Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0103%/8h= +11.3% APRpaid last 24h +0.013%

Price spread now: ApeX Omni against Orderly−0.341%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Orderly Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. ApeX Omni is 0.341% cheaper against Orderly than usual: you would sell low and buy high (spread −0.341% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$34 on $10k: about 11 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_PENDLE_USDC	2.4651	−0.0003	get 0.0003% / 8h	6h 59m	$19K	$15K	10x
Short	ApeX Omni PENDLEUSDT	2.4567	0.0100	get 0.0013% / 1h	59m 00s	$75K	$230K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Orderly. 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 OrderlybpFee ApeX OmnibpOrdersPrice spread, now −0.341%Rate

Funding earned: $21.63
Price spread: −0.341% → 0.000%: −$34.08
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$28.44
Costs to cover: 0.160%
Break-even: 16.2 days

Slippage unknown: Orderly: no order-book sample; ApeX Omni: live order book, 32 min ago. Net counts fees only.

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 Orderly no order-book sample	—	—	—	—	—
Sell ApeX Omni live order book, 32 min ago	5.17 bp	14.9 bp −$15	105.3 bp −$1,053	doesn't fit	doesn't fit

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	2.3930	−2.925%	$2K	$55K	5.5x	as long as short
BloFin PENDLE-USDT	−0.0093%	8h	2.4640	−0.045%	$1.1M	$520K	75x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0077%	1h	2.4641	−0.043%	$116K	$253K	20x	as long as short
Binance PENDLEUSDT	−0.0074%	8h	2.4645	−0.026%	$25.8M	$46.9M	75x	as long as short
MEXC PENDLE_USDT	−0.0073%	8h	2.4637	−0.057%	$18.8M	$2.1M	125x	as long as short
Extended PENDLE-USD	−0.0072%	1h	2.4595	−0.228%	$163K	$934K	10x	as long as short
GRVT PENDLE_USDT_Perp	−0.0051%	8h	2.4560	−0.368%	$414K	$2.8M	10x	as long as short
Orderly PERP_PENDLE_USDClong	−0.0003%	8h	2.4651	long leg	$19K	$15K	10x
dYdX PENDLE-USD	0.0000%	1h	2.4645	−0.023%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4662	+0.045%	$25K	$14K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster PENDLEUSDT	+0.0034%	8h	2.4649	−0.009%	$50K	$176K	10x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4651	−0.002%	$26K	—	3x	as long as short
Variational Omni PENDLE	+0.0087%	8h	2.4520	−0.530%	$584K	$1.2M	—	as long as short
Reya PENDLERUSDPERP	+0.0091%	1h	2.4649	−0.009%	$3K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4654	+0.012%	$532K	$376K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4637	−0.055%	$34K	$3K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4610	−0.166%	$14.3M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4640	−0.045%	$3.1M	$6.8M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.4650	−0.004%	$781K	$954K	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4661	+0.041%	$705K	$596K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4632	−0.077%	$3.9M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4645	−0.024%	—	$8.2M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4551	−0.407%	$23K	$372K	10x	as long as short
ApeX Omni PENDLEUSDTshort	+0.0100%	1h	2.4567	−0.341%	$75K	$230K	50x
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4670	+0.077%	$16K	$4K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4659	+0.032%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0151% / S −0.0168%	1h	2.4559	−0.374%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0651%	1h	2.4701	+0.203%	$13.1M	$6.0M	5x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0728%	1h	2.4700	+0.199%	$171K	$540K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.1750%	1h	2.4701	+0.203%	$367K	$433K	15x	as long as short