Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0731%/8h= −80.0% APRpaid last 24h −0.346%

Price spread now: Variational Omni against Kraken Futures−0.257%7-day average −0.195% · you buy dearer than you sell

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

Long on Kraken Futures Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.480%−$48 on $10k

Price spread, last 4 days (all we have)−0.014%−$1 · spread now −0.257%, 7d avg −0.195%

Together, before fees−0.494%+ Points / potential airdropVariational Omni: Active · farm board−$49 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$22 a day on $10k at the current rate, and Variational Omni is 0.061% cheaper against Kraken Futures than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.195%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_PENDLEUSD	2.5079	0.0747	pay 0.0093% / 1h	16m 06s	$117K	$277K	20x
Short	Variational Omni PENDLE	2.5015	0.0017	get 0.0017% / 8h	5h 16m	$563K	$1.8M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Kraken Futures. 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 Kraken FuturesbpFee Variational OmnibpOrdersPrice spread, now −0.257%Rate

Funding earned: −$153.46
Price spread: −0.257% → −0.195%: −$6.12
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$169.58
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Kraken Futures: live order book, 47 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 Kraken Futures live order book, 47 min ago	29.82 bp	63.1 bp −$63	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 3 min ago	4.72 bp	doesn't fit	40.9 bp −$409	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	−0.4938%	1h	2.4720	−1.433%	$2K	$54K	5.5x	as long as short
BloFin PENDLE-USDT	−0.0096%	8h	2.5093	+0.054%	$1.3M	$655K	75x	as long as short
MEXC PENDLE_USDT	−0.0075%	8h	2.5031	−0.193%	$17.5M	$1.9M	125x	as long as short
Binance PENDLEUSDT	−0.0074%	8h	2.5016	−0.253%	$26.7M	$43.6M	75x	as long as short
Extended PENDLE-USD	−0.0072%	1h	2.5019	−0.241%	$163K	$570K	10x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0069%	1h	2.5032	−0.189%	$26K	$14K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0036%	8h	2.5036	−0.173%	$20K	$15K	10x	as long as short
Aster PENDLEUSDT	−0.0021%	8h	2.5044	−0.141%	$48K	$177K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5100	+0.083%	$11K	—	5x	as long as short
Variational Omni PENDLEshort	+0.0017%	8h	2.5015	−0.257%	$563K	$1.8M	—

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate PENDLE_USDT	+0.0050%	8h	2.5030	−0.197%	$725K	$1.1M	75x	as long as short
Reya PENDLERUSDPERP	+0.0061%	1h	2.5028	−0.207%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.5019	−0.241%	$26K	—	3x	as long as short
GRVT PENDLE_USDT_Perp	+0.0081%	8h	2.5069	−0.043%	$418K	$1.8M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5030	−0.197%	$534K	$418K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5085	+0.021%	$35K	$15K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5066	−0.054%	$12.8M	$6.0M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5020	−0.237%	$15.0M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5030	−0.197%	$3.2M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5046	−0.133%	$855K	$573K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5034	−0.181%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5031	−0.193%	—	$33.5M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5019	−0.241%	$25K	$379K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4958	−0.484%	$76K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5046	−0.133%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5024	−0.221%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0158% / S −0.0257%	1h	2.5037	−0.170%	$7K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0552%	1h	2.5100	+0.082%	$148K	$497K	25x	as long as short
Kraken Futures PF_PENDLEUSDlong	+0.0747%	1h	2.5079	long leg	$117K	$277K	20x
Backpack PENDLE_USDC_PERP	+0.0783%	1h	2.5067	−0.050%	$362K	$488K	15x	as long as short