Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h −0.029%

Price spread now: Variational Omni against dYdX−0.162%7-day average — · you buy dearer than you sell

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

Long on dYdX Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 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 0.162% cheaper against dYdX than usual: you would sell low and buy high (spread −0.162% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$16 on $10k: about 5.4 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	dYdX PENDLE-USD	2.4306	0	get 0.0000% / 1h	14m 44s	$10K	—	5x
Short	Variational Omni PENDLE	2.4266	0.0100	get 0.0100% / 8h	14m 44s	$565K	$1.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against dYdX. 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 dYdXbpFee Variational OmnibpOrdersPrice spread, now −0.162%Rate

Funding earned: $21
Price spread: −0.162% → 0.000%: −$16.2
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$5.2
Costs to cover: 0.100%
Break-even: 8.7 days

Slippage unknown: dYdX: 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 dYdX no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 4 min ago	4.78 bp	doesn't fit	45.2 bp −$452	doesn't fit	doesn't fit

dYdX: 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	−0.4810%	1h	2.3940	−1.504%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0285%	1h	2.4277	−0.118%	$25K	$16K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0014%	8h	2.4268	−0.155%	$18K	$15K	10x	as long as short
BloFin PENDLE-USDT	−0.0006%	8h	2.4262	−0.179%	$1.1M	$502K	75x	as long as short
dYdX PENDLE-USDlong	0.0000%	1h	2.4306	long leg	$10K	—	5x
Extended PENDLE-USD	+0.0008%	1h	2.4273	−0.136%	$158K	$927K	10x	as long as short
MEXC PENDLE_USDT	+0.0009%	8h	2.4283	−0.093%	$18.0M	$2.1M	125x	as long as short
Binance PENDLEUSDT	+0.0012%	8h	2.4283	−0.093%	$25.5M	$46.2M	75x	as long as short
GRVT PENDLE_USDT_Perp	+0.0078%	8h	2.4230	−0.310%	$405K	$2.5M	10x	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.4265	−0.168%	$25K	—	3x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate PENDLE_USDT	+0.0082%	8h	2.4270	−0.147%	$760K	$1.1M	75x	as long as short
Reya PENDLERUSDPERP	+0.0085%	1h	2.4275	−0.125%	$3K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4288	−0.073%	$523K	$432K	5x	as long as short
ApeX Omni PENDLEUSDT	+0.0097%	1h	2.4241	−0.266%	$74K	$232K	50x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4281	−0.102%	$34K	$5K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4320	+0.059%	$12.7M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4274	−0.129%	$47K	$171K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4270	−0.147%	$14.1M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4300	−0.023%	$3.1M	$6.7M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4278	−0.114%	$721K	$617K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4296	−0.040%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4278	−0.114%	—	$8.2M	—	as long as short
Variational Omni PENDLEshort	+0.0100%	8h	2.4266	−0.162%	$565K	$1.3M	—
edgeX PENDLEUSDC	+0.0100%	4h	2.4263	−0.174%	$24K	$370K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4304	−0.007%	$16K	$4K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4301	−0.019%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4282	−0.098%	$5K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0628%	1h	2.4323	+0.071%	$351K	$435K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0672%	1h	2.4320	+0.059%	$157K	$509K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1525%	1h	2.4313	+0.029%	$115K	$262K	20x	as long as short