Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0058%/8h= +6.4% APRpaid last 24h −0.015%

Price spread now: Orderly against ApeX Omni−0.127%50s7-day average — · you buy dearer than you sell

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

Long on ApeX Omni Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Orderly is 0.127% cheaper against ApeX Omni than usual: you would sell low and buy high (spread −0.127% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$13 on $10k: about 7.2 days of funding at the current rate (+$2 a day). The two prices were read 50 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	2.5232	−0.0061	get 0.0008% / 1h	29m 32s	$77K	$240K	50x
Short	Orderly PERP_PENDLE_USDC	2.5200	−0.0002	pay 0.0002% / 8h	29m 32s	$20K	$16K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.127%Rate

Funding earned: $12.28
Price spread: −0.127% → 0.000%: −$12.68
Slippage, 4 orders: no order book: not counted
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$16.4
Costs to cover: 0.160%
Break-even: 16.3 days

Slippage unknown: ApeX Omni: live order book, 47 min ago; Orderly: no order-book sample. 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, 47 min ago	6.83 bp	14.2 bp −$14	91.2 bp −$912	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	2.4940	−1.157%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0266%	1h	2.5203	−0.115%	$30K	$10K	10x	as long as short
ApeX Omni PENDLEUSDTlong	−0.0061%	1h	2.5232	long leg	$77K	$240K	50x
Binance PENDLEUSDT	−0.0034%	8h	2.5242	+0.040%	$27.3M	$42.0M	75x	as long as short
Extended PENDLE-USD	−0.0032%	1h	2.5210	−0.086%	$166K	$528K	10x	as long as short
MEXC PENDLE_USDT	−0.0031%	8h	2.5207	−0.099%	$17.1M	$1.9M	125x	as long as short
BloFin PENDLE-USDT	−0.0019%	8h	2.5189	−0.170%	$1.3M	$752K	75x	as long as short
Orderly PERP_PENDLE_USDCshort	−0.0002%	8h	2.5200	−0.127%	$20K	$16K	10x
dYdX PENDLE-USD	0.0000%	1h	2.5217	−0.060%	$11K	—	5x	as long as short
Variational Omni PENDLE	+0.0040%	8h	2.5182	−0.198%	$594K	$1.9M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT PENDLE_USDT_Perp	+0.0044%	8h	2.5188	−0.175%	$417K	$1.6M	10x	as long as short
Reya PENDLERUSDPERP	+0.0045%	1h	2.5255	+0.093%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0072%	1h	2.5199	−0.130%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5209	−0.091%	$531K	$416K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5196	−0.144%	$35K	$18K	10x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5198	−0.137%	$46K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5230	−0.008%	$15.5M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5230	−0.008%	$3.2M	$6.1M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5180	−0.206%	$782K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5229	−0.012%	$894K	$600K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5232	0.000%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5220	−0.048%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5230	−0.010%	$25K	$397K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5266	+0.135%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5198	−0.135%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5215	−0.067%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0294%	1h	2.5308	+0.301%	$12.8M	$6.2M	5x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0595%	1h	2.5239	+0.026%	$119K	$299K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.5340	+0.428%	$141K	$458K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0776%	1h	2.5241	+0.036%	$333K	$492K	15x	as long as short