Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0035%/8h= −3.9% APRpaid last 24h −0.026%

Price spread now: Variational Omni against Reya−0.046%7-day average — · you buy dearer than you sell

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

Long on Reya 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 airdropReya: Active · Variational Omni: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Variational Omni is 0.046% cheaper against Reya than usual: you would sell low and buy high (−$5 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	Reya PENDLERUSDPERP	2.5278	0.0049	pay 0.0006% / 1h	41m 18s	$4K	—	15x
Short	Variational Omni PENDLE	2.5266	0.0013	get 0.0013% / 8h	7h 41m	$610K	$1.9M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Reya. 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 ReyabpFee Variational OmnibpOrdersPrice spread, now −0.046%Rate

Funding earned: −$7.44
Price spread: −0.046% → 0.000%: −$4.57
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$18.01
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; 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 Reya no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 3 min ago	6.66 bp	doesn't fit	39.5 bp −$395	doesn't fit	doesn't fit

Reya: 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	2.4970	−1.217%	$2K	$54K	5.5x	as long as short
Gate PENDLE_USDT	−0.0225%	8h	2.5300	+0.089%	$781K	$1.2M	75x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0185%	1h	2.5272	−0.022%	$26K	$14K	10x	as long as short
BloFin PENDLE-USDT	−0.0081%	8h	2.5260	−0.070%	$1.3M	$711K	75x	as long as short
Extended PENDLE-USD	−0.0080%	1h	2.5256	−0.087%	$165K	$726K	10x	as long as short
Binance PENDLEUSDT	−0.0077%	8h	2.5290	+0.049%	$27.3M	$42.7M	75x	as long as short
MEXC PENDLE_USDT	−0.0074%	8h	2.5269	−0.034%	$17.1M	$1.9M	125x	as long as short
ApeX Omni PENDLEUSDT	−0.0054%	1h	2.5317	+0.156%	$77K	$238K	50x	as long as short
Orderly PERP_PENDLE_USDC	−0.0015%	8h	2.5270	−0.030%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5298	+0.080%	$11K	—	5x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT PENDLE_USDT_Perp	+0.0008%	8h	2.5291	+0.052%	$427K	$1.6M	10x	as long as short
Variational Omni PENDLEshort	+0.0013%	8h	2.5266	−0.046%	$610K	$1.9M	—
Reya PENDLERUSDPERPlong	+0.0049%	1h	2.5278	long leg	$4K	—	15x
Aevo PENDLE-PERP	+0.0064%	1h	2.5263	−0.058%	$26K	—	3x	as long as short
Bybit PENDLEUSDT	+0.0084%	8h	2.5270	−0.030%	$15.6M	$12.1M	50x	as long as short
Aster PENDLEUSDT	+0.0087%	8h	2.5282	+0.019%	$47K	$178K	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5283	+0.021%	$535K	$413K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5260	−0.072%	$35K	$18K	10x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5260	−0.070%	$3.2M	$6.1M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5311	+0.132%	$888K	$593K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5297	+0.077%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5286	+0.033%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5337	+0.236%	$25K	$380K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5299	+0.085%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5274	−0.014%	$2K	$1.8M	20x	as long as short
Hyperliquid PENDLE	+0.0140%	1h	2.5333	+0.220%	$12.9M	$6.3M	5x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0203% / S −0.0382%	1h	2.5284	+0.025%	$7K	—	100x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0615%	1h	2.5319	+0.163%	$118K	$294K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0728%	1h	2.5360	+0.326%	$141K	$441K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0879%	1h	2.5370	+0.365%	$334K	$487K	15x	as long as short