Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0185%/8h= −20.3% APRpaid last 24h −0.006%

Price spread now: ApeX Omni against KuCoin−0.503%67s7-day average +0.058% · you buy dearer than you sell

Net, funding: paid 7d − costs−$136as 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−$1221.215% of the position

Long on KuCoin Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days−0.146%−$15 on $10k

Price spread, last 3 days (all we have)+0.744%+$74 · spread now −0.503%, 7d avg +0.058%

Together, before fees+0.598%+$60 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and ApeX Omni is 0.561% cheaper against KuCoin than usual: you would sell low and buy high (−$56 if the spread goes back to its 7-day average of +0.058%). Swap the legs. The two prices were read 67 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	KuCoin PENDLEUSDTM	2.5256	0.0100	pay 0.0100% / 8h	7h 58m	$887K	$600K	50x
Short	ApeX Omni PENDLEUSDT	2.5129	−0.0085	pay 0.0011% / 1h	58m 26s	$77K	$239K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against KuCoin. 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 KuCoinbpFee ApeX OmnibpOrdersPrice spread, now −0.503%Rate

Funding earned: −$38.91
Price spread: −0.503% → +0.058%: −$56.11
Slippage, 4 orders: −$99.53
Fee KuCoin: 6 bp × 2 orders: −$12
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$216.55
Costs to cover: 1.215%
Break-even: never at this rate

Slippage from KuCoin: live order book, 66 min ago; ApeX Omni: live order book, 13 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 KuCoin live order book, 66 min ago	8.40 bp	62.9 bp −$63	213.7 bp −$2,137	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 13 min ago	4.18 bp	12.0 bp −$12	94.5 bp −$945	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	−0.4643%	1h	2.4940	−1.251%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.2596%	1h	2.5224	−0.127%	$28K	$11K	10x	as long as short
Bybit PENDLEUSDT	−0.1206%	8h	2.5217	−0.154%	$15.6M	$12.0M	50x	as long as short
Gate PENDLE_USDT	−0.0574%	8h	2.5240	−0.063%	$780K	$1.2M	75x	as long as short
ApeX Omni PENDLEUSDTshort	−0.0085%	1h	2.5129	−0.503%	$77K	$239K	50x
Extended PENDLE-USD	−0.0072%	1h	2.5197	−0.233%	$166K	$524K	10x	as long as short
MEXC PENDLE_USDT	−0.0072%	8h	2.5249	−0.028%	$17.1M	$1.8M	125x	as long as short
Binance PENDLEUSDT	−0.0070%	8h	2.5227	−0.116%	$27.3M	$42.4M	75x	as long as short
BloFin PENDLE-USDT	−0.0057%	8h	2.5275	+0.075%	$1.3M	$712K	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0011%	8h	2.5292	+0.143%	$20K	$16K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX PENDLE-USD	0.0000%	1h	2.5256	+0.002%	$11K	—	5x	as long as short
GRVT PENDLE_USDT_Perp	+0.0015%	8h	2.5166	−0.356%	$426K	$1.6M	10x	as long as short
Variational Omni PENDLE	+0.0019%	8h	2.5102	−0.611%	$598K	$1.9M	—	as long as short
Reya PENDLERUSDPERP	+0.0047%	1h	2.5239	−0.068%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.5279	+0.090%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5227	−0.115%	$532K	$407K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5237	−0.074%	$35K	$18K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5283	+0.107%	$12.8M	$6.2M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5250	−0.024%	$47K	$178K	10x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5220	−0.143%	$3.2M	$6.0M	50x	as long as short
KuCoin PENDLEUSDTMlong	+0.0100%	8h	2.5256	long leg	$887K	$600K	50x
Bitget PENDLEUSDT	+0.0100%	8h	2.5226	−0.119%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5220	−0.143%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5126	−0.515%	$25K	$383K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5257	+0.004%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5180	−0.301%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5236	−0.078%	$5K	—	100x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0614%	1h	2.5343	+0.344%	$119K	$298K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0728%	1h	2.5270	+0.055%	$141K	$448K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.1395%	1h	2.5347	+0.360%	$333K	$488K	15x	as long as short