Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0190%/8h= −20.8% APRpaid last 24h −0.006%

Price spread now: ApeX Omni against OKX−0.203%70s7-day average +0.103% · you buy dearer than you sell

Net, funding: paid 7d − costs−$71as 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−$580.584% of the position

Long on OKX Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days−0.122%−$12 on $10k

Price spread, last 3 days (all we have)+0.520%+$52 · spread now −0.203%, 7d avg +0.103%

Together, before fees+0.398%+$40 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 0.306% cheaper against OKX than usual: you would sell low and buy high (−$31 if the spread goes back to its 7-day average of +0.103%). Swap the legs. The two prices were read 70 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.122% in total (about -6.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX PENDLE-USDT-SWAP	2.5170	0.0100	pay 0.0050% / 4h	4m 24s	$3.2M	$6.0M	50x
Short	ApeX Omni PENDLEUSDT	2.5119	−0.0090	pay 0.0011% / 1h	4m 24s	$77K	$239K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against OKX. 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 OKXbpFee ApeX OmnibpOrdersPrice spread, now −0.203%Rate

Funding earned: −$39.8
Price spread: −0.203% → +0.103%: −$30.56
Slippage, 4 orders: −$38.44
Fee OKX: 5 bp × 2 orders: −$10
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$128.79
Costs to cover: 0.584%
Break-even: never at this rate

Slippage from OKX: live order book, 3 min ago; ApeX Omni: live order book, 7 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 OKX live order book, 3 min ago	3.98 bp	18.0 bp −$18	75.7 bp −$757	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 7 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	−0.5000%	1h	2.4940	−0.914%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0148%	1h	2.5122	−0.191%	$28K	$11K	10x	as long as short
ApeX Omni PENDLEUSDTshort	−0.0090%	1h	2.5119	−0.203%	$77K	$239K	50x
Binance PENDLEUSDT	−0.0074%	8h	2.5167	−0.012%	$27.2M	$42.3M	75x	as long as short
MEXC PENDLE_USDT	−0.0073%	8h	2.5170	0.000%	$17.1M	$1.9M	125x	as long as short
Extended PENDLE-USD	−0.0072%	1h	2.5140	−0.121%	$165K	$528K	10x	as long as short
BloFin PENDLE-USDT	−0.0055%	8h	2.5103	−0.266%	$1.3M	$707K	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0010%	8h	2.5167	−0.012%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5143	−0.106%	$11K	—	5x	as long as short
GRVT PENDLE_USDT_Perp	+0.0016%	8h	2.5177	+0.028%	$417K	$1.6M	10x	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	+0.0021%	8h	2.5077	−0.371%	$596K	$1.9M	—	as long as short
Reya PENDLERUSDPERP	+0.0047%	1h	2.5157	−0.050%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.5158	−0.048%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5139	−0.123%	$530K	$416K	5x	as long as short
Aster PENDLEUSDT	+0.0098%	8h	2.5139	−0.121%	$47K	$178K	10x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5142	−0.111%	$35K	$18K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5150	−0.079%	$15.5M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAPlong	+0.0100%	4h	2.5170	long leg	$3.2M	$6.0M	50x
Gate PENDLE_USDT	+0.0100%	8h	2.5110	−0.238%	$775K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5144	−0.103%	$883K	$600K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5142	−0.111%	$3.7M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5147	−0.091%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5130	−0.161%	$25K	$382K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5178	+0.032%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5119	−0.203%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5120	−0.197%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0292%	1h	2.5206	+0.143%	$12.8M	$6.2M	5x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0596%	1h	2.5165	−0.021%	$119K	$298K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.5340	+0.675%	$141K	$449K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0675%	1h	2.5160	−0.040%	$331K	$489K	15x	as long as short