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: ApeX Omni against KuCoin−0.247%112s7-day average +0.060% · you buy dearer than you sell

Net, funding: paid 7d − costs−$121as 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−$1061.056% of the position

Long on KuCoin Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days−0.152%−$15 on $10k

Price spread, last 4 days (all we have)+0.636%+$64 · spread now −0.247%, 7d avg +0.060%

Together, before fees+0.484%+$48 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: ApeX Omni is 0.307% cheaper against KuCoin than usual: you would sell low and buy high, −$31 on $10k if it goes back to its 7-day average of +0.060%. The two prices were read 112 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	KuCoin PENDLEUSDTM	2.4664	0.0100	pay 0.0100% / 8h	4h 13m	$867K	$559K	50x
Short	ApeX Omni PENDLEUSDT	2.4603	0.0100	get 0.0013% / 1h	13m 38s	$75K	$235K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against KuCoin. 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 KuCoinbpFee ApeX OmnibpOrdersPrice spread, now −0.247%Rate

Funding earned: $0
Price spread: −0.247% → +0.060%: −$30.68
Slippage, 4 orders: −$83.56
Fee KuCoin: 6 bp × 2 orders: −$12
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$136.25
Costs to cover: 1.056%
Break-even: never at this rate

Slippage from KuCoin: live order book, 26 min ago; ApeX Omni: live order book, 43 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 KuCoin live order book, 26 min ago	9.52 bp	47.4 bp −$47	149.0 bp −$1,490	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 43 min ago	6.87 bp	14.7 bp −$15	107.1 bp −$1,071	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	−0.4334%	1h	2.4340	−1.314%	$2K	$54K	5.5x	as long as short
Extended PENDLE-USD	−0.0064%	1h	2.4655	−0.038%	$159K	$574K	10x	as long as short
Binance PENDLEUSDT	−0.0061%	8h	2.4667	+0.014%	$26.1M	$43.5M	75x	as long as short
MEXC PENDLE_USDT	−0.0060%	8h	2.4674	+0.041%	$17.4M	$2.0M	125x	as long as short
Gate PENDLE_USDT	−0.0056%	8h	2.4630	−0.138%	$718K	$1.1M	75x	as long as short
Aster PENDLEUSDT	−0.0049%	8h	2.4647	−0.070%	$47K	$179K	10x	as long as short
BloFin PENDLE-USDT	−0.0045%	8h	2.4631	−0.134%	$1.1M	$605K	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0037%	8h	2.4640	−0.097%	$19K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4677	+0.052%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4649	−0.061%	$25K	$14K	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	+0.0054%	8h	2.4606	−0.236%	$553K	$1.4M	—	as long as short
GRVT PENDLE_USDT_Perp	+0.0064%	8h	2.4622	−0.172%	$410K	$1.9M	10x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4625	−0.160%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0065%	1h	2.4640	−0.095%	$3K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4650	−0.057%	$517K	$424K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4663	−0.003%	$34K	$13K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4657	−0.028%	$14.6M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4680	+0.065%	$3.1M	$6.1M	50x	as long as short
KuCoin PENDLEUSDTMlong	+0.0100%	8h	2.4664	long leg	$867K	$559K	50x
Bitget PENDLEUSDT	+0.0100%	8h	2.4655	−0.036%	$3.7M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4652	−0.049%	—	$8.5M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4622	−0.172%	$24K	$379K	10x	as long as short
ApeX Omni PENDLEUSDTshort	+0.0100%	1h	2.4603	−0.247%	$75K	$235K	50x
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4666	+0.008%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4661	−0.012%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4647	−0.068%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0339%	1h	2.4701	+0.150%	$12.8M	$6.0M	5x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0608%	1h	2.4820	+0.633%	$148K	$497K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0724%	1h	2.4690	+0.105%	$357K	$465K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1178%	1h	2.4688	+0.098%	$115K	$268K	20x	as long as short