Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0147%/8h= −16.1% APRpaid last 24h −0.083%

Price spread now: Variational Omni against GMX−0.458%7-day average — · you buy dearer than you sell

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

Long on GMX 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

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Variational Omni is 0.458% cheaper against GMX than usual: you would sell low and buy high (−$46 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX PENDLE/USD [PENDLE-USDC]	2.5060	L +0.0158% / S −0.0257%	pay 0.0020% / 1h	18m 15s	$7K	—	100x
Short	Variational Omni PENDLE	2.4945	0.0011	get 0.0011% / 8h	5h 18m	$561K	$1.8M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against GMX. 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 GMXbpFee Variational OmnibpOrdersPrice spread, now −0.458%Rate

Funding earned: −$30.93
Price spread: −0.458% → 0.000%: −$45.78
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$88.71
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; 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 GMX no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 1 min ago	4.72 bp	doesn't fit	40.9 bp −$409	doesn't fit	doesn't fit

GMX: 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	−0.4938%	1h	2.4520	−2.155%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0109%	1h	2.5047	−0.052%	$26K	$14K	10x	as long as short
MEXC PENDLE_USDT	−0.0078%	8h	2.5063	+0.012%	$17.5M	$1.9M	125x	as long as short
Binance PENDLEUSDT	−0.0075%	8h	2.5042	−0.074%	$26.8M	$43.5M	75x	as long as short
Extended PENDLE-USD	−0.0072%	1h	2.5025	−0.138%	$163K	$570K	10x	as long as short
BloFin PENDLE-USDT	−0.0054%	8h	2.5058	−0.008%	$1.3M	$653K	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0035%	8h	2.5057	−0.012%	$20K	$15K	10x	as long as short
Aster PENDLEUSDT	−0.0023%	8h	2.5093	+0.129%	$48K	$177K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5075	+0.059%	$11K	—	5x	as long as short
Variational Omni PENDLEshort	+0.0011%	8h	2.4945	−0.458%	$561K	$1.8M	—

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate PENDLE_USDT	+0.0040%	8h	2.5050	−0.040%	$725K	$1.1M	75x	as long as short
GRVT PENDLE_USDT_Perp	+0.0059%	8h	2.4892	−0.671%	$416K	$1.8M	10x	as long as short
Reya PENDLERUSDPERP	+0.0060%	1h	2.5076	+0.065%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.5039	−0.083%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5050	−0.040%	$535K	$418K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5067	+0.029%	$35K	$15K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5086	+0.103%	$12.8M	$6.0M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5041	−0.076%	$15.0M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5050	−0.040%	$3.2M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5061	+0.004%	$855K	$573K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5068	+0.031%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5072	+0.047%	—	$33.5M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4941	−0.477%	$25K	$378K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4958	−0.407%	$76K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5102	+0.167%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5031	−0.116%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]long	L +0.0158% / S −0.0257%	1h	2.5060	long leg	$7K	—	100x
Coinbase International PENDLE-PERP-INTX	+0.0552%	1h	2.5120	+0.239%	$148K	$496K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0747%	1h	2.5079	+0.075%	$117K	$280K	20x	as long as short
Backpack PENDLE_USDC_PERP	+0.0759%	1h	2.5093	+0.131%	$363K	$488K	15x	as long as short