Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0057%/8h= −6.2% APRpaid last 24h +0.004%

Price spread now: Gate against ApeX Omni0.000%81s7-day average −0.083% · you sell dearer than you buy

Net, funding: paid 7d − costs−$58as 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−$680.680% of the position

Long on ApeX Omni Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.103%+$10 on $10k

Price spread, last 4 days (all we have)−0.214%−$21 · spread now 0.000%, 7d avg −0.083%

Together, before fees−0.111%−$11 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Gate is 0.083% dearer against ApeX Omni than usual: you sell high and buy low (spread 0.000% now, against its 7-day average of −0.083%): +$8 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 4.9 days. Mind the row above: over the last 7 days funding on this pair paid +0.103%, so the current rate has only just turned against you. The two prices were read 81 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	2.4520	0.0100	pay 0.0013% / 1h	8m 00s	$75K	$233K	50x
Short	Gate PENDLE_USDT	2.4520	0.0043	get 0.0043% / 8h	1h 08m	$784K	$1.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now 0.000%Rate

Funding earned: −$11.97
Price spread: 0.000% → −0.083%: $8.33
Slippage, 4 orders: −$42.99
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$71.63
Costs to cover: 0.680%
Break-even: never at this rate

Slippage from ApeX Omni: live order book, 33 min ago; Gate: 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, 33 min ago	4.49 bp	11.8 bp −$12	107.9 bp −$1,079	doesn't fit	doesn't fit
Sell Gate live order book, 4 min ago	4.08 bp	18.8 bp −$19	125.6 bp −$1,256	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	−0.4348%	1h	2.4230	−1.183%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0443%	1h	2.4506	−0.057%	$25K	$16K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0017%	8h	2.4502	−0.073%	$19K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4546	+0.104%	$10K	—	5x	as long as short
BloFin PENDLE-USDT	+0.0018%	8h	2.4505	−0.061%	$1.1M	$478K	75x	as long as short
Extended PENDLE-USD	+0.0024%	1h	2.4493	−0.109%	$158K	$471K	10x	as long as short
Binance PENDLEUSDT	+0.0025%	8h	2.4495	−0.104%	$25.8M	$45.3M	75x	as long as short
MEXC PENDLE_USDT	+0.0025%	8h	2.4495	−0.102%	$17.5M	$2.0M	125x	as long as short
Gate PENDLE_USDTshort	+0.0043%	8h	2.4520	0.000%	$784K	$1.0M	75x
Reya PENDLERUSDPERP	+0.0080%	1h	2.4508	−0.048%	$3K	—	15x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PENDLE-PERP	+0.0088%	1h	2.4506	−0.057%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4510	−0.041%	$519K	$417K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4494	−0.108%	$34K	$7K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4532	+0.049%	$12.7M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4504	−0.065%	$46K	$168K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4494	−0.106%	$14.3M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4510	−0.041%	$3.1M	$6.6M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4519	−0.004%	$872K	$549K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4507	−0.053%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4508	−0.049%	—	$8.2M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4490	−0.120%	$595K	$1.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4496	−0.097%	$24K	$369K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.4513	−0.029%	$408K	$2.4M	10x	as long as short
ApeX Omni PENDLEUSDTlong	+0.0100%	1h	2.4520	long leg	$75K	$233K	50x
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4530	+0.041%	$16K	$4K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4526	+0.024%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4513	−0.028%	$5K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0539%	1h	2.4557	+0.151%	$351K	$434K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0688%	1h	2.4540	+0.082%	$158K	$507K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1659%	1h	2.4569	+0.199%	$115K	$260K	20x	as long as short