Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0057%/8h= −6.2% APRpaid last 24h −0.015%

Price spread now: ApeX Omni against BingX+0.325%98s7-day average +0.068% · you sell dearer than you buy

Net, funding: paid 7d − costs−$66as 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−$520.524% of the position

Long on BingX Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days−0.132%−$13 on $10k

Price spread, last 4 days (all we have)+0.012%+$1 · spread now +0.325%, 7d avg +0.068%

Together, before fees−0.119%−$12 on $10k · with fees, hour by hour

The price spread pays, funding is against you. ApeX Omni is 0.257% dearer against BingX than usual: you sell high and buy low (spread +0.325% now, against its 7-day average of +0.068%): +$26 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 15 days. The two prices were read 98 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	BingX PENDLE-USDT	2.4011	0.0100	pay 0.0100% / 8h	5h 31m	—	$8.3M	—
Short	ApeX Omni PENDLEUSDT	2.4089	0.0043	get 0.0005% / 1h	31m 49s	$73K	$230K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against BingX. 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 BingXbpFee ApeX OmnibpOrdersPrice spread, now +0.325%Rate

Funding earned: −$11.96
Price spread: +0.325% → +0.068%: $25.73
Slippage, 4 orders: −$32.43
Fee BingX: 5 bp × 2 orders: −$10
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$38.66
Costs to cover: 0.524%
Break-even: never at this rate

Slippage from BingX: live order book, 14 min ago; ApeX Omni: live order book, 13 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 BingX live order book, 14 min ago	3.50 bp	11.8 bp −$12	32.5 bp −$325	149.4 bp −$14.9K	442.8 bp −$221.4K
Sell ApeX Omni live order book, 13 min ago	4.95 bp	13.8 bp −$14	103.6 bp −$1,036	doesn't fit	doesn't fit

PENDLE on 30 exchanges

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
Deribit PENDLE_USDC-PERPETUAL	−0.0416%	1h	2.3994	−0.071%	$24K	$10K	10x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0401%	1h	2.4023	+0.052%	$123K	$255K	20x	as long as short
BloFin PENDLE-USDT	−0.0116%	8h	2.4005	−0.025%	$1.1M	$520K	75x	as long as short
MEXC PENDLE_USDT	−0.0098%	8h	2.3990	−0.087%	$18.2M	$2.1M	125x	as long as short
Binance PENDLEUSDT	−0.0098%	8h	2.3994	−0.071%	$24.8M	$46.7M	75x	as long as short
Extended PENDLE-USD	−0.0096%	1h	2.4008	−0.014%	$156K	$944K	10x	as long as short
GRVT PENDLE_USDT_Perp	−0.0034%	8h	2.4129	+0.491%	$404K	$3.1M	10x	as long as short
Aster PENDLEUSDT	−0.0023%	8h	2.3997	−0.059%	$50K	$163K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4039	+0.118%	$10K	—	5x	as long as short
Orderly PERP_PENDLE_USDC	+0.0012%	8h	2.3986	−0.104%	$18K	$15K	10x	as long as short

Show all 30 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni PENDLEUSDTshort	+0.0043%	1h	2.4089	+0.325%	$73K	$230K	50x
Aevo PENDLE-PERP	+0.0056%	1h	2.3994	−0.069%	$25K	—	3x	as long as short
Variational Omni PENDLE	+0.0063%	8h	2.4044	+0.137%	$566K	$908K	—	as long as short
Lighter PENDLE	+0.0096%	1h	2.4008	−0.012%	$654K	$530K	5x	as long as short
Reya PENDLERUSDPERP	+0.0098%	1h	2.4027	+0.066%	$3K	—	15x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.3978	−0.136%	$34K	—	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4039	+0.116%	$12.8M	$5.9M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.3990	−0.087%	$14.4M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4010	−0.004%	$3.0M	$6.7M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.4010	−0.004%	$768K	$983K	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4030	+0.079%	$624K	$506K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4004	−0.029%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDTlong	+0.0100%	8h	2.4011	long leg	—	$8.3M	—
edgeX PENDLEUSDC	+0.0100%	4h	2.4155	+0.598%	$23K	$365K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4015	+0.017%	$16K	$4K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4020	+0.037%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0184% / S −0.0205%	1h	2.4085	+0.306%	$5K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0665%	1h	2.4059	+0.200%	$357K	$384K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0680%	1h	2.4020	+0.037%	$160K	$534K	25x	as long as short
Injective PENDLE/USDC PERP	+0.3871%	1h	2.4660	+2.703%	$2K	$55K	5.5x	as long as short