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: OKX against ApeX Omni+0.024%7-day average −0.103% · you sell dearer than you buy

Net, funding: paid 7d − costs−$49as in the Funding arb table

Net, price: spread back to 7d avg − costs−$49as in the Price arb table

costs, in and out, $10k−$620.618% of the position

Long on ApeX Omni Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.128%+$13 on $10k

Price spread, last 4 days (all we have)−0.505%−$51 · spread now +0.024%, 7d avg −0.103%

Together, before fees−0.377%−$38 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: OKX is 0.128% dearer against ApeX Omni than usual: you sell high and buy low, +$13 on $10k if it goes back to its 7-day average of −0.103%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni PENDLEUSDT	2.4674	0.0100	pay 0.0013% / 1h	51m 00s	$75K	$235K	50x
Short	OKX PENDLE-USDT-SWAP	2.4680	0.0100	get 0.0050% / 4h	51m 00s	$3.1M	$6.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.024%Rate

Funding earned: $0
Price spread: +0.024% → −0.103%: $12.75
Slippage, 4 orders: −$41.83
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$49.08
Costs to cover: 0.618%
Break-even: never at this rate

Slippage from ApeX Omni: live order book, 5 min ago; OKX: live order book, 2 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, 5 min ago	6.87 bp	14.5 bp −$14	99.5 bp −$995	doesn't fit	doesn't fit
Sell OKX live order book, 2 min ago	2.03 bp	15.7 bp −$16	61.7 bp −$617	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	−0.989%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0237%	1h	2.4644	−0.122%	$25K	$14K	10x	as long as short
Extended PENDLE-USD	−0.0072%	1h	2.4664	−0.039%	$161K	$570K	10x	as long as short
Binance PENDLEUSDT	−0.0071%	8h	2.4673	−0.004%	$26.3M	$43.9M	75x	as long as short
MEXC PENDLE_USDT	−0.0068%	8h	2.4674	0.000%	$17.3M	$1.9M	125x	as long as short
BloFin PENDLE-USDT	−0.0058%	8h	2.4635	−0.158%	$1.3M	$650K	75x	as long as short
Aster PENDLEUSDT	−0.0044%	8h	2.4667	−0.028%	$47K	$178K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0036%	8h	2.4641	−0.134%	$19K	$15K	10x	as long as short
Gate PENDLE_USDT	−0.0019%	8h	2.4640	−0.138%	$715K	$1.1M	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4666	−0.034%	$10K	—	5x	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	+0.0034%	8h	2.4626	−0.196%	$563K	$1.7M	—	as long as short
Reya PENDLERUSDPERP	+0.0063%	1h	2.4649	−0.099%	$3K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4630	−0.178%	$26K	—	3x	as long as short
GRVT PENDLE_USDT_Perp	+0.0081%	8h	2.4685	+0.044%	$412K	$1.8M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4653	−0.085%	$526K	$414K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4634	−0.161%	$34K	$13K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4660	−0.057%	$14.6M	$12.3M	50x	as long as short
OKX PENDLE-USDT-SWAPshort	+0.0100%	4h	2.4680	+0.024%	$3.1M	$6.2M	50x
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4689	+0.061%	$874K	$580K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4669	−0.020%	$3.7M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4658	−0.065%	—	$8.6M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4687	+0.051%	$24K	$377K	10x	as long as short
ApeX Omni PENDLEUSDTlong	+0.0100%	1h	2.4674	long leg	$75K	$235K	50x
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4672	−0.008%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4655	−0.077%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4651	−0.094%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0283%	1h	2.4683	+0.036%	$12.6M	$6.1M	5x	as long as short
Backpack PENDLE_USDC_PERP	+0.0420%	1h	2.4691	+0.069%	$355K	$477K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0608%	1h	2.4760	+0.349%	$147K	$493K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1178%	1h	2.4693	+0.076%	$115K	$278K	20x	as long as short