Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0060%/8h= +6.6% APRpaid last 24h +0.014%

Price spread now: ApeX Omni against Orderly−0.056%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Orderly Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. ApeX Omni is 0.056% cheaper against Orderly than usual: you would sell low and buy high (spread −0.056% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$6 on $10k: about 3.1 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_PENDLE_USDC	2.5192	0.0035	pay 0.0035% / 8h	2h 44m	$23K	$8K	10x
Short	ApeX Omni PENDLEUSDT	2.5178	0.0096	get 0.0012% / 1h	44m 50s	$77K	$239K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Orderly. 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 OrderlybpFee ApeX OmnibpOrdersPrice spread, now −0.056%Rate

Funding earned: $12.62
Price spread: −0.056% → 0.000%: −$5.56
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$8.94
Costs to cover: 0.160%
Break-even: 12.0 days

Slippage unknown: Orderly: no order-book sample; ApeX Omni: live order book, 41 min ago. Net counts fees only.

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 Orderly no order-book sample	—	—	—	—	—
Sell ApeX Omni live order book, 41 min ago	4.71 bp	12.2 bp −$12	91.4 bp −$914	doesn't fit	doesn't fit

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−1.318%	$2K	$7K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0429%	1h	2.5243	+0.201%	$150K	$279K	20x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0067%	1h	2.5193	+0.004%	$30K	$10K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5210	+0.071%	$11K	—	5x	as long as short
Variational Omni PENDLE	+0.0015%	8h	2.5150	−0.166%	$608K	$2.3M	—	as long as short
Reya PENDLERUSDPERP	+0.0034%	1h	2.5185	−0.029%	$4K	—	15x	as long as short
Orderly PERP_PENDLE_USDClong	+0.0035%	8h	2.5192	long leg	$23K	$8K	10x
Extended PENDLE-USD	+0.0040%	1h	2.5105	−0.344%	$165K	$524K	10x	as long as short
MEXC PENDLE_USDT	+0.0040%	8h	2.5141	−0.202%	$16.9M	$2.2M	125x	as long as short
Binance PENDLEUSDT	+0.0040%	8h	2.5138	−0.214%	$27.4M	$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
BloFin PENDLE-USDT	+0.0061%	8h	2.5150	−0.167%	$1.3M	$768K	75x	as long as short
Aevo PENDLE-PERP	+0.0088%	1h	2.5197	+0.019%	$26K	—	3x	as long as short
Aster PENDLEUSDT	+0.0092%	8h	2.5140	−0.207%	$41K	$177K	10x	as long as short
ApeX Omni PENDLEUSDTshort	+0.0096%	1h	2.5178	−0.056%	$77K	$239K	50x
Lighter PENDLE	+0.0096%	1h	2.5150	−0.167%	$551K	$376K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5185	−0.029%	$35K	$22K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5173	−0.075%	$12.4M	$5.6M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5130	−0.246%	$15.5M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5160	−0.127%	$3.3M	$5.6M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5150	−0.167%	$846K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5136	−0.222%	$907K	$607K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5122	−0.278%	$3.7M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5133	−0.234%	—	$36.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5171	−0.083%	$25K	$413K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5162	−0.120%	$415K	$1.6M	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5218	+0.103%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5195	+0.012%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5194	+0.008%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5240	+0.191%	$118K	$438K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0913%	1h	2.5191	−0.004%	$365K	$466K	15x	as long as short