Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0017%/8h= +1.8% APRpaid last 24h −0.004%

Price spread now: ApeX Omni against Gate−0.119%7-day average +0.084% · you buy dearer than you sell

Net, funding: paid 7d − costs−$88as in the Funding arb table

Net, price: spread back to 7d avg − costs−$99as in the Price arb table

costs, in and out, $10k−$780.782% of the position

Long on Gate Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days−0.101%−$10 on $10k

Price spread, last 4 days (all we have)+1.646%+$165 · spread now −0.119%, 7d avg +0.084%

Together, before fees+1.545%+$154 on $10k · with fees, hour by hour

Funding pays, the price is against you. ApeX Omni is 0.203% cheaper against Gate than usual: you would sell low and buy high (spread −0.119% now, against its 7-day average of +0.084%). If the spread goes back, that is −$20 on $10k: about 40 days of funding at the current rate (+$1 a day). Mind the row above: over the last 7 days funding on this pair cost −0.101%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate PENDLE_USDT	2.4270	0.0080	pay 0.0080% / 8h	14m 53s	$760K	$1.1M	75x
Short	ApeX Omni PENDLEUSDT	2.4241	0.0097	get 0.0012% / 1h	14m 53s	$74K	$232K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Gate. 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 GatebpFee ApeX OmnibpOrdersPrice spread, now −0.119%Rate

Funding earned: $3.54
Price spread: −0.119% → +0.084%: −$20.32
Slippage, 4 orders: −$53.18
Fee Gate: 7.5 bp × 2 orders: −$15
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$94.96
Costs to cover: 0.782%
Break-even: 194.5 days

Slippage from Gate: live order book, 2 min ago; ApeX Omni: live order book, 21 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 Gate live order book, 2 min ago	4.11 bp	26.2 bp −$26	130.9 bp −$1,309	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 21 min ago	6.80 bp	14.6 bp −$15	105.7 bp −$1,057	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	−0.4810%	1h	2.3940	−1.360%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0285%	1h	2.4277	+0.029%	$25K	$16K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0014%	8h	2.4268	−0.008%	$18K	$15K	10x	as long as short
BloFin PENDLE-USDT	−0.0006%	8h	2.4262	−0.033%	$1.1M	$502K	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4306	+0.147%	$10K	—	5x	as long as short
Extended PENDLE-USD	+0.0008%	1h	2.4266	−0.016%	$158K	$927K	10x	as long as short
MEXC PENDLE_USDT	+0.0009%	8h	2.4269	−0.004%	$18.0M	$2.1M	125x	as long as short
Binance PENDLEUSDT	+0.0010%	8h	2.4272	+0.008%	$25.5M	$46.1M	75x	as long as short
GRVT PENDLE_USDT_Perp	+0.0078%	8h	2.4230	−0.164%	$405K	$2.5M	10x	as long as short
Gate PENDLE_USDTlong	+0.0080%	8h	2.4270	long leg	$760K	$1.1M	75x

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PENDLE-PERP	+0.0080%	1h	2.4265	−0.022%	$25K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0085%	1h	2.4275	+0.021%	$3K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4279	+0.037%	$522K	$432K	5x	as long as short
ApeX Omni PENDLEUSDTshort	+0.0097%	1h	2.4241	−0.119%	$74K	$232K	50x
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4273	+0.012%	$34K	$5K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4320	+0.206%	$12.7M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4272	+0.009%	$47K	$171K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4264	−0.025%	$14.1M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4270	0.000%	$3.1M	$6.7M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4273	+0.012%	$721K	$617K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4290	+0.082%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4266	−0.016%	—	$8.2M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4266	−0.015%	$565K	$1.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4263	−0.028%	$24K	$370K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4304	+0.140%	$16K	$4K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4301	+0.128%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4282	+0.049%	$5K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0628%	1h	2.4323	+0.218%	$351K	$435K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0672%	1h	2.4320	+0.206%	$157K	$509K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1525%	1h	2.4313	+0.176%	$115K	$262K	20x	as long as short