Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0305%/8h= −33.4% APRpaid last 24h +0.009%

Price spread now: Deribit against Variational Omni+0.159%7-day average — · you sell dearer than you buy

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

Long on Variational Omni Short on Deribit

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

The price spread pays, funding is against you. Deribit is 0.159% dearer against Variational Omni than usual: you sell high and buy low (spread +0.159% now, against zero (this spread has no 7-day history yet)): +$16 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 42 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni PENDLE	2.5241	0.0002	pay 0.0002% / 8h	7h 21m	$608K	$1.8M	—
Short	Deribit PENDLE_USDC-PERPETUAL	2.5281	−0.0303	pay 0.0038% / 1h	21m 16s	$26K	$14K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Variational Omni. 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 Variational OmnibpFee DeribitbpOrdersPrice spread, now +0.159%Rate

Funding earned: −$64.11
Price spread: +0.159% → 0.000%: $15.91
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$55.2
Costs to cover: 0.070%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 3 min ago; Deribit: no order-book sample. 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	4.69 bp	doesn't fit	54.4 bp −$544	doesn't fit	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

Deribit: 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	−1.073%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUALshort	−0.0303%	1h	2.5281	+0.159%	$26K	$14K	10x
GRVT PENDLE_USDT_Perp	−0.0098%	8h	2.5295	+0.214%	$419K	$1.6M	10x	as long as short
Binance PENDLEUSDT	−0.0090%	8h	2.5264	+0.091%	$27.3M	$42.6M	75x	as long as short
MEXC PENDLE_USDT	−0.0090%	8h	2.5273	+0.127%	$17.1M	$1.9M	125x	as long as short
Extended PENDLE-USD	−0.0088%	1h	2.5265	+0.094%	$165K	$570K	10x	as long as short
BloFin PENDLE-USDT	−0.0079%	8h	2.5271	+0.120%	$1.3M	$685K	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0022%	8h	2.5272	+0.123%	$20K	$16K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0006%	1h	2.5283	+0.167%	$77K	$238K	50x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5296	+0.218%	$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 PENDLElong	+0.0002%	8h	2.5241	long leg	$608K	$1.8M	—
Bybit PENDLEUSDT	+0.0009%	8h	2.5270	+0.116%	$15.6M	$11.9M	50x	as long as short
Reya PENDLERUSDPERP	+0.0050%	1h	2.5266	+0.101%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0056%	1h	2.5269	+0.112%	$26K	—	3x	as long as short
Aster PENDLEUSDT	+0.0056%	8h	2.5291	+0.199%	$47K	$178K	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5274	+0.131%	$537K	$418K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5261	+0.082%	$35K	$18K	10x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5250	+0.036%	$3.2M	$6.1M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5280	+0.155%	$784K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5302	+0.242%	$889K	$586K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5275	+0.135%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5269	+0.112%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5283	+0.167%	$25K	$381K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5274	+0.131%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5270	+0.116%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0203% / S −0.0382%	1h	2.5285	+0.173%	$7K	—	100x	as long as short
Hyperliquid PENDLE	+0.0363%	1h	2.5325	+0.333%	$13.0M	$6.4M	5x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0615%	1h	2.5328	+0.345%	$118K	$293K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0728%	1h	2.5410	+0.670%	$141K	$444K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0882%	1h	2.5315	+0.294%	$354K	$490K	15x	as long as short