Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.4859%/8h= +532.1% APRpaid last 24h +0.298%

Price spread now: Variational Omni against Injective+0.114%7-day average — · you sell dearer than you buy

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

Long on Injective 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 for this trade now. Funding pays +$146 a day on $10k at the current rate, and Variational Omni is 0.114% dearer against Injective than usual: you sell high and buy low: +$11 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective PENDLE/USDC PERP	2.5200	−0.4806	get 0.0601% / 1h	16m 42s	$2K	$53K	5.5x
Short	Variational Omni PENDLE	2.5229	0.0053	get 0.0053% / 8h	2h 16m	$621K	$2.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Injective. 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 InjectivebpFee Variational OmnibpOrdersPrice spread, now +0.114%Rate

Funding earned: $1,020.49
Price spread: +0.114% → 0.000%: $11.35
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $1,031.82
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Variational Omni: RFQ quote, 2 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 Injective no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 2 min ago	6.69 bp	doesn't fit	64.5 bp −$645	doesn't fit	doesn't fit

Injective: 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 PERPlong	−0.4806%	1h	2.5200	long leg	$2K	$53K	5.5x
Kraken Futures PF_PENDLEUSD	−0.0428%	1h	2.5270	+0.279%	$150K	$279K	20x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0345%	1h	2.5208	+0.032%	$30K	$10K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5194	−0.023%	$11K	—	5x	as long as short
BloFin PENDLE-USDT	+0.0020%	8h	2.5190	−0.040%	$1.3M	$741K	75x	as long as short
Orderly PERP_PENDLE_USDC	+0.0034%	8h	2.5208	+0.032%	$25K	$11K	10x	as long as short
Reya PENDLERUSDPERP	+0.0036%	1h	2.5206	+0.024%	$4K	—	15x	as long as short
MEXC PENDLE_USDT	+0.0045%	8h	2.5204	+0.016%	$17.0M	$2.3M	125x	as long as short
Binance PENDLEUSDT	+0.0046%	8h	2.5202	+0.008%	$27.4M	$39.3M	75x	as long as short
Extended PENDLE-USD	+0.0048%	1h	2.5193	−0.026%	$166K	$524K	10x	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	+0.0053%	8h	2.5229	+0.114%	$621K	$2.3M	—
Lighter PENDLE	+0.0096%	1h	2.5210	+0.040%	$548K	$396K	5x	as long as short
Aevo PENDLE-PERP	+0.0096%	1h	2.5198	−0.008%	$26K	—	3x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5203	+0.012%	$35K	$22K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5243	+0.171%	$12.4M	$5.6M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5196	−0.016%	$41K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5182	−0.071%	$15.6M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5220	+0.079%	$3.3M	$5.7M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5170	−0.119%	$840K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5217	+0.067%	$917K	$610K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5198	−0.008%	$3.7M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5194	−0.024%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5210	+0.041%	$25K	$412K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5216	+0.063%	$425K	$1.6M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.5236	+0.143%	$77K	$240K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5216	+0.063%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5214	+0.056%	$1K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5218	+0.070%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5360	+0.635%	$117K	$422K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0845%	1h	2.5239	+0.155%	$365K	$460K	15x	as long as short