Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0045%/8h= −5.0% APRpaid last 24h −0.051%

Price spread now: Variational Omni against OKX+0.214%7-day average −0.031% · you sell dearer than you buy

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

Long on OKX Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.094%−$9 on $10k

Price spread, last 7 days−0.294%−$29 · spread now +0.214%, 7d avg −0.031%

Together, before fees−0.388%+ Points / potential airdropVariational Omni: Active · farm board−$39 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.245% dearer against OKX than usual: you sell high and buy low (spread +0.214% now, against its 7-day average of −0.031%): +$24 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 18 days. At the pace of the last 3 days (−0.094% in total) that is about 8.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX PENDLE-USDT-SWAP	2.5120	0.0100	pay 0.0050% / 4h	2h 15m	$3.2M	$5.7M	50x
Short	Variational Omni PENDLE	2.5174	0.0055	get 0.0055% / 8h	2h 15m	$619K	$2.1M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against OKX. 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 OKXbpFee Variational OmnibpOrdersPrice spread, now +0.214%Rate

Funding earned: −$9.5
Price spread: +0.214% → −0.031%: $24.5
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $5
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: OKX: live order book, 3 min ago; Variational Omni: RFQ quote, 4 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 OKX live order book, 3 min ago	1.98 bp	16.8 bp −$17	148.0 bp −$1,480	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 4 min ago	6.69 bp	doesn't fit	64.5 bp −$645	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	−0.4806%	1h	2.5200	+0.318%	$2K	$53K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0430%	1h	2.5172	+0.207%	$150K	$277K	20x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0307%	1h	2.5126	+0.024%	$30K	$10K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5196	+0.302%	$11K	—	5x	as long as short
BloFin PENDLE-USDT	+0.0031%	8h	2.5104	−0.064%	$1.3M	$739K	75x	as long as short
Orderly PERP_PENDLE_USDC	+0.0034%	8h	2.5116	−0.016%	$25K	$11K	10x	as long as short
Reya PENDLERUSDPERP	+0.0036%	1h	2.5097	−0.091%	$4K	—	15x	as long as short
Binance PENDLEUSDT	+0.0045%	8h	2.5130	+0.040%	$27.3M	$39.2M	75x	as long as short
MEXC PENDLE_USDT	+0.0045%	8h	2.5110	−0.040%	$16.9M	$2.3M	125x	as long as short
Extended PENDLE-USD	+0.0048%	1h	2.5103	−0.069%	$165K	$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	+0.0055%	8h	2.5174	+0.214%	$619K	$2.1M	—
ApeX Omni PENDLEUSDT	+0.0075%	1h	2.5188	+0.271%	$77K	$239K	50x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5118	−0.008%	$546K	$396K	5x	as long as short
Aevo PENDLE-PERP	+0.0096%	1h	2.5113	−0.028%	$26K	—	3x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5169	+0.196%	$35K	$22K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5143	+0.092%	$12.3M	$5.6M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5121	+0.003%	$41K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5110	−0.040%	$15.6M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAPlong	+0.0100%	4h	2.5120	long leg	$3.2M	$5.7M	50x
Gate PENDLE_USDT	+0.0100%	8h	2.5090	−0.119%	$838K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5095	−0.100%	$915K	$599K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5113	−0.028%	$3.7M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5105	−0.060%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5193	+0.290%	$25K	$412K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5173	+0.213%	$425K	$1.6M	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5123	+0.012%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5137	+0.068%	$1K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5129	+0.034%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5170	+0.199%	$116K	$418K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0845%	1h	2.5163	+0.171%	$364K	$460K	15x	as long as short