Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0040%/8h= +4.4% APRpaid last 24h +0.046%

Price spread now: ApeX Omni against Variational Omni−0.123%7-day average +0.072% · you buy dearer than you sell

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

Long on Variational Omni Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.057%+$6 on $10k

Price spread, last 3 days (all we have)+0.186%+$19 · spread now −0.123%, 7d avg +0.072%

Together, before fees+0.243%+ Points / potential airdropVariational Omni: Active · farm board+$24 on $10k · with fees, hour by hour

Funding pays, the price is against you. ApeX Omni is 0.195% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.123% now, against its 7-day average of +0.072%). If the spread goes back, that is −$19 on $10k: about 16 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni PENDLE	2.5103	0.0060	pay 0.0060% / 8h	1h 51m	$618K	$2.0M	—
Short	ApeX Omni PENDLEUSDT	2.5072	0.0100	get 0.0013% / 1h	51m 31s	$76K	$239K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Variational Omni. 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 Variational OmnibpFee ApeX OmnibpOrdersPrice spread, now −0.123%Rate

Funding earned: $8.46
Price spread: −0.123% → +0.072%: −$19.49
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$21.03
Costs to cover: 0.100%
Break-even: 24.4 days

Slippage unknown: Variational Omni: RFQ quote, 3 min ago; ApeX Omni: live order book, 30 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 Variational Omni RFQ quote, 3 min ago	6.70 bp	doesn't fit	47.0 bp −$470	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 30 min ago	3.37 bp	11.6 bp −$12	97.6 bp −$976	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	−0.3656%	1h	2.4770	−1.326%	$2K	$53K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0348%	1h	2.5079	−0.095%	$30K	$10K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5083	−0.078%	$11K	—	5x	as long as short
Orderly PERP_PENDLE_USDC	+0.0031%	8h	2.5074	−0.115%	$20K	$16K	10x	as long as short
BloFin PENDLE-USDT	+0.0036%	8h	2.5026	−0.306%	$1.3M	$728K	75x	as long as short
Reya PENDLERUSDPERP	+0.0038%	1h	2.5027	−0.302%	$4K	—	15x	as long as short
Binance PENDLEUSDT	+0.0041%	8h	2.5021	−0.325%	$27.2M	$39.5M	75x	as long as short
MEXC PENDLE_USDT	+0.0044%	8h	2.5030	−0.290%	$16.9M	$2.1M	125x	as long as short
Extended PENDLE-USD	+0.0048%	1h	2.5020	−0.329%	$165K	$524K	10x	as long as short
Variational Omni PENDLElong	+0.0060%	8h	2.5103	long leg	$618K	$2.0M	—

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter PENDLE	+0.0096%	1h	2.5060	−0.171%	$526K	$421K	5x	as long as short
Aevo PENDLE-PERP	+0.0096%	1h	2.5067	−0.145%	$26K	—	3x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5039	−0.255%	$35K	$20K	10x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5046	−0.228%	$41K	$172K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5020	−0.330%	$15.5M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5040	−0.250%	$3.2M	$5.7M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5060	−0.171%	$855K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5055	−0.191%	$894K	$605K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5019	−0.334%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5045	−0.231%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5057	−0.182%	$25K	$411K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5164	+0.243%	$424K	$1.6M	10x	as long as short
ApeX Omni PENDLEUSDTshort	+0.0100%	1h	2.5072	−0.123%	$76K	$239K	50x
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5049	−0.215%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5083	−0.079%	$1K	$1.7M	20x	as long as short
Hyperliquid PENDLE	+0.0134%	1h	2.5084	−0.075%	$12.4M	$5.6M	5x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5047	−0.224%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.5180	+0.307%	$117K	$416K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0750%	1h	2.5127	+0.096%	$149K	$273K	20x	as long as short
Backpack PENDLE_USDC_PERP	+0.0929%	1h	2.5125	+0.088%	$357K	$460K	15x	as long as short