Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0094%/8h= +10.3% APRpaid last 24h −0.052%

Price spread now: Variational Omni against Extended−0.584%7-day average +0.035% · you buy dearer than you sell

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

Long on Extended Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.104%−$10 on $10k

Price spread, last 4 days (all we have)+0.270%+$27 · spread now −0.584%, 7d avg +0.035%

Together, before fees+0.166%+ Points / potential airdropExtended: Active · Variational Omni: Active · farm board+$17 on $10k · with fees, hour by hour

Funding pays, the price is against you. Variational Omni is 0.619% cheaper against Extended than usual: you would sell low and buy high (spread −0.584% now, against its 7-day average of +0.035%). If the spread goes back, that is −$62 on $10k: about 22 days of funding at the current rate (+$3 a day). Mind the row above: over the last 3 days funding on this pair cost −0.104%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended PENDLE-USD	2.5374	−0.0080	get 0.0010% / 1h	44m 28s	$170K	$667K	10x
Short	Variational Omni PENDLE	2.5226	0.0014	get 0.0014% / 8h	7h 44m	$604K	$1.9M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Extended. 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 ExtendedbpFee Variational OmnibpOrdersPrice spread, now −0.584%Rate

Funding earned: $19.74
Price spread: −0.584% → +0.035%: −$61.9
Slippage, 4 orders: no order book: not counted
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$47.16
Costs to cover: 0.050%
Break-even: 23.7 days

Slippage unknown: Extended: live order book, 28 min ago; Variational Omni: RFQ quote, 5 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 Extended live order book, 28 min ago	1.19 bp	13.9 bp −$14	104.5 bp −$1,045	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 5 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	−2.026%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0144%	1h	2.5349	−0.099%	$26K	$14K	10x	as long as short
BloFin PENDLE-USDT	−0.0106%	8h	2.5356	−0.072%	$1.3M	$714K	75x	as long as short
ApeX Omni PENDLEUSDT	−0.0098%	1h	2.5215	−0.627%	$77K	$238K	50x	as long as short
Extended PENDLE-USDlong	−0.0080%	1h	2.5374	long leg	$170K	$667K	10x
MEXC PENDLE_USDT	−0.0076%	8h	2.5380	+0.023%	$17.1M	$1.9M	125x	as long as short
Binance PENDLEUSDT	−0.0074%	8h	2.5380	+0.023%	$27.4M	$42.6M	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0014%	8h	2.5344	−0.119%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5396	+0.086%	$11K	—	5x	as long as short
Variational Omni PENDLEshort	+0.0014%	8h	2.5226	−0.584%	$604K	$1.9M	—

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT PENDLE_USDT_Perp	+0.0026%	8h	2.5260	−0.450%	$417K	$1.6M	10x	as long as short
Gate PENDLE_USDT	+0.0048%	8h	2.5380	+0.023%	$783K	$1.2M	75x	as long as short
Reya PENDLERUSDPERP	+0.0049%	1h	2.5375	+0.002%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.5338	−0.143%	$26K	—	3x	as long as short
Bybit PENDLEUSDT	+0.0083%	8h	2.5365	−0.036%	$15.6M	$12.1M	50x	as long as short
Aster PENDLEUSDT	+0.0087%	8h	2.5379	+0.020%	$47K	$178K	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5390	+0.062%	$538K	$413K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5382	+0.032%	$35K	$18K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5438	+0.252%	$12.9M	$6.3M	5x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5370	−0.016%	$3.2M	$6.1M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5390	+0.062%	$891K	$593K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5380	+0.023%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5369	−0.020%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5225	−0.588%	$25K	$382K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5400	+0.102%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5358	−0.064%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0203% / S −0.0382%	1h	2.5389	+0.059%	$7K	—	100x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0613%	1h	2.5412	+0.148%	$118K	$295K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0728%	1h	2.5320	−0.213%	$141K	$440K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0821%	1h	2.5425	+0.200%	$334K	$487K	15x	as long as short