Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC−0.0020%/8hnext payment −$0.02 per $10,000 · paid last 24h +0.007%

Price spread now: Extended against ApeX Omni−0.129%72s7-day average −0.144% · you buy dearer than you sell

Net, funding: paid 7d − costs−$44as 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−$530.525% of the position

Long on ApeX Omni Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.083%+$8 on $10k

Price spread, last 3 days (all we have)−1.395%−$140 · spread now −0.129%, 7d avg −0.144%

Together, before fees−1.312%+ Points / potential airdropExtended: Active · farm board−$131 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.144%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.083%, so the current rate has only just turned against you. The two prices were read 72 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	ApeX Omni PENDLEUSDT	2.5443	0.0100	pay 0.0013% / 1h	6m 18s	$78K	$239K	50x
Short	Extended PENDLE-USD	2.5410	0.0080	get 0.0010% / 1h	6m 18s	$167K	$519K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.129%Rate

Funding earned: −$4.2
Price spread: −0.129% → −0.144%: $1.48
Slippage, 4 orders: −$37.54
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$55.26
Costs to cover: 0.525%
Break-even: never at this rate

Slippage from ApeX Omni: live order book, 24 min ago; Extended: live order book, 26 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, 24 min ago	5.11 bp	11.9 bp −$12	96.6 bp −$966	doesn't fit	doesn't fit
Sell Extended live order book, 26 min ago	1.57 bp	14.2 bp −$14	147.5 bp −$1,475	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	−0.4300%	1h	2.5140	−1.191%	$2K	$7K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0625%	1h	2.5440	−0.012%	$158K	$248K	20x	as long as short
Variational Omni PENDLE	−0.0017%	8h	2.5445	+0.007%	$657K	$2.2M	—	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5465	+0.086%	$11K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.5430	−0.051%	$30K	$11K	10x	as long as short
Aster PENDLEUSDT	+0.0019%	8h	2.5452	+0.034%	$51K	$140K	10x	as long as short
Reya PENDLERUSDPERP	+0.0028%	1h	2.5425	−0.071%	$4K	—	15x	as long as short
Orderly PERP_PENDLE_USDC	+0.0041%	8h	2.5429	−0.055%	$23K	$8K	10x	as long as short
MEXC PENDLE_USDT	+0.0078%	8h	2.5423	−0.079%	$17.0M	$2.2M	125x	as long as short
Binance PENDLEUSDT	+0.0078%	8h	2.5422	−0.082%	$27.9M	$37.0M	75x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended PENDLE-USDshort	+0.0080%	1h	2.5410	−0.129%	$167K	$519K	10x
Lighter PENDLE	+0.0096%	1h	2.5455	+0.047%	$556K	$380K	5x	as long as short
BloFin PENDLE-USDT	+0.0097%	8h	2.5452	+0.035%	$1.4M	$822K	75x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5418	−0.098%	$36K	$26K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5477	+0.134%	$12.4M	$5.3M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5411	−0.126%	$15.8M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5430	−0.051%	$3.3M	$5.4M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5440	−0.012%	$814K	$1.0M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5454	+0.043%	$927K	$599K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5442	−0.004%	$3.8M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5422	−0.083%	—	$34.9M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5441	−0.006%	$25K	$414K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5456	+0.051%	$430K	$1.4M	10x	as long as short
ApeX Omni PENDLEUSDTlong	+0.0100%	1h	2.5443	long leg	$78K	$239K	50x
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5450	+0.028%	$16K	$30K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5433	−0.039%	$2K	$1.6M	20x	as long as short
Aevo PENDLE-PERP	+0.0104%	1h	2.5430	−0.051%	$27K	—	3x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0272%	1h	2.5435	−0.030%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0576%	1h	2.5520	+0.303%	$118K	$438K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0976%	1h	2.5514	+0.279%	$377K	$458K	15x	as long as short