Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 16:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.046%

Price spread now: Variational Omni against BingX−0.907%7-day average −0.036% · you buy dearer than you sell

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

Long on BingX Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.111%−$11 on $10k

Price spread, last 7 days+0.846%+$85 · spread now −0.907%, 7d avg −0.036%

Together, before fees+0.736%+ Points / potential airdropVariational Omni: Active · farm board+$74 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: Variational Omni is 0.871% cheaper against BingX than usual: you would sell low and buy high, −$87 on $10k if it goes back to its 7-day average of −0.036%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX PENDLE-USDT	2.4331	0.0100	pay 0.0100% / 8h	7h 23m	—	$8.2M	—
Short	Variational Omni PENDLE	2.4110	0.0100	get 0.0100% / 8h	7h 23m	$562K	$1.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against BingX. 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 BingXbpFee Variational OmnibpOrdersPrice spread, now −0.907%Rate

Funding earned: $0
Price spread: −0.907% → −0.036%: −$87.12
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$97.12
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: BingX: live order book, 14 min ago; Variational Omni: RFQ quote, 1 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 BingX live order book, 14 min ago	3.09 bp	11.8 bp −$12	24.0 bp −$240	256.1 bp −$25.6K	443.8 bp −$221.9K
Sell Variational Omni RFQ quote, 1 min ago	4.80 bp	doesn't fit	37.5 bp −$375	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	−0.3627%	1h	2.3970	−1.484%	$2K	$55K	5.5x	as long as short
GRVT PENDLE_USDT_Perp	−0.0638%	8h	2.4168	−0.669%	$407K	$2.7M	10x	as long as short
Gate PENDLE_USDT	−0.0102%	8h	2.4320	−0.045%	$770K	$993K	75x	as long as short
Binance PENDLEUSDT	−0.0099%	8h	2.4332	+0.005%	$25.5M	$46.3M	75x	as long as short
MEXC PENDLE_USDT	−0.0099%	8h	2.4310	−0.086%	$18.0M	$2.1M	125x	as long as short
Extended PENDLE-USD	−0.0096%	1h	2.4323	−0.035%	$161K	$934K	10x	as long as short
BloFin PENDLE-USDT	−0.0093%	8h	2.4174	−0.645%	$1.1M	$505K	75x	as long as short
ApeX Omni PENDLEUSDT	−0.0064%	1h	2.4177	−0.633%	$74K	$231K	50x	as long as short
Orderly PERP_PENDLE_USDC	−0.0012%	8h	2.4337	+0.025%	$18K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4208	−0.507%	$10K	—	5x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4291	−0.164%	$25K	$14K	10x	as long as short
Aster PENDLEUSDT	+0.0015%	8h	2.4312	−0.079%	$47K	$171K	10x	as long as short
Aevo PENDLE-PERP	+0.0056%	1h	2.4346	+0.062%	$25K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0089%	1h	2.4313	−0.076%	$3K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4311	−0.082%	$524K	$430K	5x	as long as short
Bybit PENDLEUSDT	+0.0097%	8h	2.4321	−0.041%	$14.2M	$11.9M	50x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4306	−0.105%	$34K	$3K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4350	+0.078%	$12.7M	$6.0M	5x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4330	−0.004%	$3.1M	$6.7M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4311	−0.082%	$699K	$601K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4368	+0.152%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDTlong	+0.0100%	8h	2.4331	long leg	—	$8.2M	—
Variational Omni PENDLEshort	+0.0100%	8h	2.4110	−0.907%	$562K	$1.2M	—
edgeX PENDLEUSDC	+0.0100%	4h	2.4162	−0.695%	$22K	$369K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4320	−0.045%	$16K	$4K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4314	−0.070%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0151% / S −0.0168%	1h	2.4288	−0.178%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0664%	1h	2.4310	−0.086%	$168K	$524K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0694%	1h	2.4342	+0.045%	$359K	$430K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1279%	1h	2.4267	−0.263%	$114K	$255K	20x	as long as short