Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0021%/8h= −2.3% APRpaid last 24h −0.044%

Price spread now: Variational Omni against ApeX Omni−0.056%7-day average −0.074% · you buy dearer than you sell

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

Long on ApeX Omni Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.057%−$6 on $10k

Price spread, last 3 days (all we have)+0.016%+$2 · spread now −0.056%, 7d avg −0.074%

Together, before fees−0.041%+ Points / potential airdropVariational Omni: Active · farm board−$4 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.074%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni PENDLEUSDT	2.5188	0.0075	pay 0.0009% / 1h	14m 58s	$77K	$239K	50x
Short	Variational Omni PENDLE	2.5174	0.0055	get 0.0055% / 8h	2h 14m	$619K	$2.1M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against ApeX Omni. 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 ApeX OmnibpFee Variational OmnibpOrdersPrice spread, now −0.056%Rate

Funding earned: −$4.34
Price spread: −0.056% → −0.074%: $1.77
Slippage, 4 orders: no order book: not counted
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$12.58
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: ApeX Omni: live order book, 6 min ago; Variational Omni: RFQ quote, 4 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 ApeX Omni live order book, 6 min ago	3.37 bp	12.1 bp −$12	111.3 bp −$1,113	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 4 min ago	6.69 bp	doesn't fit	64.5 bp −$645	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	−0.4806%	1h	2.5200	+0.048%	$2K	$53K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0430%	1h	2.5172	−0.064%	$150K	$277K	20x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0307%	1h	2.5126	−0.246%	$30K	$10K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5196	+0.031%	$11K	—	5x	as long as short
BloFin PENDLE-USDT	+0.0031%	8h	2.5104	−0.333%	$1.3M	$739K	75x	as long as short
Orderly PERP_PENDLE_USDC	+0.0034%	8h	2.5116	−0.286%	$25K	$11K	10x	as long as short
Reya PENDLERUSDPERP	+0.0036%	1h	2.5097	−0.361%	$4K	—	15x	as long as short
Binance PENDLEUSDT	+0.0045%	8h	2.5125	−0.250%	$27.3M	$39.2M	75x	as long as short
MEXC PENDLE_USDT	+0.0045%	8h	2.5124	−0.254%	$16.9M	$2.3M	125x	as long as short
Extended PENDLE-USD	+0.0048%	1h	2.5114	−0.295%	$165K	$524K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni PENDLEshort	+0.0055%	8h	2.5174	−0.056%	$619K	$2.1M	—
ApeX Omni PENDLEUSDTlong	+0.0075%	1h	2.5188	long leg	$77K	$239K	50x
Lighter PENDLE	+0.0096%	1h	2.5118	−0.278%	$546K	$396K	5x	as long as short
Aevo PENDLE-PERP	+0.0096%	1h	2.5113	−0.298%	$26K	—	3x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5169	−0.074%	$35K	$22K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5143	−0.179%	$12.3M	$5.6M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5136	−0.206%	$41K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5110	−0.310%	$15.6M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5120	−0.270%	$3.2M	$5.7M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5100	−0.349%	$838K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5112	−0.302%	$915K	$599K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5116	−0.286%	$3.7M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5115	−0.290%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5193	+0.019%	$25K	$412K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5173	−0.058%	$425K	$1.6M	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5123	−0.258%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5137	−0.202%	$1K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5129	−0.236%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5170	−0.071%	$116K	$418K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0845%	1h	2.5163	−0.099%	$364K	$460K	15x	as long as short