Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0074%/8h= +8.1% APRpaid last 24h +0.006%

Price spread now: KuCoin against ApeX Omni+0.441%67s7-day average −0.063% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on ApeX Omni Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.146%+$15 on $10k

Price spread, last 3 days (all we have)−0.829%−$83 · spread now +0.441%, 7d avg −0.063%

Together, before fees−0.684%−$68 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and KuCoin is 0.503% dearer against ApeX Omni than usual: you sell high and buy low: +$50 more if the spread goes back to its 7-day average of −0.063%. The two prices were read 67 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	2.5183	0.0026	pay 0.0003% / 1h	26m 29s	$77K	$240K	50x
Short	KuCoin PENDLEUSDTM	2.5294	0.0100	get 0.0100% / 8h	2h 26m	$915K	$609K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now +0.441%Rate

Funding earned: $15.49
Price spread: +0.441% → −0.063%: $50.34
Slippage, 4 orders: no order book: not counted
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: $43.83
Costs to cover: 0.220%
Break-even: from the start

Slippage unknown: ApeX Omni: live order book, 60 min ago; KuCoin: live order book, 57 min ago. Net counts fees only.

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, 60 min ago	4.71 bp	11.7 bp −$12	94.7 bp −$947	doesn't fit	doesn't fit
Sell KuCoin live order book, 57 min ago	5.91 bp	doesn't fit	doesn't fit	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	−0.4806%	1h	2.4930	−1.005%	$2K	$7K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0427%	1h	2.5324	+0.561%	$151K	$279K	20x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5309	+0.500%	$11K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.5293	+0.437%	$30K	$10K	10x	as long as short
ApeX Omni PENDLEUSDTlong	+0.0026%	1h	2.5183	long leg	$77K	$240K	50x
Variational Omni PENDLE	+0.0034%	8h	2.5159	−0.096%	$608K	$2.3M	—	as long as short
Orderly PERP_PENDLE_USDC	+0.0035%	8h	2.5295	+0.445%	$25K	$11K	10x	as long as short
Reya PENDLERUSDPERP	+0.0036%	1h	2.5302	+0.474%	$4K	—	15x	as long as short
MEXC PENDLE_USDT	+0.0052%	8h	2.5302	+0.473%	$17.0M	$2.2M	125x	as long as short
Binance PENDLEUSDT	+0.0055%	8h	2.5294	+0.440%	$27.5M	$39.2M	75x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended PENDLE-USD	+0.0056%	1h	2.5289	+0.421%	$166K	$524K	10x	as long as short
BloFin PENDLE-USDT	+0.0058%	8h	2.5265	+0.326%	$1.3M	$748K	75x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5313	+0.516%	$547K	$385K	5x	as long as short
Aevo PENDLE-PERP	+0.0096%	1h	2.5286	+0.407%	$26K	—	3x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5294	+0.442%	$35K	$22K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5324	+0.560%	$12.4M	$5.6M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5292	+0.434%	$41K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5290	+0.425%	$15.6M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5310	+0.504%	$3.3M	$5.7M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5290	+0.425%	$850K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTMshort	+0.0100%	8h	2.5294	+0.441%	$915K	$609K	50x
Bitget PENDLEUSDT	+0.0100%	8h	2.5293	+0.437%	$3.8M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5295	+0.445%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5176	−0.026%	$25K	$413K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5198	+0.060%	$416K	$1.6M	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5320	+0.544%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5286	+0.409%	$1K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5290	+0.424%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5320	+0.544%	$117K	$433K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0799%	1h	2.5341	+0.627%	$367K	$465K	15x	as long as short