Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0060%/8h= −6.5% APRpaid last 24h +0.021%

Price spread now: dYdX against Variational Omni+0.167%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 dYdX

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. dYdX is 0.167% dearer against Variational Omni than usual: you sell high and buy low (spread +0.167% now, against zero (this spread has no 7-day history yet)): +$17 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 9.3 days.

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 55m	$618K	$2.0M	—
Short	dYdX PENDLE-USD	2.5145	0	get 0.0000% / 1h	55m 02s	$11K	—	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now +0.167%Rate

Funding earned: −$12.54
Price spread: +0.167% → 0.000%: $16.68
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$5.86
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 4 min ago; dYdX: 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, 4 min ago	4.71 bp	doesn't fit	43.4 bp −$434	doesn't fit	doesn't fit
Sell dYdX no order-book sample	—	—	—	—	—

dYdX: 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	−0.3656%	1h	2.4770	−1.326%	$2K	$53K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0226%	1h	2.5172	+0.275%	$30K	$10K	10x	as long as short
dYdX PENDLE-USDshort	0.0000%	1h	2.5145	+0.167%	$11K	—	5x
BloFin PENDLE-USDT	+0.0021%	8h	2.5155	+0.208%	$1.3M	$732K	75x	as long as short
Orderly PERP_PENDLE_USDC	+0.0032%	8h	2.5164	+0.244%	$20K	$16K	10x	as long as short
Reya PENDLERUSDPERP	+0.0038%	1h	2.5167	+0.257%	$4K	—	15x	as long as short
MEXC PENDLE_USDT	+0.0043%	8h	2.5164	+0.244%	$17.0M	$2.1M	125x	as long as short
Binance PENDLEUSDT	+0.0045%	8h	2.5167	+0.255%	$27.3M	$39.6M	75x	as long as short
Extended PENDLE-USD	+0.0048%	1h	2.5139	+0.145%	$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	2.5167	+0.255%	$528K	$421K	5x	as long as short
Aevo PENDLE-PERP	+0.0096%	1h	2.5160	+0.229%	$26K	—	3x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5145	+0.167%	$35K	$20K	10x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5174	+0.283%	$41K	$172K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5160	+0.228%	$15.6M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5160	+0.228%	$3.2M	$5.8M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5200	+0.387%	$860K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5187	+0.335%	$898K	$605K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5147	+0.176%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5171	+0.271%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5048	−0.220%	$25K	$409K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5144	+0.164%	$424K	$1.6M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.5121	+0.072%	$77K	$240K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5178	+0.299%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5167	+0.255%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5189	+0.345%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0200%	1h	2.5228	+0.498%	$12.5M	$5.7M	5x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.5180	+0.307%	$117K	$417K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0747%	1h	2.5225	+0.485%	$150K	$274K	20x	as long as short
Backpack PENDLE_USDC_PERP	+0.1300%	1h	2.5244	+0.562%	$359K	$460K	15x	as long as short