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 +0.014%

Price spread now: ApeX Omni against GRVT−0.054%7-day average +0.055% · you buy dearer than you sell

Net, funding: paid 7d − costs−$72as in the Funding arb table

Net, price: spread back to 7d avg − costs−$77as in the Price arb table

costs, in and out, $10k−$660.657% of the position

Long on GRVT Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days−0.064%−$6 on $10k

Price spread, last 3 days (all we have)−0.006%−$1 · spread now −0.054%, 7d avg +0.055%

Together, before fees−0.070%+ Points / potential airdropGRVT: Active · farm board−$7 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 0.109% cheaper against GRVT than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of +0.055%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT PENDLE_USDT_Perp	2.5164	0.0100	pay 0.0100% / 8h	2h 48m	$415K	$1.6M	10x
Short	ApeX Omni PENDLEUSDT	2.5150	−0.0001	pay 0.0000% / 1h	48m 39s	$77K	$239K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against GRVT. 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 GRVTbpFee ApeX OmnibpOrdersPrice spread, now −0.054%Rate

Funding earned: −$21.15
Price spread: −0.054% → +0.055%: −$10.86
Slippage, 4 orders: −$46.7
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$97.71
Costs to cover: 0.657%
Break-even: never at this rate

Slippage from GRVT: live order book, 5 min ago; ApeX Omni: live order book, 37 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 GRVT live order book, 5 min ago	1.59 bp	20.9 bp −$21	1707.8 bp −$17.1K	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 37 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	−1.206%	$2K	$7K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0430%	1h	2.5179	+0.060%	$145K	$274K	20x	as long as short
ApeX Omni PENDLEUSDTshort	−0.0001%	1h	2.5150	−0.054%	$77K	$239K	50x
dYdX PENDLE-USD	0.0000%	1h	2.5210	+0.185%	$11K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.5203	+0.157%	$30K	$10K	10x	as long as short
Variational Omni PENDLE	+0.0011%	8h	2.5135	−0.113%	$608K	$2.3M	—	as long as short
Reya PENDLERUSDPERP	+0.0034%	1h	2.5192	+0.113%	$4K	—	15x	as long as short
Orderly PERP_PENDLE_USDC	+0.0035%	8h	2.5195	+0.125%	$23K	$8K	10x	as long as short
MEXC PENDLE_USDT	+0.0037%	8h	2.5202	+0.153%	$16.9M	$2.2M	125x	as long as short
Binance PENDLEUSDT	+0.0039%	8h	2.5200	+0.145%	$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	2.5197	+0.132%	$165K	$524K	10x	as long as short
BloFin PENDLE-USDT	+0.0065%	8h	2.5181	+0.069%	$1.3M	$784K	75x	as long as short
Aster PENDLEUSDT	+0.0088%	8h	2.5205	+0.163%	$41K	$177K	10x	as long as short
Aevo PENDLE-PERP	+0.0088%	1h	2.5194	+0.119%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5201	+0.149%	$552K	$376K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5202	+0.151%	$35K	$22K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5236	+0.288%	$12.4M	$5.6M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5176	+0.049%	$15.6M	$12.3M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5200	+0.145%	$3.2M	$5.6M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5190	+0.105%	$848K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5204	+0.161%	$909K	$608K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5187	+0.093%	$3.8M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5205	+0.165%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5188	+0.099%	$25K	$412K	10x	as long as short
GRVT PENDLE_USDT_Perplong	+0.0100%	8h	2.5164	long leg	$415K	$1.6M	10x
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5214	+0.200%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5206	+0.169%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5199	+0.143%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5260	+0.383%	$118K	$440K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0884%	1h	2.5250	+0.343%	$366K	$466K	15x	as long as short