Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0089%/8h= −9.7% APRpaid last 24h −0.059%

Price spread now: Variational Omni against edgeX−0.432%59s7-day average −0.005% · you buy dearer than you sell

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

Long on edgeX Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.111%−$11 on $10k

Price spread, last 3 days (all we have)+0.459%+$46 · spread now −0.432%, 7d avg −0.005%

Together, before fees+0.348%+ Points / potential airdropedgeX: Active · Variational Omni: Active · farm board+$35 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Variational Omni is 0.427% cheaper against edgeX than usual: you would sell low and buy high (−$43 if the spread goes back to its 7-day average of −0.005%). Swap the legs. The two prices were read 59 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX PENDLEUSDC	2.5225	0.0100	pay 0.0050% / 4h	3h 46m	$25K	$382K	10x
Short	Variational Omni PENDLE	2.5116	0.0011	get 0.0011% / 8h	7h 46m	$600K	$1.9M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against edgeX. 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 edgeXbpFee Variational OmnibpOrdersPrice spread, now −0.432%Rate

Funding earned: −$18.65
Price spread: −0.432% → −0.005%: −$42.71
Slippage, 4 orders: no order book: not counted
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$70.36
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: edgeX: live order book, 27 min ago; Variational Omni: RFQ quote, 3 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 edgeX live order book, 27 min ago	1.99 bp	6.9 bp −$7	30.1 bp −$301	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 3 min ago	6.70 bp	doesn't fit	32.0 bp −$320	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	−0.4643%	1h	2.4860	−1.447%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0662%	1h	2.5209	−0.064%	$26K	$14K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0210%	1h	2.5256	+0.123%	$77K	$238K	50x	as long as short
Gate PENDLE_USDT	−0.0086%	8h	2.5220	−0.020%	$779K	$1.2M	75x	as long as short
BloFin PENDLE-USDT	−0.0085%	8h	2.5201	−0.095%	$1.3M	$710K	75x	as long as short
Binance PENDLEUSDT	−0.0075%	8h	2.5242	+0.067%	$27.3M	$42.6M	75x	as long as short
MEXC PENDLE_USDT	−0.0075%	8h	2.5240	+0.059%	$17.1M	$1.9M	125x	as long as short
Extended PENDLE-USD	−0.0072%	1h	2.5228	+0.011%	$164K	$622K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0013%	8h	2.5211	−0.056%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5231	+0.023%	$11K	—	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	+0.0011%	8h	2.5116	−0.432%	$600K	$1.9M	—
GRVT PENDLE_USDT_Perp	+0.0026%	8h	2.5260	+0.139%	$417K	$1.6M	10x	as long as short
Reya PENDLERUSDPERP	+0.0048%	1h	2.5199	−0.105%	$4K	—	15x	as long as short
Bybit PENDLEUSDT	+0.0052%	8h	2.5240	+0.059%	$15.5M	$12.1M	50x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.5209	−0.064%	$26K	—	3x	as long as short
Aster PENDLEUSDT	+0.0087%	8h	2.5250	+0.098%	$47K	$178K	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5232	+0.028%	$534K	$413K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5243	+0.070%	$35K	$18K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5278	+0.210%	$12.8M	$6.3M	5x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5230	+0.020%	$3.2M	$6.1M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5261	+0.143%	$887K	$593K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5222	−0.012%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5248	+0.091%	—	$35.7M	—	as long as short
edgeX PENDLEUSDClong	+0.0100%	4h	2.5225	long leg	$25K	$382K	10x
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5219	−0.024%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5222	−0.012%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0203% / S −0.0382%	1h	2.5224	−0.005%	$7K	—	100x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0616%	1h	2.5262	+0.148%	$117K	$295K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0728%	1h	2.5310	+0.337%	$141K	$439K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0750%	1h	2.5257	+0.127%	$332K	$488K	15x	as long as short