Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0131%/8h= −14.3% APRpaid last 24h −0.057%

Price spread now: Variational Omni against Lighter−0.004%7-day average −0.060% · you buy dearer than you sell

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

Long on Lighter 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)−0.462%−$46 · spread now −0.004%, 7d avg −0.060%

Together, before fees−0.566%+ Points / potential airdropLighter: Season 3 · Variational Omni: Active · farm board−$57 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.057% dearer against Lighter than usual: you sell high and buy low (spread −0.004% now, against its 7-day average of −0.060%): +$6 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 35 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PENDLE	2.5007	0.0096	pay 0.0012% / 1h	55m 45s	$532K	$414K	5x
Short	Variational Omni PENDLE	2.5006	−0.0035	pay 0.0035% / 8h	6h 55m	$596K	$1.8M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Lighter. 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 LighterbpFee Variational OmnibpOrdersPrice spread, now −0.004%Rate

Funding earned: −$27.48
Price spread: −0.004% → −0.060%: $5.68
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$21.8
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Lighter: live order book, 5 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 Lighter live order book, 5 min ago	9.55 bp	14.8 bp −$15	64.3 bp −$643	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 3 min ago	6.70 bp	doesn't fit	41.4 bp −$414	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	2.4850	−0.628%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.1108%	1h	2.5002	−0.020%	$26K	$14K	10x	as long as short
Bybit PENDLEUSDT	−0.0176%	8h	2.5000	−0.028%	$15.3M	$12.0M	50x	as long as short
GRVT PENDLE_USDT_Perp	−0.0145%	8h	2.5176	+0.677%	$416K	$1.7M	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0142%	1h	2.5174	+0.668%	$77K	$237K	50x	as long as short
Binance PENDLEUSDT	−0.0113%	8h	2.4996	−0.044%	$27.0M	$43.1M	75x	as long as short
Extended PENDLE-USD	−0.0112%	1h	2.5002	−0.019%	$163K	$565K	10x	as long as short
MEXC PENDLE_USDT	−0.0110%	8h	2.5011	+0.016%	$17.2M	$1.8M	125x	as long as short
BloFin PENDLE-USDT	−0.0096%	8h	2.5118	+0.444%	$1.3M	$653K	75x	as long as short
Variational Omni PENDLEshort	−0.0035%	8h	2.5006	−0.004%	$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	−0.0029%	8h	2.4994	−0.052%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5025	+0.071%	$11K	—	5x	as long as short
Aster PENDLEUSDT	+0.0013%	8h	2.5029	+0.088%	$50K	$181K	10x	as long as short
Reya PENDLERUSDPERP	+0.0052%	1h	2.5021	+0.056%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0056%	1h	2.4991	−0.063%	$26K	—	3x	as long as short
Gate PENDLE_USDT	+0.0068%	8h	2.5020	+0.052%	$780K	$1.2M	75x	as long as short
Lighter PENDLElong	+0.0096%	1h	2.5007	long leg	$532K	$414K	5x
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4999	−0.033%	$35K	$16K	10x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5000	−0.028%	$3.2M	$6.1M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4996	−0.044%	$850K	$591K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4979	−0.112%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5020	+0.052%	—	$33.8M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5160	+0.611%	$25K	$379K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5042	+0.140%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5005	−0.008%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0158% / S −0.0256%	1h	2.5031	+0.094%	$7K	—	100x	as long as short
Hyperliquid PENDLE	+0.0219%	1h	2.5057	+0.198%	$12.9M	$6.4M	5x	as long as short
Backpack PENDLE_USDC_PERP	+0.0247%	1h	2.5052	+0.180%	$351K	$485K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0632%	1h	2.5060	+0.212%	$144K	$464K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0870%	1h	2.5054	+0.186%	$116K	$290K	20x	as long as short