Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0036%/8h= +4.0% APRpaid last 24h +0.062%

Price spread now: Hyperliquid against Variational Omni+0.374%7-day average +0.156% · you sell dearer than you buy

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

Long on Variational Omni Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.124%+$12 on $10k

Price spread, last 7 days−0.311%−$31 · spread now +0.374%, 7d avg +0.156%

Together, before fees−0.187%+ Points / potential airdropVariational Omni: Active · Hyperliquid: Season 2 · farm board−$19 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Hyperliquid is 0.218% dearer against Variational Omni than usual: you sell high and buy low: +$22 more if the spread goes back to its 7-day average of +0.156%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni PENDLE	2.4887	0.0064	pay 0.0064% / 8h	1h 24m	$550K	$2.0M	—
Short	Hyperliquid PENDLE	2.4980	0.0100	get 0.0013% / 1h	24m 56s	$12.3M	$6.0M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.374%Rate

Funding earned: $7.58
Price spread: +0.374% → +0.156%: $21.82
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $20.4
Costs to cover: 0.090%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 4 min ago; Hyperliquid: live order book, 8 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	4.74 bp	doesn't fit	64.6 bp −$646	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 8 min ago	1.40 bp	11.2 bp −$11	doesn't fit	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	−0.470%	$2K	$53K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0352%	1h	2.4907	+0.081%	$29K	$10K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0108%	1h	2.4910	+0.093%	$76K	$239K	50x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4907	+0.082%	$10K	—	5x	as long as short
MEXC PENDLE_USDT	+0.0005%	8h	2.4958	+0.286%	$16.9M	$2.1M	125x	as long as short
Binance PENDLEUSDT	+0.0006%	8h	2.4960	+0.295%	$27.0M	$40.8M	75x	as long as short
Extended PENDLE-USD	+0.0008%	1h	2.4948	+0.246%	$164K	$526K	10x	as long as short
Orderly PERP_PENDLE_USDC	+0.0021%	8h	2.4899	+0.049%	$20K	$16K	10x	as long as short
BloFin PENDLE-USDT	+0.0033%	8h	2.4888	+0.004%	$1.3M	$736K	75x	as long as short
Reya PENDLERUSDPERP	+0.0041%	1h	2.4897	+0.041%	$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	+0.0064%	8h	2.4887	long leg	$550K	$2.0M	—
Aevo PENDLE-PERP	+0.0080%	1h	2.4892	+0.021%	$26K	—	3x	as long as short
GRVT PENDLE_USDT_Perp	+0.0085%	8h	2.4901	+0.055%	$414K	$1.6M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4930	+0.173%	$525K	$423K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4889	+0.008%	$35K	$20K	10x	as long as short
Hyperliquid PENDLEshort	+0.0100%	1h	2.4980	+0.374%	$12.3M	$6.0M	5x
Aster PENDLEUSDT	+0.0100%	8h	2.4943	+0.227%	$43K	$176K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4950	+0.254%	$15.4M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4970	+0.334%	$3.2M	$5.9M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.4910	+0.093%	$781K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4951	+0.258%	$891K	$613K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4945	+0.233%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4962	+0.302%	—	$36.2M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4897	+0.040%	$25K	$395K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4922	+0.141%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4914	+0.109%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.4917	+0.123%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.5000	+0.454%	$139K	$461K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0662%	1h	2.5017	+0.523%	$353K	$474K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0754%	1h	2.4978	+0.364%	$120K	$304K	20x	as long as short