Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0178%/8h= +19.5% APRpaid last 24h +0.006%

Price spread now: KuCoin against ApeX Omni+0.357%67s7-day average −0.058% · you sell dearer than you buy

Net, funding: paid 7d − costs−$113as 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−$1271.273% of the position

Long on ApeX Omni Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.146%+$15 on $10k

Price spread, last 3 days (all we have)−0.599%−$60 · spread now +0.357%, 7d avg −0.058%

Together, before fees−0.452%−$45 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and KuCoin is 0.415% dearer against ApeX Omni than usual: you sell high and buy low: +$42 more if the spread goes back to its 7-day average of −0.058%. The two prices were read 67 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	2.5207	−0.0078	get 0.0010% / 1h	46m 21s	$77K	$239K	50x
Short	KuCoin PENDLEUSDTM	2.5297	0.0100	get 0.0100% / 8h	46m 21s	$896K	$597K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now +0.357%Rate

Funding earned: $37.41
Price spread: +0.357% → −0.058%: $41.53
Slippage, 4 orders: −$105.31
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$48.37
Costs to cover: 1.273%
Break-even: 16.1 days

Slippage from ApeX Omni: live order book, 30 min ago; KuCoin: live order book, 18 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, 30 min ago	6.83 bp	14.2 bp −$14	91.2 bp −$912	doesn't fit	doesn't fit
Sell KuCoin live order book, 18 min ago	8.40 bp	35.6 bp −$36	221.6 bp −$2,216	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	−0.5000%	1h	2.4860	−1.377%	$2K	$54K	5.5x	as long as short
ApeX Omni PENDLEUSDTlong	−0.0078%	1h	2.5207	long leg	$77K	$239K	50x
Binance PENDLEUSDT	−0.0012%	8h	2.5293	+0.341%	$27.3M	$41.8M	75x	as long as short
Extended PENDLE-USD	−0.0008%	1h	2.5257	+0.199%	$166K	$528K	10x	as long as short
MEXC PENDLE_USDT	−0.0005%	8h	2.5292	+0.337%	$17.1M	$1.9M	125x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5248	+0.162%	$11K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.5227	+0.079%	$30K	$10K	10x	as long as short
Orderly PERP_PENDLE_USDC	+0.0006%	8h	2.5301	+0.373%	$20K	$16K	10x	as long as short
BloFin PENDLE-USDT	+0.0016%	8h	2.5213	+0.024%	$1.3M	$760K	75x	as long as short
Reya PENDLERUSDPERP	+0.0044%	1h	2.5278	+0.283%	$4K	—	15x	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	+0.0050%	8h	2.5212	+0.019%	$557K	$1.8M	—	as long as short
GRVT PENDLE_USDT_Perp	+0.0072%	8h	2.5320	+0.449%	$419K	$1.6M	10x	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.5308	+0.401%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5227	+0.079%	$532K	$415K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5228	+0.084%	$35K	$18K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5335	+0.508%	$12.6M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5270	+0.251%	$45K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5289	+0.325%	$15.6M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5290	+0.329%	$3.3M	$6.0M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5270	+0.250%	$789K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTMshort	+0.0100%	8h	2.5297	+0.357%	$896K	$597K	50x
Bitget PENDLEUSDT	+0.0100%	8h	2.5265	+0.230%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5271	+0.254%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5357	+0.596%	$25K	$397K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5305	+0.389%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5231	+0.095%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5312	+0.416%	$5K	—	100x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0594%	1h	2.5280	+0.289%	$120K	$300K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.5340	+0.528%	$141K	$459K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.1061%	1h	2.5261	+0.214%	$329K	$492K	15x	as long as short