −0.099%). If the spread goes back, that is −$29 on $10k: about 39 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni PENDLEUSDT	2.5188	0.0075	pay 0.0009% / 1h	15m 23s	$77K	$239K	50x
Short	Bybit PENDLEUSDT	2.5090	0.0100	get 0.0100% / 8h	2h 15m	$15.5M	$12.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.389%Rate

Funding earned: $5.16
Price spread: −0.389% → −0.099%: −$29.03
Slippage, 4 orders: −$50.48
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$95.36
Costs to cover: 0.715%
Break-even: 136.4 days

Slippage from ApeX Omni: live order book, 6 min ago; Bybit: live order book, 3 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, 6 min ago	3.37 bp	12.1 bp −$12	111.3 bp −$1,113	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	3.97 bp	25.3 bp −$25	50.3 bp −$503	299.9 bp −$30.0K	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	2.5200	+0.048%	$2K	$53K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0429%	1h	2.5256	+0.271%	$150K	$277K	20x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0186%	1h	2.5191	+0.012%	$30K	$10K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5196	+0.031%	$11K	—	5x	as long as short
BloFin PENDLE-USDT	+0.0020%	8h	2.5190	+0.008%	$1.3M	$741K	75x	as long as short
Orderly PERP_PENDLE_USDC	+0.0034%	8h	2.5189	+0.004%	$25K	$11K	10x	as long as short
Reya PENDLERUSDPERP	+0.0036%	1h	2.5097	−0.361%	$4K	—	15x	as long as short
Binance PENDLEUSDT	+0.0045%	8h	2.5104	−0.333%	$27.3M	$39.2M	75x	as long as short
MEXC PENDLE_USDT	+0.0045%	8h	2.5094	−0.373%	$16.9M	$2.3M	125x	as long as short
Extended PENDLE-USD	+0.0048%	1h	2.5154	−0.135%	$166K	$524K	10x	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	+0.0053%	8h	2.5229	+0.161%	$621K	$2.3M	—	as long as short
ApeX Omni PENDLEUSDTlong	+0.0075%	1h	2.5188	long leg	$77K	$239K	50x
Lighter PENDLE	+0.0096%	1h	2.5185	−0.012%	$547K	$396K	5x	as long as short
Aevo PENDLE-PERP	+0.0096%	1h	2.5187	−0.006%	$26K	—	3x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5169	−0.074%	$35K	$22K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5126	−0.246%	$12.3M	$5.6M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5147	−0.164%	$41K	$177K	10x	as long as short
Bybit PENDLEUSDTshort	+0.0100%	8h	2.5090	−0.389%	$15.5M	$12.0M	50x
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5100	−0.349%	$3.2M	$5.7M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5180	−0.032%	$841K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5093	−0.377%	$912K	$610K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5095	−0.369%	$3.7M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5092	−0.381%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5193	+0.019%	$25K	$412K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5173	−0.058%	$425K	$1.6M	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5123	−0.258%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5194	+0.024%	$1K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5129	−0.236%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5360	+0.683%	$117K	$422K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0850%	1h	2.5249	+0.242%	$365K	$460K	15x	as long as short