PENDLE

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0705%/8h= +77.2% APRnext payment +$0.88 per $10,000 · paid last 24h +0.149%

Price spread now: Backpack against ApeX Omni+1.466%7-day average +0.089% · you sell dearer than you buy

Net, funding: paid 7d − costs+$41as in the Funding arb table

Net, price: spread back to 7d avg − costs+$92as in the Price arb table

costs, in and out, $10k−$450.453% of the position

Long on ApeX Omni Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.864%+$86 on $10k

Price spread, last 4 days (all we have)−1.598%−$160 · spread now +1.466%, 7d avg +0.089%

Together, before fees−0.734%−$73 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$21 a day on $10k at the current rate, and Backpack is 1.377% dearer against ApeX Omni than usual: you sell high and buy low: +$138 more if the spread goes back to its 7-day average of +0.089%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni PENDLEUSDT	2.4490	0.0100	pay 0.0013% / 1h	18m 33s	$74K	$234K	50x
Short	Backpack PENDLE_USDC_PERP	2.4849	0.0805	get 0.0101% / 1h	18m 33s	$360K	$402K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack 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 BackpackbpOrdersPrice spread, now +1.466%Rate

Funding earned: $148.04
Price spread: +1.466% → +0.089%: $137.66
Slippage, 4 orders: −$25.31
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: $240.38
Costs to cover: 0.453%
Break-even: from the start

Slippage from ApeX Omni: live order book, 28 min ago; Backpack: live order book, 30 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, 28 min ago	6.34 bp	14.3 bp −$14	99.8 bp −$998	doesn't fit	doesn't fit
Sell Backpack live order book, 30 min ago	1.83 bp	7.2 bp −$7	26.4 bp −$264	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	−0.3926%	1h	2.4200	−1.184%	$2K	$54K	5.5x	as long as short
Orderly PERP_PENDLE_USDC	−0.0035%	8h	2.4761	+1.107%	$19K	$15K	10x	as long as short
Gate PENDLE_USDT	−0.0013%	8h	2.4830	+1.388%	$733K	$1.1M	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4793	+1.236%	$10K	—	5x	as long as short
BloFin PENDLE-USDT	+0.0011%	8h	2.4787	+1.213%	$1.1M	$609K	75x	as long as short
Extended PENDLE-USD	+0.0032%	1h	2.4803	+1.279%	$159K	$577K	10x	as long as short
MEXC PENDLE_USDT	+0.0035%	8h	2.4819	+1.343%	$17.6M	$2.0M	125x	as long as short
Binance PENDLEUSDT	+0.0042%	8h	2.4836	+1.415%	$26.2M	$44.5M	75x	as long as short
Reya PENDLERUSDPERP	+0.0075%	1h	2.4757	+1.089%	$3K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0088%	1h	2.4751	+1.064%	$26K	—	3x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter PENDLE	+0.0096%	1h	2.4812	+1.315%	$526K	$426K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4826	+1.373%	$35K	$9K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4850	+1.470%	$12.8M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4803	+1.280%	$47K	$171K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4836	+1.413%	$14.5M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4850	+1.470%	$3.2M	$6.6M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4827	+1.376%	$879K	$558K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4823	+1.360%	$3.7M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4811	+1.311%	—	$8.4M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4491	+0.003%	$551K	$1.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4507	+0.071%	$24K	$373K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.4500	+0.041%	$410K	$2.2M	10x	as long as short
ApeX Omni PENDLEUSDTlong	+0.0100%	1h	2.4490	long leg	$74K	$234K	50x
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4777	+1.172%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4777	+1.172%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4755	+1.082%	$5K	—	100x	as long as short
Deribit PENDLE_USDC-PERPETUAL	+0.0356%	1h	2.4772	+1.151%	$24K	$15K	10x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.4820	+1.347%	$158K	$530K	25x	as long as short
Backpack PENDLE_USDC_PERPshort	+0.0805%	1h	2.4849	+1.466%	$360K	$402K	15x
Kraken Futures PF_PENDLEUSD	+0.1175%	1h	2.4840	+1.430%	$116K	$262K	20x	as long as short