PENDLE

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0508%/8h= −55.6% APRnext payment −$0.64 per $10,000 · paid last 24h −0.046%

Price spread now: ApeX Omni against Coinbase International−0.717%7-day average −0.035% · you buy dearer than you sell

Net, funding: paid 7d − costs−$89as in the Funding arb table

Net, price: spread back to 7d avg − costs−$142as in the Price arb table

costs, in and out, $10k−$740.743% of the position

Long on Coinbase International Short on ApeX Omni

What this pair did over the last

the charts below follow

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

Price spread, last 4 days (all we have)+0.653%+$65 · spread now −0.717%, 7d avg −0.035%

Together, before fees+0.507%+$51 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$15 a day on $10k at the current rate, and ApeX Omni is 0.682% cheaper against Coinbase International than usual: you would sell low and buy high (−$68 if the spread goes back to its 7-day average of −0.035%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.146% in total (about -7.6% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.64 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International PENDLE-PERP-INTX	2.4820	0.0608	pay 0.0076% / 1h	23m 07s	$148K	$497K	25x
Short	ApeX Omni PENDLEUSDT	2.4642	0.0100	get 0.0013% / 1h	23m 07s	$75K	$235K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Coinbase International. 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 Coinbase InternationalbpFee ApeX OmnibpOrdersPrice spread, now −0.717%Rate

Funding earned: −$106.68
Price spread: −0.717% → −0.035%: −$68.17
Slippage, 4 orders: −$54.25
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$249.1
Costs to cover: 0.743%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 35 min ago; ApeX Omni: live order book, 33 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 Coinbase International live order book, 35 min ago	8.11 bp	20.1 bp −$20	doesn't fit	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 33 min ago	6.87 bp	14.7 bp −$15	107.1 bp −$1,071	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	−0.4334%	1h	2.4340	−1.934%	$2K	$54K	5.5x	as long as short
Gate PENDLE_USDT	−0.0067%	8h	2.4660	−0.645%	$719K	$1.1M	75x	as long as short
BloFin PENDLE-USDT	−0.0062%	8h	2.4628	−0.774%	$1.1M	$604K	75x	as long as short
Extended PENDLE-USD	−0.0056%	1h	2.4630	−0.766%	$159K	$574K	10x	as long as short
Binance PENDLEUSDT	−0.0054%	8h	2.4640	−0.725%	$26.1M	$43.6M	75x	as long as short
MEXC PENDLE_USDT	−0.0054%	8h	2.4636	−0.741%	$17.3M	$2.0M	125x	as long as short
Aster PENDLEUSDT	−0.0040%	8h	2.4659	−0.648%	$47K	$179K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0037%	8h	2.4637	−0.737%	$19K	$15K	10x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0034%	1h	2.4648	−0.693%	$25K	$14K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4645	−0.706%	$10K	—	5x	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	+0.0048%	8h	2.4650	−0.683%	$553K	$1.5M	—	as long as short
Reya PENDLERUSDPERP	+0.0065%	1h	2.4639	−0.727%	$3K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0072%	1h	2.4630	−0.763%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4647	−0.697%	$517K	$424K	5x	as long as short
GRVT PENDLE_USDT_Perp	+0.0096%	8h	2.4681	−0.561%	$408K	$1.9M	10x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4628	−0.773%	$34K	$13K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4630	−0.766%	$14.6M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4640	−0.725%	$3.1M	$6.1M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4647	−0.697%	$866K	$576K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4624	−0.790%	$3.7M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4631	−0.761%	—	$8.5M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4644	−0.711%	$24K	$376K	10x	as long as short
ApeX Omni PENDLEUSDTshort	+0.0100%	1h	2.4642	−0.717%	$75K	$235K	50x
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4660	−0.645%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4661	−0.641%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4647	−0.698%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0382%	1h	2.4680	−0.564%	$12.7M	$6.0M	5x	as long as short
Coinbase International PENDLE-PERP-INTXlong	+0.0608%	1h	2.4820	long leg	$148K	$497K	25x
Backpack PENDLE_USDC_PERP	+0.0729%	1h	2.4691	−0.520%	$357K	$467K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1178%	1h	2.4682	−0.558%	$115K	$269K	20x	as long as short