Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0065%/8h= −7.1% APRpaid last 24h +0.047%

Price spread now: Extended against Variational Omni−0.295%7-day average −0.041% · you buy dearer than you sell

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

Long on Variational Omni Short on Extended

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.107%+$11 on $10k

Price spread, last 4 days (all we have)+1.050%+$105 · spread now −0.295%, 7d avg −0.041%

Together, before fees+1.156%+ Points / potential airdropVariational Omni: Active · Extended: Active · farm board+$116 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Extended is 0.254% cheaper against Variational Omni than usual: you would sell low and buy high (−$25 if the spread goes back to its 7-day average of −0.041%). Swap the legs. Mind the row above: over the last 3 days funding on this pair paid +0.107%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni PENDLE	2.4937	0.0065	pay 0.0065% / 8h	1h 15m	$551K	$2.0M	—
Short	Extended PENDLE-USD	2.4863	0	get 0.0000% / 1h	15m 32s	$164K	$526K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.295%Rate

Funding earned: −$13.58
Price spread: −0.295% → −0.041%: −$25.37
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$43.96
Costs to cover: 0.050%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 4 min ago; Extended: live order book, 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 Variational Omni RFQ quote, 4 min ago	6.73 bp	doesn't fit	47.2 bp −$472	doesn't fit	doesn't fit
Sell Extended live order book, 2 min ago	1.00 bp	13.9 bp −$14	102.2 bp −$1,022	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	−0.669%	$2K	$53K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0151%	1h	2.4912	−0.100%	$29K	$10K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0050%	1h	2.4960	+0.093%	$76K	$239K	50x	as long as short
BloFin PENDLE-USDT	−0.0012%	8h	2.4881	−0.224%	$1.3M	$735K	75x	as long as short
Binance PENDLEUSDT	−0.0002%	8h	2.4876	−0.245%	$26.8M	$40.9M	75x	as long as short
MEXC PENDLE_USDT	−0.0002%	8h	2.4878	−0.236%	$16.8M	$2.1M	125x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4916	−0.084%	$10K	—	5x	as long as short
Extended PENDLE-USDshort	0.0000%	1h	2.4863	−0.295%	$164K	$526K	10x
Orderly PERP_PENDLE_USDC	+0.0018%	8h	2.4908	−0.116%	$20K	$16K	10x	as long as short
Reya PENDLERUSDPERP	+0.0041%	1h	2.4907	−0.119%	$4K	—	15x	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	+0.0065%	8h	2.4937	long leg	$551K	$2.0M	—
GRVT PENDLE_USDT_Perp	+0.0071%	8h	2.4885	−0.210%	$413K	$1.6M	10x	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.4902	−0.139%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4888	−0.196%	$524K	$424K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4874	−0.251%	$35K	$20K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4919	−0.072%	$12.3M	$6.0M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4885	−0.208%	$44K	$176K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4871	−0.264%	$15.3M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4880	−0.228%	$3.2M	$5.9M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.4870	−0.268%	$780K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4902	−0.140%	$889K	$613K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4892	−0.180%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4885	−0.208%	—	$36.2M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4872	−0.260%	$25K	$398K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4935	−0.008%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4931	−0.024%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.4923	−0.056%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.5020	+0.333%	$139K	$462K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0669%	1h	2.4946	+0.037%	$352K	$475K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0755%	1h	2.4952	+0.060%	$119K	$304K	20x	as long as short