Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0222%/8h= +24.3% APRpaid last 24h +0.004%

Price spread now: Variational Omni against Deribit−0.212%7-day average — · you buy dearer than you sell

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

Long on Deribit Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

Funding pays, the price is against you. Variational Omni is 0.212% cheaper against Deribit than usual: you would sell low and buy high (spread −0.212% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$21 on $10k: about 3.2 days of funding at the current rate (+$7 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit PENDLE_USDC-PERPETUAL	2.4643	−0.0156	get 0.0019% / 1h	4m 58s	$25K	$14K	10x
Short	Variational Omni PENDLE	2.4591	0.0066	get 0.0066% / 8h	4h 04m	$552K	$1.4M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Deribit. 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 DeribitbpFee Variational OmnibpOrdersPrice spread, now −0.212%Rate

Funding earned: $46.63
Price spread: −0.212% → 0.000%: −$21.22
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $18.4
Costs to cover: 0.070%
Break-even: 4.2 days

Slippage unknown: Deribit: no order-book sample; 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 Deribit no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 4 min ago	6.76 bp	doesn't fit	44.0 bp −$440	doesn't fit	doesn't fit

Deribit: 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	−0.4334%	1h	2.4340	−1.230%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUALlong	−0.0156%	1h	2.4643	long leg	$25K	$14K	10x
BloFin PENDLE-USDT	−0.0069%	8h	2.4638	−0.020%	$1.1M	$592K	75x	as long as short
Extended PENDLE-USD	−0.0056%	1h	2.4611	−0.130%	$159K	$578K	10x	as long as short
Binance PENDLEUSDT	−0.0055%	8h	2.4633	−0.040%	$26.1M	$43.6M	75x	as long as short
MEXC PENDLE_USDT	−0.0054%	8h	2.4640	−0.012%	$17.3M	$2.0M	125x	as long as short
Gate PENDLE_USDT	−0.0051%	8h	2.4600	−0.174%	$717K	$1.1M	75x	as long as short
Aster PENDLEUSDT	−0.0049%	8h	2.4643	−0.001%	$47K	$179K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0038%	8h	2.4635	−0.032%	$19K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4636	−0.030%	$10K	—	5x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PENDLE-PERP	+0.0064%	1h	2.4625	−0.073%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0066%	1h	2.4636	−0.030%	$3K	—	15x	as long as short
Variational Omni PENDLEshort	+0.0066%	8h	2.4591	−0.212%	$552K	$1.4M	—
GRVT PENDLE_USDT_Perp	+0.0071%	8h	2.4627	−0.065%	$409K	$1.9M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4640	−0.012%	$517K	$429K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4620	−0.092%	$34K	$13K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4614	−0.118%	$14.5M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4640	−0.012%	$3.1M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4641	−0.008%	$866K	$558K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4617	−0.106%	$3.7M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4624	−0.077%	—	$8.5M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4600	−0.175%	$24K	$377K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4612	−0.126%	$75K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4653	+0.041%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4669	+0.106%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4644	+0.002%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0338%	1h	2.4676	+0.134%	$12.7M	$6.0M	5x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0608%	1h	2.4640	−0.012%	$147K	$494K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0660%	1h	2.4677	+0.138%	$359K	$473K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1178%	1h	2.4691	+0.193%	$115K	$268K	20x	as long as short