Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0016%/8h= +1.7% APRpaid last 24h +0.019%

Price spread now: ApeX Omni against Bybit+0.426%109s7-day average +0.092% · you sell dearer than you buy

Net, funding: paid 7d − costs−$54as 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−$560.556% of the position

Long on Bybit Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days+0.018%+$2 on $10k

Price spread, last 4 days (all we have)+0.233%+$23 · spread now +0.426%, 7d avg +0.092%

Together, before fees+0.251%+$25 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays $0 a day on $10k at the current rate, and ApeX Omni is 0.334% dearer against Bybit than usual: you sell high and buy low: +$33 more if the spread goes back to its 7-day average of +0.092%. The two prices were read 109 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	Bybit PENDLEUSDT	2.4180	−0.0013	get 0.0013% / 8h	7h 31m	$14.1M	$11.9M	50x
Short	ApeX Omni PENDLEUSDT	2.4283	0.0003	get 0.0000% / 1h	31m 44s	$74K	$231K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Bybit. 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 BybitbpFee ApeX OmnibpOrdersPrice spread, now +0.426%Rate

Funding earned: $3.29
Price spread: +0.426% → +0.092%: $33.36
Slippage, 4 orders: −$34.56
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$18.91
Costs to cover: 0.556%
Break-even: 47.2 days

Slippage from Bybit: live order book, 2 min ago; ApeX Omni: live order book, 65 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 Bybit live order book, 2 min ago	4.14 bp	9.6 bp −$10	39.5 bp −$395	277.2 bp −$27.7K	doesn't fit
Sell ApeX Omni live order book, 65 min ago	6.80 bp	14.6 bp −$15	105.7 bp −$1,057	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	−0.3627%	1h	2.3970	−0.868%	$2K	$55K	5.5x	as long as short
GRVT PENDLE_USDT_Perp	−0.1059%	8h	2.4241	+0.251%	$400K	$2.6M	10x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0536%	1h	2.4140	−0.165%	$24K	$16K	10x	as long as short
Gate PENDLE_USDT	−0.0273%	8h	2.4160	−0.083%	$766K	$992K	75x	as long as short
BloFin PENDLE-USDT	−0.0104%	8h	2.4179	−0.004%	$1.1M	$503K	75x	as long as short
Binance PENDLEUSDT	−0.0102%	8h	2.4182	+0.008%	$25.3M	$46.0M	75x	as long as short
MEXC PENDLE_USDT	−0.0099%	8h	2.4180	0.000%	$17.9M	$2.1M	125x	as long as short
Extended PENDLE-USD	−0.0096%	1h	2.4180	+0.001%	$155K	$924K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0015%	8h	2.4141	−0.161%	$18K	$15K	10x	as long as short
Bybit PENDLEUSDTlong	−0.0013%	8h	2.4180	long leg	$14.1M	$11.9M	50x

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX PENDLE-USD	0.0000%	1h	2.4193	+0.052%	$10K	—	5x	as long as short
ApeX Omni PENDLEUSDTshort	+0.0003%	1h	2.4283	+0.426%	$74K	$231K	50x
Aster PENDLEUSDT	+0.0011%	8h	2.4154	−0.108%	$47K	$169K	10x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4083	−0.399%	$25K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0088%	1h	2.4151	−0.120%	$3K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4190	+0.041%	$521K	$429K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4176	−0.015%	$34K	$3K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4220	+0.165%	$12.6M	$6.0M	5x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4200	+0.083%	$3.1M	$6.7M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4173	−0.029%	$684K	$598K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4192	+0.050%	$3.7M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4194	+0.058%	—	$8.3M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4226	+0.190%	$565K	$1.2M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4235	+0.228%	$24K	$369K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4168	−0.050%	$16K	$4K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4174	−0.025%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0151% / S −0.0168%	1h	2.4171	−0.036%	$5K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0646%	1h	2.4200	+0.083%	$357K	$432K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0664%	1h	2.4230	+0.207%	$162K	$515K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1284%	1h	2.4174	−0.026%	$114K	$258K	20x	as long as short