Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0154%/8h= −16.9% APRpaid last 24h −0.006%

Price spread now: ApeX Omni against OKX−0.020%60s7-day average +0.103% · you buy dearer than you sell

Net, funding: paid 7d − costs−$73as 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−$610.607% of the position

Long on OKX Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days−0.122%−$12 on $10k

Price spread, last 3 days (all we have)+0.337%+$34 · spread now −0.020%, 7d avg +0.103%

Together, before fees+0.215%+$21 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and ApeX Omni is 0.123% cheaper against OKX than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of +0.103%). Swap the legs. The two prices were read 60 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	OKX PENDLE-USDT-SWAP	2.5220	0.0100	pay 0.0050% / 4h	20m 36s	$3.2M	$6.0M	50x
Short	ApeX Omni PENDLEUSDT	2.5215	−0.0054	pay 0.0007% / 1h	20m 36s	$77K	$239K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against OKX. 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 OKXbpFee ApeX OmnibpOrdersPrice spread, now −0.020%Rate

Funding earned: −$32.41
Price spread: −0.020% → +0.103%: −$12.28
Slippage, 4 orders: −$40.69
Fee OKX: 5 bp × 2 orders: −$10
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$105.37
Costs to cover: 0.607%
Break-even: never at this rate

Slippage from OKX: live order book, 2 min ago; ApeX Omni: live order book, 56 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 OKX live order book, 2 min ago	1.98 bp	15.7 bp −$16	79.0 bp −$790	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 56 min ago	6.83 bp	14.6 bp −$15	104.6 bp −$1,046	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	2.4940	−1.110%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0383%	1h	2.5276	+0.222%	$30K	$10K	10x	as long as short
BloFin PENDLE-USDT	−0.0055%	8h	2.5258	+0.151%	$1.3M	$714K	75x	as long as short
ApeX Omni PENDLEUSDTshort	−0.0054%	1h	2.5215	−0.020%	$77K	$239K	50x
Extended PENDLE-USD	−0.0040%	1h	2.5219	−0.005%	$166K	$528K	10x	as long as short
MEXC PENDLE_USDT	−0.0036%	8h	2.5260	+0.159%	$17.1M	$1.9M	125x	as long as short
Binance PENDLEUSDT	−0.0036%	8h	2.5236	+0.063%	$27.3M	$42.0M	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0003%	8h	2.5257	+0.147%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5273	+0.210%	$11K	—	5x	as long as short
Variational Omni PENDLE	+0.0031%	8h	2.5247	+0.105%	$596K	$1.9M	—	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	+0.0042%	8h	2.5230	+0.038%	$418K	$1.6M	10x	as long as short
Reya PENDLERUSDPERP	+0.0046%	1h	2.5260	+0.158%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0072%	1h	2.5255	+0.140%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5271	+0.202%	$533K	$416K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5243	+0.090%	$35K	$18K	10x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5269	+0.194%	$48K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5222	+0.008%	$15.6M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAPlong	+0.0100%	4h	2.5220	long leg	$3.2M	$6.0M	50x
Gate PENDLE_USDT	+0.0100%	8h	2.5250	+0.119%	$785K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5263	+0.170%	$888K	$600K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5227	+0.028%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5239	+0.075%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5212	−0.031%	$25K	$382K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5294	+0.293%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5263	+0.170%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5281	+0.243%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0346%	1h	2.5316	+0.381%	$12.8M	$6.2M	5x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0593%	1h	2.5297	+0.306%	$119K	$298K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.5340	+0.476%	$141K	$451K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0789%	1h	2.5300	+0.317%	$332K	$490K	15x	as long as short