Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0101%/8h= −11.0% APRpaid last 24h +0.030%

Price spread now: ApeX Omni against Bybit−0.040%109s7-day average +0.099% · you buy dearer than you sell

Net, funding: paid 7d − costs−$65as 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−$700.695% of the position

Long on Bybit Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days+0.043%+$4 on $10k

Price spread, last 3 days (all we have)+0.435%+$43 · spread now −0.040%, 7d avg +0.099%

Together, before fees+0.477%+$48 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and ApeX Omni is 0.139% cheaper against Bybit than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of +0.099%). Swap the legs. The two prices were read 109 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	Bybit PENDLEUSDT	2.5160	0.0100	pay 0.0100% / 8h	2h 47m	$15.6M	$12.2M	50x
Short	ApeX Omni PENDLEUSDT	2.5150	−0.0001	pay 0.0000% / 1h	47m 38s	$77K	$239K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Bybit. 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 BybitbpFee ApeX OmnibpOrdersPrice spread, now −0.040%Rate

Funding earned: −$21.15
Price spread: −0.040% → +0.099%: −$13.85
Slippage, 4 orders: −$48.55
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$104.55
Costs to cover: 0.695%
Break-even: never at this rate

Slippage from Bybit: live order book, 1 min ago; ApeX Omni: live order book, 38 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 Bybit live order book, 1 min ago	1.99 bp	23.3 bp −$23	58.8 bp −$588	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 38 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	−1.192%	$2K	$7K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0429%	1h	2.5255	+0.380%	$150K	$279K	20x	as long as short
ApeX Omni PENDLEUSDTshort	−0.0001%	1h	2.5150	−0.040%	$77K	$239K	50x
dYdX PENDLE-USD	0.0000%	1h	2.5210	+0.199%	$11K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.5209	+0.195%	$30K	$10K	10x	as long as short
Variational Omni PENDLE	+0.0011%	8h	2.5135	−0.099%	$608K	$2.3M	—	as long as short
Reya PENDLERUSDPERP	+0.0034%	1h	2.5202	+0.165%	$4K	—	15x	as long as short
Orderly PERP_PENDLE_USDC	+0.0036%	8h	2.5205	+0.179%	$23K	$8K	10x	as long as short
MEXC PENDLE_USDT	+0.0038%	8h	2.5176	+0.064%	$16.9M	$2.2M	125x	as long as short
Binance PENDLEUSDT	+0.0039%	8h	2.5179	+0.074%	$27.5M	$39.0M	75x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended PENDLE-USD	+0.0040%	1h	2.5170	+0.041%	$165K	$524K	10x	as long as short
BloFin PENDLE-USDT	+0.0065%	8h	2.5181	+0.083%	$1.3M	$784K	75x	as long as short
Aevo PENDLE-PERP	+0.0088%	1h	2.5200	+0.161%	$26K	—	3x	as long as short
Aster PENDLEUSDT	+0.0090%	8h	2.5203	+0.170%	$41K	$177K	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5180	+0.079%	$551K	$376K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5174	+0.055%	$35K	$22K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5225	+0.258%	$12.4M	$5.6M	5x	as long as short
Bybit PENDLEUSDTlong	+0.0100%	8h	2.5160	long leg	$15.6M	$12.2M	50x
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5190	+0.119%	$3.2M	$5.6M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5200	+0.159%	$848K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5192	+0.127%	$909K	$608K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5190	+0.119%	$3.8M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5187	+0.107%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5188	+0.113%	$25K	$412K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5164	+0.014%	$415K	$1.6M	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5220	+0.238%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5218	+0.231%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5210	+0.200%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5260	+0.397%	$118K	$440K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0908%	1h	2.5260	+0.397%	$366K	$466K	15x	as long as short