Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.012%

Price spread now: OKX against ApeX Omni−0.639%60s7-day average −0.105% · you buy dearer than you sell

Net, funding: paid 7d − costs−$48as 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−$610.610% of the position

Long on ApeX Omni Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.130%+$13 on $10k

Price spread, last 4 days (all we have)−0.148%−$15 · spread now −0.639%, 7d avg −0.105%

Together, before fees−0.018%−$2 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: OKX is 0.534% cheaper against ApeX Omni than usual: you would sell low and buy high, −$53 on $10k if it goes back to its 7-day average of −0.105%. The two prices were read 60 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	2.4869	0.0100	pay 0.0013% / 1h	4m 26s	$76K	$235K	50x
Short	OKX PENDLE-USDT-SWAP	2.4710	0.0100	get 0.0050% / 4h	1h 04m	$3.1M	$6.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.639%Rate

Funding earned: $0
Price spread: −0.639% → −0.105%: −$53.4
Slippage, 4 orders: −$41.04
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$114.44
Costs to cover: 0.610%
Break-even: never at this rate

Slippage from ApeX Omni: live order book, 57 min ago; OKX: live order book, 3 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, 57 min ago	6.78 bp	14.0 bp −$14	116.0 bp −$1,160	doesn't fit	doesn't fit
Sell OKX live order book, 3 min ago	2.02 bp	16.2 bp −$16	65.9 bp −$659	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	−0.4938%	1h	2.4720	−0.599%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0235%	1h	2.4729	−0.563%	$25K	$14K	10x	as long as short
Binance PENDLEUSDT	−0.0076%	8h	2.4718	−0.607%	$26.4M	$43.7M	75x	as long as short
MEXC PENDLE_USDT	−0.0075%	8h	2.4719	−0.603%	$17.3M	$1.9M	125x	as long as short
Extended PENDLE-USD	−0.0072%	1h	2.4715	−0.618%	$162K	$570K	10x	as long as short
BloFin PENDLE-USDT	−0.0070%	8h	2.4716	−0.615%	$1.3M	$651K	75x	as long as short
Aster PENDLEUSDT	−0.0042%	8h	2.4702	−0.673%	$47K	$177K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0035%	8h	2.4723	−0.587%	$19K	$15K	10x	as long as short
Gate PENDLE_USDT	−0.0004%	8h	2.4710	−0.639%	$718K	$1.1M	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4740	−0.519%	$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	+0.0027%	8h	2.4745	−0.498%	$562K	$1.8M	—	as long as short
Reya PENDLERUSDPERP	+0.0061%	1h	2.4707	−0.653%	$3K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4705	−0.657%	$26K	—	3x	as long as short
GRVT PENDLE_USDT_Perp	+0.0083%	8h	2.4872	+0.012%	$411K	$1.8M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4730	−0.559%	$528K	$418K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4721	−0.596%	$35K	$15K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4751	−0.473%	$12.6M	$6.0M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4691	−0.716%	$14.7M	$12.3M	50x	as long as short
OKX PENDLE-USDT-SWAPshort	+0.0100%	4h	2.4710	−0.639%	$3.1M	$6.1M	50x
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4724	−0.583%	$836K	$574K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4702	−0.672%	$3.7M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4714	−0.623%	—	$33.6M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4803	−0.264%	$24K	$378K	10x	as long as short
ApeX Omni PENDLEUSDTlong	+0.0100%	1h	2.4869	long leg	$76K	$235K	50x
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4741	−0.515%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4721	−0.595%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0331%	1h	2.4734	−0.542%	$7K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0552%	1h	2.4740	−0.519%	$147K	$491K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0744%	1h	2.4771	−0.394%	$357K	$490K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0757%	1h	2.4775	−0.378%	$115K	$278K	20x	as long as short