Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0074%/8h= −8.1% APRpaid last 24h −0.005%

Price spread now: ApeX Omni against Gate−0.157%7-day average +0.080% · you buy dearer than you sell

Net, funding: paid 7d − costs−$90as in the Funding arb table

Net, price: spread back to 7d avg − costs−$101as in the Price arb table

costs, in and out, $10k−$780.777% of the position

Long on Gate Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days−0.124%−$12 on $10k

Price spread, last 4 days (all we have)+0.866%+$87 · spread now −0.157%, 7d avg +0.080%

Together, before fees+0.743%+$74 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and ApeX Omni is 0.237% cheaper against Gate than usual: you would sell low and buy high (−$24 if the spread goes back to its 7-day average of +0.080%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate PENDLE_USDT	2.4280	−0.0109	get 0.0109% / 8h	7h 49m	$768K	$990K	75x
Short	ApeX Omni PENDLEUSDT	2.4242	−0.0183	pay 0.0023% / 1h	49m 34s	$74K	$232K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Gate. 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 GatebpFee ApeX OmnibpOrdersPrice spread, now −0.157%Rate

Funding earned: −$15.51
Price spread: −0.157% → +0.080%: −$23.69
Slippage, 4 orders: −$52.67
Fee Gate: 7.5 bp × 2 orders: −$15
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$116.87
Costs to cover: 0.777%
Break-even: never at this rate

Slippage from Gate: live order book, 7 min ago; ApeX Omni: live order book, 47 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 Gate live order book, 7 min ago	4.11 bp	21.9 bp −$22	136.7 bp −$1,367	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 47 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	−0.3627%	1h	2.4010	−1.112%	$2K	$54K	5.5x	as long as short
GRVT PENDLE_USDT_Perp	−0.0825%	8h	2.4256	−0.100%	$406K	$2.6M	10x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0656%	1h	2.4250	−0.124%	$25K	$16K	10x	as long as short
ApeX Omni PENDLEUSDTshort	−0.0183%	1h	2.4242	−0.157%	$74K	$232K	50x
Gate PENDLE_USDTlong	−0.0109%	8h	2.4280	long leg	$768K	$990K	75x
Binance PENDLEUSDT	−0.0019%	8h	2.4297	+0.070%	$25.4M	$45.9M	75x	as long as short
BloFin PENDLE-USDT	−0.0016%	8h	2.4288	+0.033%	$1.1M	$504K	75x	as long as short
Extended PENDLE-USD	−0.0016%	1h	2.4286	+0.023%	$156K	$924K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0013%	8h	2.4245	−0.144%	$18K	$15K	10x	as long as short
MEXC PENDLE_USDT	−0.0013%	8h	2.4301	+0.086%	$18.0M	$2.1M	125x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX PENDLE-USD	0.0000%	1h	2.4321	+0.168%	$10K	—	5x	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.4245	−0.144%	$25K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0087%	1h	2.4247	−0.135%	$3K	—	15x	as long as short
Aster PENDLEUSDT	+0.0096%	8h	2.4277	−0.012%	$47K	$168K	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4291	+0.045%	$523K	$429K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4276	−0.017%	$34K	$3K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4317	+0.152%	$12.7M	$6.1M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4280	0.000%	$14.1M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4320	+0.165%	$3.1M	$6.7M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4300	+0.082%	$687K	$609K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4296	+0.066%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4297	+0.070%	—	$8.2M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4281	+0.004%	$565K	$1.2M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4251	−0.118%	$24K	$368K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4300	+0.082%	$16K	$4K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4276	−0.016%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4259	−0.088%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0664%	1h	2.4400	+0.494%	$159K	$512K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0849%	1h	2.4309	+0.119%	$359K	$433K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1277%	1h	2.4312	+0.130%	$115K	$258K	20x	as long as short