Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0063%/8h= +6.9% APRpaid last 24h −0.004%

Price spread now: ApeX Omni against Binance−0.286%89s7-day average +0.052% · you buy dearer than you sell

Net, funding: paid 7d − costs−$56as 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−$480.479% of the position

Long on Binance Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days−0.077%−$8 on $10k

Price spread, last 3 days (all we have)+0.971%+$97 · spread now −0.286%, 7d avg +0.052%

Together, before fees+0.894%+$89 on $10k · with fees, hour by hour

Funding pays, the price is against you. ApeX Omni is 0.338% cheaper against Binance than usual: you would sell low and buy high (spread −0.286% now, against its 7-day average of +0.052%). If the spread goes back, that is −$34 on $10k: about 18 days of funding at the current rate (+$2 a day). Mind the row above: over the last 7 days funding on this pair cost −0.077%, so the current rate has only just turned in your favour. The two prices were read 89 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	Binance PENDLEUSDT	2.5172	0.0037	pay 0.0037% / 8h	2h 51m	$27.5M	$39.0M	75x
Short	ApeX Omni PENDLEUSDT	2.5100	0.0100	get 0.0013% / 1h	51m 56s	$77K	$239K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Binance. 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 BinancebpFee ApeX OmnibpOrdersPrice spread, now −0.286%Rate

Funding earned: $13.33
Price spread: −0.286% → +0.052%: −$33.8
Slippage, 4 orders: −$27.87
Fee Binance: 5 bp × 2 orders: −$10
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$68.34
Costs to cover: 0.479%
Break-even: 42.9 days

Slippage from Binance: live order book, 5 min ago; ApeX Omni: live order book, 34 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 Binance live order book, 5 min ago	0.60 bp	12.4 bp −$12	26.5 bp −$265	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 34 min ago	4.71 bp	12.2 bp −$12	91.4 bp −$914	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	2.4860	−1.239%	$2K	$7K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0430%	1h	2.5180	+0.034%	$158K	$259K	20x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0107%	1h	2.5181	+0.036%	$30K	$10K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5190	+0.071%	$11K	—	5x	as long as short
Variational Omni PENDLE	+0.0010%	8h	2.5125	−0.187%	$607K	$2.3M	—	as long as short
Reya PENDLERUSDPERP	+0.0034%	1h	2.5170	−0.007%	$4K	—	15x	as long as short
Orderly PERP_PENDLE_USDC	+0.0035%	8h	2.5177	+0.020%	$23K	$8K	10x	as long as short
Binance PENDLEUSDTlong	+0.0037%	8h	2.5172	long leg	$27.5M	$39.0M	75x
MEXC PENDLE_USDT	+0.0037%	8h	2.5174	+0.008%	$16.9M	$2.2M	125x	as long as short
Extended PENDLE-USD	+0.0040%	1h	2.5159	−0.050%	$165K	$524K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin PENDLE-USDT	+0.0041%	8h	2.5191	+0.075%	$1.3M	$799K	75x	as long as short
Aster PENDLEUSDT	+0.0078%	8h	2.5182	+0.040%	$41K	$177K	10x	as long as short
Aevo PENDLE-PERP	+0.0088%	1h	2.5177	+0.022%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5173	+0.004%	$551K	$376K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5165	−0.026%	$35K	$22K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5201	+0.115%	$12.4M	$5.5M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5150	−0.087%	$15.6M	$12.3M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5170	−0.008%	$3.2M	$5.6M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5170	−0.008%	$847K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5185	+0.052%	$908K	$607K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5178	+0.024%	$3.8M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5172	0.000%	—	$36.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5194	+0.088%	$25K	$411K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5218	+0.182%	$416K	$1.6M	10x	as long as short
ApeX Omni PENDLEUSDTshort	+0.0100%	1h	2.5100	−0.286%	$77K	$239K	50x
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5192	+0.079%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5192	+0.079%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5183	+0.042%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5270	+0.389%	$118K	$440K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0823%	1h	2.5227	+0.218%	$365K	$466K	15x	as long as short