Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0016%/8h= +1.8% APRpaid last 24h −0.002%

Price spread now: Gate against ApeX Omni+0.139%96s7-day average −0.088% · you sell dearer than you buy

Net, funding: paid 7d − costs−$60as 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−$690.693% of the position

Long on ApeX Omni Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.088%+$9 on $10k

Price spread, last 3 days (all we have)−0.580%−$58 · spread now +0.139%, 7d avg −0.088%

Together, before fees−0.492%−$49 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 Gate is 0.226% dearer against ApeX Omni than usual: you sell high and buy low: +$23 more if the spread goes back to its 7-day average of −0.088%. The two prices were read 96 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	2.5265	0.0084	pay 0.0010% / 1h	23m 49s	$77K	$240K	50x
Short	Gate PENDLE_USDT	2.5300	0.0100	get 0.0100% / 8h	2h 23m	$850K	$1.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.139%Rate

Funding earned: $3.41
Price spread: +0.139% → −0.088%: $22.63
Slippage, 4 orders: −$44.28
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$43.24
Costs to cover: 0.693%
Break-even: 95.7 days

Slippage from ApeX Omni: live order book, 62 min ago; Gate: live order book, 3 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, 62 min ago	4.71 bp	11.7 bp −$12	94.7 bp −$947	doesn't fit	doesn't fit
Sell Gate live order book, 3 min ago	3.96 bp	20.0 bp −$20	206.5 bp −$2,065	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	−0.4806%	1h	2.4990	−1.088%	$2K	$7K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0427%	1h	2.5350	+0.337%	$151K	$279K	20x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0303%	1h	2.5290	+0.099%	$30K	$10K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5330	+0.256%	$11K	—	5x	as long as short
Orderly PERP_PENDLE_USDC	+0.0035%	8h	2.5298	+0.131%	$25K	$11K	10x	as long as short
Reya PENDLERUSDPERP	+0.0036%	1h	2.5279	+0.057%	$4K	—	15x	as long as short
Variational Omni PENDLE	+0.0043%	8h	2.5289	+0.095%	$611K	$2.3M	—	as long as short
BloFin PENDLE-USDT	+0.0044%	8h	2.5327	+0.245%	$1.3M	$750K	75x	as long as short
Extended PENDLE-USD	+0.0056%	1h	2.5264	−0.005%	$166K	$524K	10x	as long as short
MEXC PENDLE_USDT	+0.0057%	8h	2.5280	+0.059%	$17.1M	$2.2M	125x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance PENDLEUSDT	+0.0059%	8h	2.5279	+0.054%	$27.5M	$39.3M	75x	as long as short
ApeX Omni PENDLEUSDTlong	+0.0084%	1h	2.5265	long leg	$77K	$240K	50x
Lighter PENDLE	+0.0096%	1h	2.5289	+0.095%	$549K	$396K	5x	as long as short
Aevo PENDLE-PERP	+0.0096%	1h	2.5283	+0.070%	$26K	—	3x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5307	+0.167%	$35K	$22K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5299	+0.135%	$12.4M	$5.6M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5307	+0.168%	$41K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5274	+0.036%	$15.6M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5290	+0.099%	$3.3M	$5.7M	50x	as long as short
Gate PENDLE_USDTshort	+0.0100%	8h	2.5300	+0.139%	$850K	$1.1M	75x
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5312	+0.186%	$916K	$611K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5253	−0.047%	$3.8M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5300	+0.139%	—	$36.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5266	+0.003%	$25K	$410K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5275	+0.041%	$426K	$1.6M	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5299	+0.135%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5300	+0.139%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5300	+0.138%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5360	+0.376%	$117K	$434K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0847%	1h	2.5343	+0.309%	$367K	$465K	15x	as long as short