Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0038%/8h= −4.2% APRpaid last 24h −0.013%

Price spread now: ApeX Omni against edgeX+0.042%7-day average +0.066% · you sell dearer than you buy

Net, funding: paid 7d − costs−$57as in the Funding arb table

Net, price: spread back to 7d avg − costs−$45as in the Price arb table

costs, in and out, $10k−$430.426% of the position

Long on edgeX Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days−0.145%−$15 on $10k

Price spread, last 4 days (all we have)+0.056%+$6 · spread now +0.042%, 7d avg +0.066%

Together, before fees−0.089%+ Points / potential airdropedgeX: Active · farm board−$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and ApeX Omni is 0.024% cheaper against edgeX than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of +0.066%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX PENDLEUSDC	2.4183	0.0100	pay 0.0050% / 4h	21m 19s	$24K	$369K	10x
Short	ApeX Omni PENDLEUSDT	2.4193	0.0062	get 0.0008% / 1h	21m 19s	$74K	$231K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against edgeX. 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 edgeXbpFee ApeX OmnibpOrdersPrice spread, now +0.042%Rate

Funding earned: −$8.08
Price spread: +0.042% → +0.066%: −$2.38
Slippage, 4 orders: −$23.64
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$53.1
Costs to cover: 0.426%
Break-even: never at this rate

Slippage from edgeX: live order book, 17 min ago; ApeX Omni: live order book, 15 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 edgeX live order book, 17 min ago	1.23 bp	6.5 bp −$7	14.2 bp −$142	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 15 min ago	6.80 bp	14.6 bp −$15	105.7 bp −$1,057	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	−0.4810%	1h	2.3940	−1.004%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0122%	1h	2.4197	+0.059%	$24K	$16K	10x	as long as short
BloFin PENDLE-USDT	−0.0018%	8h	2.4193	+0.042%	$1.1M	$501K	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0015%	8h	2.4187	+0.017%	$18K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4199	+0.066%	$10K	—	5x	as long as short
MEXC PENDLE_USDT	+0.0005%	8h	2.4190	+0.030%	$17.9M	$2.1M	125x	as long as short
Binance PENDLEUSDT	+0.0005%	8h	2.4196	+0.054%	$25.4M	$46.0M	75x	as long as short
Extended PENDLE-USD	+0.0008%	1h	2.4186	+0.014%	$157K	$927K	10x	as long as short
ApeX Omni PENDLEUSDTshort	+0.0062%	1h	2.4193	+0.042%	$74K	$231K	50x
Gate PENDLE_USDT	+0.0069%	8h	2.4200	+0.071%	$758K	$1.1M	75x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT PENDLE_USDT_Perp	+0.0078%	8h	2.4192	+0.037%	$408K	$2.5M	10x	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.4190	+0.031%	$25K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0084%	1h	2.4195	+0.051%	$3K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4201	+0.075%	$521K	$432K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4190	+0.031%	$34K	$5K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4230	+0.195%	$12.7M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4211	+0.115%	$47K	$171K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4196	+0.054%	$14.1M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4200	+0.071%	$3.1M	$6.7M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4190	+0.030%	$718K	$617K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4193	+0.042%	$3.7M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4194	+0.046%	—	$8.2M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4186	+0.011%	$563K	$1.3M	—	as long as short
edgeX PENDLEUSDClong	+0.0100%	4h	2.4183	long leg	$24K	$369K	10x
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4226	+0.178%	$16K	$4K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4224	+0.170%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4206	+0.097%	$5K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0614%	1h	2.4217	+0.141%	$349K	$435K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0672%	1h	2.4230	+0.195%	$156K	$505K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1529%	1h	2.4253	+0.289%	$115K	$263K	20x	as long as short