Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0068%/8h= +7.4% APRpaid last 24h −0.019%

Price spread now: Bybit against ApeX Omni+0.103%7-day average −0.095% · you sell dearer than you buy

Net, funding: paid 7d − costs−$64as in the Funding arb table

Net, price: spread back to 7d avg − costs−$42as in the Price arb table

costs, in and out, $10k−$620.618% of the position

Long on ApeX Omni Short on Bybit

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)−1.520%−$152 · spread now +0.103%, 7d avg −0.095%

Together, before fees−1.538%−$154 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Bybit is 0.198% dearer against ApeX Omni than usual: you sell high and buy low: +$20 more if the spread goes back to its 7-day average of −0.095%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni PENDLEUSDT	2.4225	0.0032	pay 0.0004% / 1h	53m 00s	$74K	$232K	50x
Short	Bybit PENDLEUSDT	2.4250	0.0100	get 0.0100% / 8h	7h 53m	$14.1M	$12.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.103%Rate

Funding earned: $14.23
Price spread: +0.103% → −0.095%: $19.79
Slippage, 4 orders: −$40.81
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$27.79
Costs to cover: 0.618%
Break-even: 20.7 days

Slippage from ApeX Omni: live order book, 43 min ago; Bybit: live order book, 5 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, 43 min ago	6.80 bp	15.0 bp −$15	97.4 bp −$974	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	4.11 bp	16.6 bp −$17	62.7 bp −$627	374.3 bp −$37.4K	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	2.4010	−0.888%	$2K	$54K	5.5x	as long as short
GRVT PENDLE_USDT_Perp	−0.0702%	8h	2.4256	+0.127%	$402K	$2.6M	10x	as long as short
Gate PENDLE_USDT	−0.0651%	8h	2.4260	+0.144%	$767K	$990K	75x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0368%	1h	2.4273	+0.198%	$25K	$16K	10x	as long as short
BloFin PENDLE-USDT	−0.0018%	8h	2.4252	+0.111%	$1.1M	$503K	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0013%	8h	2.4262	+0.153%	$18K	$15K	10x	as long as short
Binance PENDLEUSDT	−0.0003%	8h	2.4264	+0.161%	$25.4M	$46.0M	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4270	+0.185%	$10K	—	5x	as long as short
Extended PENDLE-USD	0.0000%	1h	2.4238	+0.055%	$156K	$924K	10x	as long as short
MEXC PENDLE_USDT	+0.0004%	8h	2.4270	+0.186%	$18.0M	$2.1M	125x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni PENDLEUSDTlong	+0.0032%	1h	2.4225	long leg	$74K	$232K	50x
Aevo PENDLE-PERP	+0.0080%	1h	2.4264	+0.163%	$25K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0086%	1h	2.4274	+0.204%	$3K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4280	+0.227%	$523K	$429K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4229	+0.015%	$34K	$3K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4297	+0.296%	$12.7M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4255	+0.125%	$47K	$168K	10x	as long as short
Bybit PENDLEUSDTshort	+0.0100%	8h	2.4250	+0.103%	$14.1M	$12.0M	50x
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4270	+0.186%	$3.1M	$6.7M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4298	+0.301%	$687K	$618K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4272	+0.194%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4261	+0.149%	—	$8.2M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4246	+0.087%	$565K	$1.2M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4230	+0.021%	$24K	$368K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4278	+0.219%	$16K	$4K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4267	+0.173%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4273	+0.197%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0664%	1h	2.4400	+0.722%	$159K	$512K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0808%	1h	2.4320	+0.392%	$359K	$433K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1276%	1h	2.4331	+0.437%	$115K	$258K	20x	as long as short