Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0170%/8h= +18.6% APRpaid last 24h +0.005%

Price spread now: ApeX Omni against MEXC+0.105%81s7-day average +0.050% · you sell dearer than you buy

Net, funding: paid 7d − costs−$47as 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−$400.400% of the position

Long on MEXC Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days−0.067%−$7 on $10k

Price spread, last 4 days (all we have)+0.296%+$30 · spread now +0.105%, 7d avg +0.050%

Together, before fees+0.229%+$23 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and ApeX Omni is 0.055% dearer against MEXC than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.050%. Mind the row above: over the last 7 days funding on this pair cost −0.067%, so the current rate has only just turned in your favour. The two prices were read 81 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	MEXC PENDLE_USDT	2.4648	−0.0070	get 0.0070% / 8h	4h 50m	$17.4M	$1.9M	125x
Short	ApeX Omni PENDLEUSDT	2.4674	0.0100	get 0.0013% / 1h	50m 18s	$75K	$235K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against MEXC. 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 MEXCbpFee ApeX OmnibpOrdersPrice spread, now +0.105%Rate

Funding earned: $35.7
Price spread: +0.105% → +0.050%: $5.5
Slippage, 4 orders: −$25.98
Fee MEXC: 2 bp × 2 orders: −$4
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: $1.22
Costs to cover: 0.400%
Break-even: 6.8 days

Slippage from MEXC: live order book, 3 min ago; ApeX Omni: live order book, 6 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 MEXC live order book, 3 min ago	1.42 bp	5.0 bp −$5	32.6 bp −$326	91.7 bp −$9,169	doesn't fit
Sell ApeX Omni live order book, 6 min ago	6.87 bp	14.7 bp −$15	107.1 bp −$1,071	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	−0.4334%	1h	2.4430	−0.884%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0115%	1h	2.4656	+0.032%	$25K	$14K	10x	as long as short
Extended PENDLE-USD	−0.0072%	1h	2.4630	−0.072%	$161K	$570K	10x	as long as short
Binance PENDLEUSDT	−0.0071%	8h	2.4640	−0.032%	$26.2M	$43.9M	75x	as long as short
MEXC PENDLE_USDTlong	−0.0070%	8h	2.4648	long leg	$17.4M	$1.9M	125x
BloFin PENDLE-USDT	−0.0058%	8h	2.4635	−0.053%	$1.3M	$650K	75x	as long as short
Aster PENDLEUSDT	−0.0046%	8h	2.4663	+0.059%	$47K	$178K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0035%	8h	2.4650	+0.008%	$19K	$15K	10x	as long as short
Gate PENDLE_USDT	−0.0026%	8h	2.4660	+0.049%	$716K	$1.1M	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4666	+0.071%	$10K	—	5x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni PENDLE	+0.0034%	8h	2.4626	−0.091%	$563K	$1.7M	—	as long as short
Reya PENDLERUSDPERP	+0.0063%	1h	2.4654	+0.024%	$3K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4632	−0.067%	$26K	—	3x	as long as short
GRVT PENDLE_USDT_Perp	+0.0081%	8h	2.4685	+0.150%	$412K	$1.8M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4651	+0.012%	$526K	$414K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4644	−0.017%	$34K	$13K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4640	−0.032%	$14.6M	$12.3M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4650	+0.008%	$3.1M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4658	+0.041%	$873K	$580K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4656	+0.032%	$3.7M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4654	+0.024%	—	$8.6M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4687	+0.156%	$24K	$377K	10x	as long as short
ApeX Omni PENDLEUSDTshort	+0.0100%	1h	2.4674	+0.105%	$75K	$235K	50x
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4672	+0.097%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4649	+0.004%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4659	+0.043%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0310%	1h	2.4697	+0.200%	$12.6M	$6.1M	5x	as long as short
Backpack PENDLE_USDC_PERP	+0.0420%	1h	2.4691	+0.174%	$355K	$477K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0608%	1h	2.4660	+0.049%	$146K	$491K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1177%	1h	2.4700	+0.210%	$115K	$278K	20x	as long as short