Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.006%

Price spread now: ApeX Omni against Bitget+0.159%83s7-day average +0.101% · you sell dearer than you buy

Net, funding: paid 7d − costs−$70as 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−$600.601% of the position

Long on Bitget Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days−0.097%−$10 on $10k

Price spread, last 3 days (all we have)+0.322%+$32 · spread now +0.159%, 7d avg +0.101%

Together, before fees+0.225%+$22 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: ApeX Omni is 0.057% dearer against Bitget than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of +0.101%. The two prices were read 83 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	Bitget PENDLEUSDT	2.5196	0.0100	pay 0.0100% / 8h	2h 16m	$3.7M	$2.6M	75x
Short	ApeX Omni PENDLEUSDT	2.5236	0.0100	get 0.0013% / 1h	16m 05s	$77K	$240K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Bitget. 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 BitgetbpFee ApeX OmnibpOrdersPrice spread, now +0.159%Rate

Funding earned: $0
Price spread: +0.159% → +0.101%: $5.75
Slippage, 4 orders: −$38.06
Fee Bitget: 6 bp × 2 orders: −$12
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$54.31
Costs to cover: 0.601%
Break-even: never at this rate

Slippage from Bitget: live order book, 2 min ago; ApeX Omni: live order book, 5 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 Bitget live order book, 2 min ago	1.99 bp	13.8 bp −$14	31.7 bp −$317	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 5 min ago	3.37 bp	11.6 bp −$12	97.6 bp −$976	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	2.5200	+0.016%	$2K	$53K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0429%	1h	2.5256	+0.239%	$150K	$277K	20x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0186%	1h	2.5191	−0.020%	$30K	$10K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5194	−0.007%	$11K	—	5x	as long as short
BloFin PENDLE-USDT	+0.0020%	8h	2.5190	−0.024%	$1.3M	$741K	75x	as long as short
Orderly PERP_PENDLE_USDC	+0.0034%	8h	2.5189	−0.028%	$25K	$11K	10x	as long as short
Reya PENDLERUSDPERP	+0.0036%	1h	2.5195	−0.004%	$4K	—	15x	as long as short
MEXC PENDLE_USDT	+0.0045%	8h	2.5183	−0.052%	$17.0M	$2.3M	125x	as long as short
Binance PENDLEUSDT	+0.0046%	8h	2.5177	−0.074%	$27.4M	$39.1M	75x	as long as short
Extended PENDLE-USD	+0.0048%	1h	2.5173	−0.091%	$166K	$524K	10x	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	+0.0053%	8h	2.5229	+0.129%	$621K	$2.3M	—	as long as short
Lighter PENDLE	+0.0096%	1h	2.5189	−0.028%	$547K	$396K	5x	as long as short
Aevo PENDLE-PERP	+0.0096%	1h	2.5187	−0.038%	$26K	—	3x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5203	+0.028%	$35K	$22K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5214	+0.071%	$12.3M	$5.6M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5183	−0.052%	$41K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5170	−0.103%	$15.6M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5200	+0.016%	$3.2M	$5.7M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5200	+0.016%	$842K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5205	+0.036%	$916K	$610K	50x	as long as short
Bitget PENDLEUSDTlong	+0.0100%	8h	2.5196	long leg	$3.7M	$2.6M	75x
BingX PENDLE-USDT	+0.0100%	8h	2.5174	−0.087%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5210	+0.057%	$25K	$412K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5216	+0.079%	$425K	$1.6M	10x	as long as short
ApeX Omni PENDLEUSDTshort	+0.0100%	1h	2.5236	+0.159%	$77K	$240K	50x
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5210	+0.056%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5194	−0.008%	$1K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5203	+0.028%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5360	+0.651%	$117K	$422K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0850%	1h	2.5249	+0.210%	$365K	$460K	15x	as long as short