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% APRnext payment +$0.00 per $10,000 · paid last 24h −0.018%

Price spread now: ApeX Omni against Hyperliquid−0.004%105s7-day average −0.046% · you buy dearer than you sell

Net, funding: paid 7d − costs−$68as 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−$520.522% of the position

Long on Hyperliquid Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days−0.159%−$16 on $10k

Price spread, last 3 days (all we have)+0.453%+$45 · spread now −0.004%, 7d avg −0.046%

Together, before fees+0.294%+ Points / potential airdropHyperliquid: Season 2 · farm board+$29 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 0.042% dearer against Hyperliquid than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of −0.046%. The two prices were read 105 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	Hyperliquid PENDLE	2.5237	0.0100	pay 0.0013% / 1h	17m 52s	$12.4M	$5.6M	5x
Short	ApeX Omni PENDLEUSDT	2.5236	0.0100	get 0.0013% / 1h	17m 52s	$77K	$240K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Hyperliquid. 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 HyperliquidbpFee ApeX OmnibpOrdersPrice spread, now −0.004%Rate

Funding earned: $0
Price spread: −0.004% → −0.046%: $4.17
Slippage, 4 orders: −$33.17
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$48
Costs to cover: 0.522%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 5 min ago; ApeX Omni: live order book, 4 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 Hyperliquid live order book, 5 min ago	2.37 bp	13.3 bp −$13	doesn't fit	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 4 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	2.5210	−0.107%	$49K	$30K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0428%	1h	2.5279	+0.167%	$150K	$279K	20x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0344%	1h	2.5220	−0.067%	$30K	$10K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5229	−0.030%	$11K	—	5x	as long as short
Orderly PERP_PENDLE_USDC	+0.0034%	8h	2.5218	−0.075%	$25K	$11K	10x	as long as short
Reya PENDLERUSDPERP	+0.0036%	1h	2.5219	−0.070%	$4K	—	15x	as long as short
Binance PENDLEUSDT	+0.0046%	8h	2.5194	−0.170%	$27.4M	$39.3M	75x	as long as short
Extended PENDLE-USD	+0.0048%	1h	2.5191	−0.184%	$166K	$524K	10x	as long as short
MEXC PENDLE_USDT	+0.0051%	8h	2.5195	−0.166%	$17.0M	$2.3M	125x	as long as short
Variational Omni PENDLE	+0.0053%	8h	2.5229	−0.033%	$621K	$2.3M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin PENDLE-USDT	+0.0069%	8h	2.5221	−0.063%	$1.3M	$747K	75x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5200	−0.147%	$547K	$396K	5x	as long as short
Aevo PENDLE-PERP	+0.0096%	1h	2.5216	−0.083%	$26K	—	3x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5208	−0.113%	$35K	$22K	10x	as long as short
Hyperliquid PENDLElong	+0.0100%	1h	2.5237	long leg	$12.4M	$5.6M	5x
Aster PENDLEUSDT	+0.0100%	8h	2.5200	−0.146%	$41K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5190	−0.186%	$15.6M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5200	−0.147%	$3.2M	$5.7M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5220	−0.067%	$842K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5221	−0.063%	$917K	$611K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5218	−0.075%	$3.7M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5201	−0.143%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5246	+0.035%	$25K	$411K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5266	+0.117%	$426K	$1.6M	10x	as long as short
ApeX Omni PENDLEUSDTshort	+0.0100%	1h	2.5236	−0.004%	$77K	$240K	50x
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5235	−0.008%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5226	−0.044%	$1K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5229	−0.032%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5360	+0.487%	$117K	$428K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0845%	1h	2.5263	+0.103%	$365K	$464K	15x	as long as short