Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.012%

Price spread now: BingX against ApeX Omni−0.053%98s7-day average −0.079% · you buy dearer than you sell

Net, funding: paid 7d − costs−$44as 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−$550.553% of the position

Long on ApeX Omni Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.118%+$12 on $10k

Price spread, last 4 days (all we have)−0.370%−$37 · spread now −0.053%, 7d avg −0.079%

Together, before fees−0.252%−$25 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: BingX is 0.026% dearer against ApeX Omni than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of −0.079%. The two prices were read 98 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	ApeX Omni PENDLEUSDT	2.4642	0.0100	pay 0.0013% / 1h	21m 48s	$75K	$235K	50x
Short	BingX PENDLE-USDT	2.4629	0.0100	get 0.0100% / 8h	4h 21m	—	$8.5M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against ApeX Omni. 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 ApeX OmnibpFee BingXbpOrdersPrice spread, now −0.053%Rate

Funding earned: $0
Price spread: −0.053% → −0.079%: $2.61
Slippage, 4 orders: −$35.34
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$52.73
Costs to cover: 0.553%
Break-even: never at this rate

Slippage from ApeX Omni: live order book, 35 min ago; BingX: live order book, 1 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 ApeX Omni live order book, 35 min ago	6.87 bp	14.5 bp −$14	99.5 bp −$995	doesn't fit	doesn't fit
Sell BingX live order book, 1 min ago	4.26 bp	13.0 bp −$13	23.2 bp −$232	132.5 bp −$13.3K	401.6 bp −$200.8K

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	2.4340	−1.226%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0156%	1h	2.4638	−0.016%	$25K	$14K	10x	as long as short
Gate PENDLE_USDT	−0.0069%	8h	2.4620	−0.089%	$718K	$1.1M	75x	as long as short
BloFin PENDLE-USDT	−0.0062%	8h	2.4628	−0.057%	$1.1M	$604K	75x	as long as short
Extended PENDLE-USD	−0.0056%	1h	2.4618	−0.099%	$159K	$574K	10x	as long as short
Binance PENDLEUSDT	−0.0055%	8h	2.4630	−0.050%	$26.1M	$43.6M	75x	as long as short
MEXC PENDLE_USDT	−0.0053%	8h	2.4632	−0.041%	$17.3M	$2.0M	125x	as long as short
Aster PENDLEUSDT	−0.0041%	8h	2.4661	+0.079%	$47K	$179K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0037%	8h	2.4632	−0.041%	$19K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4645	+0.011%	$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	+0.0048%	8h	2.4650	+0.034%	$553K	$1.5M	—	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4627	−0.061%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0065%	1h	2.4637	−0.019%	$3K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4636	−0.024%	$516K	$424K	5x	as long as short
GRVT PENDLE_USDT_Perp	+0.0096%	8h	2.4681	+0.157%	$408K	$1.9M	10x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4621	−0.087%	$34K	$13K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4630	−0.049%	$14.6M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4640	−0.008%	$3.1M	$6.1M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4634	−0.032%	$866K	$576K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4624	−0.073%	$3.7M	$2.3M	75x	as long as short
BingX PENDLE-USDTshort	+0.0100%	8h	2.4629	−0.053%	—	$8.5M	—
edgeX PENDLEUSDC	+0.0100%	4h	2.4644	+0.006%	$24K	$376K	10x	as long as short
ApeX Omni PENDLEUSDTlong	+0.0100%	1h	2.4642	long leg	$75K	$235K	50x
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4655	+0.053%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4660	+0.073%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4644	+0.009%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0364%	1h	2.4671	+0.118%	$12.7M	$6.0M	5x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0608%	1h	2.4820	+0.722%	$148K	$497K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0719%	1h	2.4671	+0.118%	$357K	$467K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1179%	1h	2.4674	+0.131%	$115K	$269K	20x	as long as short