Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0616%/8h= −67.5% APRpaid last 24h −0.183%

Price spread now: Variational Omni against Backpack−0.136%7-day average −0.179% · you buy dearer than you sell

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

Long on Backpack Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.409%−$41 on $10k

Price spread, last 4 days (all we have)−0.890%−$89 · spread now −0.136%, 7d avg −0.179%

Together, before fees−1.299%+ Points / potential airdropVariational Omni: Active · farm board−$130 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.043% dearer against Backpack than usual: you sell high and buy low (spread −0.136% now, against its 7-day average of −0.179%): +$4 on $10k if it goes back. Holding the pair costs −$18 a day in funding at the current rate, which eats that in about 6 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack PENDLE_USDC_PERP	2.4679	0.0676	pay 0.0085% / 1h	6m 38s	$359K	$472K	15x
Short	Variational Omni PENDLE	2.4645	0.0060	get 0.0060% / 8h	4h 06m	$553K	$1.4M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Backpack. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BackpackbpFee Variational OmnibpOrdersPrice spread, now −0.136%Rate

Funding earned: −$129.39
Price spread: −0.136% → −0.179%: $4.26
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$135.13
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 52 min ago; Variational Omni: RFQ quote, 2 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 Backpack live order book, 52 min ago	1.62 bp	9.8 bp −$10	27.0 bp −$270	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 2 min ago	6.76 bp	doesn't fit	44.0 bp −$440	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	−0.4334%	1h	2.4340	−1.374%	$2K	$54K	5.5x	as long as short
Extended PENDLE-USD	−0.0056%	1h	2.4584	−0.384%	$159K	$578K	10x	as long as short
Binance PENDLEUSDT	−0.0054%	8h	2.4604	−0.302%	$26.1M	$43.6M	75x	as long as short
MEXC PENDLE_USDT	−0.0054%	8h	2.4602	−0.312%	$17.3M	$2.0M	125x	as long as short
Gate PENDLE_USDT	−0.0053%	8h	2.4600	−0.320%	$717K	$1.1M	75x	as long as short
Aster PENDLEUSDT	−0.0049%	8h	2.4640	−0.159%	$47K	$179K	10x	as long as short
BloFin PENDLE-USDT	−0.0040%	8h	2.4599	−0.324%	$1.1M	$592K	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0038%	8h	2.4624	−0.223%	$19K	$15K	10x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0034%	1h	2.4630	−0.199%	$25K	$14K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4658	−0.085%	$10K	—	5x	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	+0.0060%	8h	2.4645	−0.136%	$553K	$1.4M	—
Aevo PENDLE-PERP	+0.0064%	1h	2.4619	−0.242%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0066%	1h	2.4605	−0.298%	$3K	—	15x	as long as short
GRVT PENDLE_USDT_Perp	+0.0073%	8h	2.4642	−0.149%	$414K	$1.9M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4610	−0.280%	$516K	$429K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4592	−0.353%	$34K	$13K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4601	−0.316%	$14.5M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4620	−0.239%	$3.1M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4638	−0.166%	$866K	$558K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4588	−0.369%	$3.7M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4609	−0.284%	—	$8.5M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4647	−0.129%	$24K	$376K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4663	−0.065%	$75K	$236K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4629	−0.203%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4650	−0.118%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4633	−0.187%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0331%	1h	2.4661	−0.073%	$12.7M	$6.0M	5x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0608%	1h	2.4640	−0.158%	$147K	$494K	25x	as long as short
Backpack PENDLE_USDC_PERPlong	+0.0676%	1h	2.4679	long leg	$359K	$472K	15x
Kraken Futures PF_PENDLEUSD	+0.1178%	1h	2.4680	+0.005%	$115K	$268K	20x	as long as short