Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0089%/8h= −9.7% APRpaid last 24h −0.056%

Price spread now: Variational Omni against Polymarket Perps−0.408%7-day average — · you buy dearer than you sell

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

Long on Polymarket Perps 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 against this trade now: funding costs −$3 a day on $10k at the current rate, and Variational Omni is 0.408% cheaper against Polymarket Perps than usual: you would sell low and buy high (−$41 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps PENDLE-USD	2.5219	0.0100	pay 0.0013% / 1h	47m 01s	$16K	$20K	5x
Short	Variational Omni PENDLE	2.5116	0.0011	get 0.0011% / 8h	7h 47m	$600K	$1.9M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Polymarket Perps. 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 Polymarket PerpsbpFee Variational OmnibpOrdersPrice spread, now −0.408%Rate

Funding earned: −$18.65
Price spread: −0.408% → 0.000%: −$40.8
Slippage, 4 orders: no order book: not counted
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$67.45
Costs to cover: 0.080%
Break-even: never at this rate

Slippage unknown: Polymarket Perps: 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 Polymarket Perps no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 2 min ago	6.70 bp	doesn't fit	32.0 bp −$320	doesn't fit	doesn't fit

Polymarket Perps: 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 PERP	−0.4643%	1h	2.4860	−1.424%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0662%	1h	2.5209	−0.040%	$26K	$14K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0210%	1h	2.5256	+0.147%	$77K	$238K	50x	as long as short
Gate PENDLE_USDT	−0.0103%	8h	2.5230	+0.044%	$779K	$1.2M	75x	as long as short
BloFin PENDLE-USDT	−0.0085%	8h	2.5201	−0.071%	$1.3M	$710K	75x	as long as short
Binance PENDLEUSDT	−0.0076%	8h	2.5230	+0.043%	$27.3M	$42.6M	75x	as long as short
MEXC PENDLE_USDT	−0.0075%	8h	2.5233	+0.056%	$17.0M	$1.9M	125x	as long as short
Extended PENDLE-USD	−0.0072%	1h	2.5212	−0.026%	$164K	$622K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0013%	8h	2.5211	−0.032%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5253	+0.135%	$11K	—	5x	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	+0.0011%	8h	2.5116	−0.408%	$600K	$1.9M	—
GRVT PENDLE_USDT_Perp	+0.0026%	8h	2.5260	+0.163%	$417K	$1.6M	10x	as long as short
Reya PENDLERUSDPERP	+0.0048%	1h	2.5199	−0.081%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.5209	−0.040%	$26K	—	3x	as long as short
Bybit PENDLEUSDT	+0.0086%	8h	2.5224	+0.020%	$15.5M	$12.1M	50x	as long as short
Aster PENDLEUSDT	+0.0090%	8h	2.5245	+0.105%	$47K	$178K	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5212	−0.028%	$534K	$413K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5207	−0.047%	$35K	$18K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5277	+0.230%	$12.8M	$6.3M	5x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5210	−0.036%	$3.2M	$6.1M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5261	+0.167%	$887K	$593K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5216	−0.012%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5240	+0.083%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5225	+0.024%	$25K	$382K	10x	as long as short
Polymarket Perps PENDLE-USDlong	+0.0100%	1h	2.5219	long leg	$16K	$20K	5x
SunX PENDLE-USDT	+0.0100%	8h	2.5222	+0.012%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0203% / S −0.0382%	1h	2.5224	+0.019%	$7K	—	100x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0616%	1h	2.5262	+0.172%	$117K	$295K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0728%	1h	2.5310	+0.361%	$141K	$439K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0750%	1h	2.5257	+0.151%	$332K	$488K	15x	as long as short