PENDLE

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0980%/8h= −107.3% APRnext payment −$1.23 per $10,000 · paid last 24h −0.120%

Price spread now: ApeX Omni against Backpack−0.502%7-day average −0.090% · you buy dearer than you sell

Net, funding: paid 7d − costs−$123as in the Funding arb table

Net, price: spread back to 7d avg − costs−$82as in the Price arb table

costs, in and out, $10k−$400.404% of the position

Long on Backpack Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days−0.829%−$83 on $10k

Price spread, last 3 days (all we have)+0.606%+$61 · spread now −0.502%, 7d avg −0.090%

Together, before fees−0.223%−$22 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$29 a day on $10k at the current rate, and ApeX Omni is 0.412% cheaper against Backpack than usual: you would sell low and buy high (−$41 if the spread goes back to its 7-day average of −0.090%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack PENDLE_USDC_PERP	2.5486	0.0900	pay 0.0112% / 1h	9m 17s	$357K	$488K	15x
Short	ApeX Omni PENDLEUSDT	2.5358	−0.0081	pay 0.0010% / 1h	9m 17s	$77K	$237K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Backpack. 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 BackpackbpFee ApeX OmnibpOrdersPrice spread, now −0.502%Rate

Funding earned: −$205.85
Price spread: −0.502% → −0.090%: −$41.21
Slippage, 4 orders: −$20.44
Fee Backpack: 5 bp × 2 orders: −$10
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$287.5
Costs to cover: 0.404%
Break-even: never at this rate

Slippage from Backpack: live order book, 64 min ago; ApeX Omni: live order book, 62 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 Backpack live order book, 64 min ago	1.39 bp	7.2 bp −$7	33.0 bp −$330	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 62 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	−0.4643%	1h	2.5030	−1.789%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0417%	1h	2.5456	−0.118%	$26K	$14K	10x	as long as short
Bybit PENDLEUSDT	−0.0207%	8h	2.5407	−0.310%	$15.6M	$12.0M	50x	as long as short
GRVT PENDLE_USDT_Perp	−0.0133%	8h	2.5346	−0.549%	$419K	$1.7M	10x	as long as short
Binance PENDLEUSDT	−0.0098%	8h	2.5417	−0.270%	$27.5M	$42.7M	75x	as long as short
MEXC PENDLE_USDT	−0.0097%	8h	2.5449	−0.145%	$17.2M	$1.9M	125x	as long as short
Extended PENDLE-USD	−0.0096%	1h	2.5439	−0.185%	$165K	$565K	10x	as long as short
ApeX Omni PENDLEUSDTshort	−0.0081%	1h	2.5358	−0.502%	$77K	$237K	50x
BloFin PENDLE-USDT	−0.0080%	8h	2.5430	−0.220%	$1.3M	$677K	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0025%	8h	2.5453	−0.129%	$20K	$16K	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	−0.0024%	8h	2.5356	−0.511%	$611K	$1.8M	—	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5455	−0.121%	$11K	—	5x	as long as short
Aster PENDLEUSDT	+0.0046%	8h	2.5456	−0.117%	$48K	$174K	10x	as long as short
Reya PENDLERUSDPERP	+0.0051%	1h	2.5450	−0.142%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0056%	1h	2.5448	−0.151%	$27K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5444	−0.165%	$541K	$418K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5428	−0.229%	$36K	$18K	10x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5390	−0.377%	$3.3M	$6.1M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5450	−0.141%	$793K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5441	−0.177%	$886K	$589K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5445	−0.161%	$3.9M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5448	−0.149%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5355	−0.514%	$25K	$380K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5470	−0.063%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5452	−0.133%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0203% / S −0.0382%	1h	2.5468	−0.071%	$7K	—	100x	as long as short
Hyperliquid PENDLE	+0.0363%	1h	2.5513	+0.106%	$13.2M	$6.3M	5x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0611%	1h	2.5498	+0.049%	$119K	$292K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0728%	1h	2.5440	−0.180%	$144K	$463K	25x	as long as short
Backpack PENDLE_USDC_PERPlong	+0.0900%	1h	2.5486	long leg	$357K	$488K	15x