PENDLE

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0321%/8h= +35.2% APRnext payment +$0.40 per $10,000 · paid last 24h +0.027%

Price spread now: Hyperliquid against ApeX Omni+0.294%7-day average +0.051% · you sell dearer than you buy

Net, funding: paid 7d − costs−$34as in the Funding arb table

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

costs, in and out, $10k−$510.513% of the position

Long on ApeX Omni Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.171%+$17 on $10k

Price spread, last 4 days (all we have)−1.817%−$182 · spread now +0.294%, 7d avg +0.051%

Together, before fees−1.646%+ Points / potential airdropHyperliquid: Season 2 · farm board−$165 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Hyperliquid is 0.242% dearer against ApeX Omni than usual: you sell high and buy low: +$24 more if the spread goes back to its 7-day average of +0.051%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.171% in total (about 8.9% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.40 per $10,000. 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	ApeX Omni PENDLEUSDT	2.5204	−0.0221	get 0.0028% / 1h	25m 04s	$77K	$236K	50x
Short	Hyperliquid PENDLE	2.5278	0.0100	get 0.0013% / 1h	25m 04s	$13.0M	$6.4M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.294%Rate

Funding earned: $67.42
Price spread: +0.294% → +0.051%: $24.22
Slippage, 4 orders: −$32.27
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $40.37
Costs to cover: 0.513%
Break-even: 2.8 days

Slippage from ApeX Omni: live order book, 41 min ago; Hyperliquid: live order book, 8 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, 41 min ago	4.16 bp	12.3 bp −$12	84.4 bp −$844	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 8 min ago	1.99 bp	13.3 bp −$13	doesn't fit	doesn't fit	doesn't fit

PENDLE on 29 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	−0.4742%	1h	2.4870	−1.325%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0423%	1h	2.5252	+0.190%	$26K	$14K	10x	as long as short
ApeX Omni PENDLEUSDTlong	−0.0221%	1h	2.5204	long leg	$77K	$236K	50x
Extended PENDLE-USD	−0.0120%	1h	2.5225	+0.084%	$168K	$566K	10x	as long as short
Binance PENDLEUSDT	−0.0118%	8h	2.5220	+0.064%	$27.2M	$43.4M	75x	as long as short
MEXC PENDLE_USDT	−0.0117%	8h	2.5239	+0.139%	$17.5M	$1.8M	125x	as long as short
GRVT PENDLE_USDT_Perp	−0.0103%	8h	2.5234	+0.120%	$426K	$1.7M	10x	as long as short
Bybit PENDLEUSDT	−0.0071%	8h	2.5220	+0.063%	$15.3M	$12.1M	50x	as long as short
Variational Omni PENDLE	−0.0041%	8h	2.5231	+0.106%	$601K	$1.8M	—	as long as short
Orderly PERP_PENDLE_USDC	−0.0037%	8h	2.5240	+0.143%	$20K	$16K	10x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster PENDLEUSDT	−0.0010%	8h	2.5237	+0.133%	$50K	$181K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5261	+0.225%	$11K	—	5x	as long as short
Gate PENDLE_USDT	+0.0028%	8h	2.5240	+0.143%	$767K	$1.2M	75x	as long as short
Aevo PENDLE-PERP	+0.0048%	1h	2.5225	+0.085%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0055%	1h	2.5232	+0.112%	$4K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5244	+0.159%	$537K	$416K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5226	+0.086%	$35K	$16K	10x	as long as short
Hyperliquid PENDLEshort	+0.0100%	1h	2.5278	+0.294%	$13.0M	$6.4M	5x
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5210	+0.024%	$3.2M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5250	+0.183%	$873K	$595K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5219	+0.060%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5218	+0.056%	—	$33.8M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5249	+0.178%	$25K	$378K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5249	+0.179%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5248	+0.175%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0158% / S −0.0256%	1h	2.5251	+0.187%	$7K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0452%	1h	2.5275	+0.282%	$354K	$482K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0632%	1h	2.5260	+0.222%	$145K	$474K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0862%	1h	2.5292	+0.350%	$118K	$290K	20x	as long as short