Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0356%/8h= −39.0% APRpaid last 24h −0.075%

Price spread now: Variational Omni against Hyperliquid−0.950%7-day average −0.160% · you buy dearer than you sell

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

Long on Hyperliquid Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.126%−$13 on $10k

Price spread, last 7 days+0.885%+$88 · spread now −0.950%, 7d avg −0.160%

Together, before fees+0.759%+ Points / potential airdropHyperliquid: Season 2 · Variational Omni: Active · farm board+$76 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and Variational Omni is 0.790% cheaper against Hyperliquid than usual: you would sell low and buy high (−$79 if the spread goes back to its 7-day average of −0.160%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid PENDLE	2.5246	0.0321	pay 0.0040% / 1h	52m 36s	$13.0M	$6.4M	5x
Short	Variational Omni PENDLE	2.5006	−0.0035	pay 0.0035% / 8h	6h 52m	$596K	$1.8M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Hyperliquid. 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 HyperliquidbpFee Variational OmnibpOrdersPrice spread, now −0.950%Rate

Funding earned: −$74.75
Price spread: −0.950% → −0.160%: −$79
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$162.75
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 10 min ago; 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 Hyperliquid live order book, 10 min ago	0.20 bp	16.3 bp −$16	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 1 min ago	4.72 bp	doesn't fit	57.3 bp −$573	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	−0.4742%	1h	2.4750	−1.965%	$2K	$54K	5.5x	as long as short
ApeX Omni PENDLEUSDT	−0.0934%	1h	2.5163	−0.329%	$77K	$237K	50x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0743%	1h	2.5158	−0.349%	$26K	$14K	10x	as long as short
Bybit PENDLEUSDT	−0.0155%	8h	2.5186	−0.238%	$15.4M	$12.1M	50x	as long as short
GRVT PENDLE_USDT_Perp	−0.0150%	8h	2.5038	−0.822%	$419K	$1.6M	10x	as long as short
Binance PENDLEUSDT	−0.0114%	8h	2.5208	−0.149%	$27.3M	$43.1M	75x	as long as short
MEXC PENDLE_USDT	−0.0114%	8h	2.5187	−0.234%	$17.3M	$1.8M	125x	as long as short
Extended PENDLE-USD	−0.0112%	1h	2.5190	−0.223%	$163K	$565K	10x	as long as short
BloFin PENDLE-USDT	−0.0109%	8h	2.5135	−0.440%	$1.3M	$654K	75x	as long as short
Variational Omni PENDLEshort	−0.0035%	8h	2.5006	−0.950%	$596K	$1.8M	—

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_PENDLE_USDC	−0.0030%	8h	2.5145	−0.400%	$20K	$16K	10x	as long as short
Gate PENDLE_USDT	−0.0003%	8h	2.5170	−0.301%	$786K	$1.2M	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5176	−0.276%	$11K	—	5x	as long as short
Aster PENDLEUSDT	+0.0009%	8h	2.5154	−0.365%	$50K	$180K	10x	as long as short
Reya PENDLERUSDPERP	+0.0053%	1h	2.5182	−0.254%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0056%	1h	2.5148	−0.388%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5185	−0.242%	$536K	$414K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5194	−0.207%	$35K	$16K	10x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5190	−0.222%	$3.2M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5198	−0.190%	$855K	$592K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5176	−0.277%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5183	−0.250%	—	$33.8M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5136	−0.434%	$25K	$380K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5216	−0.119%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5148	−0.388%	$1K	$1.8M	20x	as long as short
Backpack PENDLE_USDC_PERP	+0.0133%	1h	2.5211	−0.139%	$353K	$485K	15x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0158% / S −0.0256%	1h	2.5175	−0.280%	$7K	—	100x	as long as short
Hyperliquid PENDLElong	+0.0321%	1h	2.5246	long leg	$13.0M	$6.4M	5x
Coinbase International PENDLE-PERP-INTX	+0.0632%	1h	2.5150	−0.380%	$144K	$468K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0865%	1h	2.5195	−0.202%	$117K	$290K	20x	as long as short