Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.005%

Price spread now: ApeX Omni against KuCoin−0.184%52s7-day average +0.062% · you buy dearer than you sell

Net, funding: paid 7d − costs−$140as 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−$1251.252% of the position

Long on KuCoin Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days−0.144%−$14 on $10k

Price spread, last 3 days (all we have)+0.488%+$49 · spread now −0.184%, 7d avg +0.062%

Together, before fees+0.344%+$34 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: ApeX Omni is 0.246% cheaper against KuCoin than usual: you would sell low and buy high, −$25 on $10k if it goes back to its 7-day average of +0.062%. The two prices were read 52 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	KuCoin PENDLEUSDTM	2.5058	0.0100	pay 0.0100% / 8h	1h 46m	$897K	$610K	50x
Short	ApeX Omni PENDLEUSDT	2.5012	0.0100	get 0.0013% / 1h	46m 38s	$76K	$239K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against KuCoin. 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 KuCoinbpFee ApeX OmnibpOrdersPrice spread, now −0.184%Rate

Funding earned: $0
Price spread: −0.184% → +0.062%: −$24.59
Slippage, 4 orders: −$103.19
Fee KuCoin: 6 bp × 2 orders: −$12
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$149.79
Costs to cover: 1.252%
Break-even: never at this rate

Slippage from KuCoin: live order book, 28 min ago; ApeX Omni: live order book, 35 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 KuCoin live order book, 28 min ago	8.16 bp	53.2 bp −$53	173.5 bp −$1,735	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 35 min ago	3.37 bp	11.6 bp −$12	97.6 bp −$976	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	−0.3656%	1h	2.4770	−1.149%	$2K	$53K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0429%	1h	2.5023	−0.140%	$29K	$10K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5067	+0.036%	$11K	—	5x	as long as short
BloFin PENDLE-USDT	+0.0010%	8h	2.5010	−0.192%	$1.3M	$731K	75x	as long as short
Orderly PERP_PENDLE_USDC	+0.0030%	8h	2.5020	−0.152%	$20K	$16K	10x	as long as short
Extended PENDLE-USD	+0.0032%	1h	2.5023	−0.140%	$164K	$524K	10x	as long as short
MEXC PENDLE_USDT	+0.0033%	8h	2.5031	−0.108%	$16.9M	$2.1M	125x	as long as short
Binance PENDLEUSDT	+0.0033%	8h	2.5031	−0.106%	$27.2M	$39.8M	75x	as long as short
Reya PENDLERUSDPERP	+0.0039%	1h	2.5022	−0.142%	$4K	—	15x	as long as short
Variational Omni PENDLE	+0.0065%	8h	2.5028	−0.120%	$604K	$2.1M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PENDLE-PERP	+0.0088%	1h	2.5014	−0.177%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5041	−0.068%	$525K	$421K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5017	−0.165%	$35K	$20K	10x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5024	−0.136%	$41K	$173K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5030	−0.112%	$15.5M	$11.8M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5050	−0.032%	$3.2M	$5.8M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5040	−0.072%	$854K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTMlong	+0.0100%	8h	2.5058	long leg	$897K	$610K	50x
Bitget PENDLEUSDT	+0.0100%	8h	2.5021	−0.148%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5030	−0.112%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5030	−0.110%	$25K	$411K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5028	−0.120%	$422K	$1.6M	10x	as long as short
ApeX Omni PENDLEUSDTshort	+0.0100%	1h	2.5012	−0.184%	$76K	$239K	50x
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5038	−0.080%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5023	−0.140%	$2K	$1.7M	20x	as long as short
Hyperliquid PENDLE	+0.0121%	1h	2.5081	+0.092%	$12.4M	$5.6M	5x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5027	−0.124%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.5060	+0.008%	$127K	$429K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0751%	1h	2.5066	+0.034%	$149K	$273K	20x	as long as short
Backpack PENDLE_USDC_PERP	+0.0799%	1h	2.5070	+0.048%	$355K	$461K	15x	as long as short