Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.4821%/8h= −527.9% APRpaid last 24h −0.298%

Price spread now: Injective against Variational Omni−1.154%106s7-day average — · you buy dearer than you sell

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

Long on Variational Omni Short on Injective

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

Both sides work against this trade now: funding costs −$145 a day on $10k at the current rate, and Injective is 1.154% cheaper against Variational Omni than usual: you would sell low and buy high (−$115 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 106 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni PENDLE	2.5150	0.0015	pay 0.0015% / 8h	2h 41m	$608K	$2.3M	—
Short	Injective PENDLE/USDC PERP	2.4860	−0.4806	pay 0.0601% / 1h	41m 31s	$2K	$7K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −1.154%Rate

Funding earned: −$1,012.42
Price spread: −1.154% → 0.000%: −$115.36
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$1,127.8
Costs to cover: 0.000%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 3 min ago; Injective: 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	6.71 bp	doesn't fit	54.7 bp −$547	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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 PERPshort	−0.4806%	1h	2.4860	−1.154%	$2K	$7K	5.5x
Kraken Futures PF_PENDLEUSD	−0.0429%	1h	2.5251	+0.402%	$150K	$280K	20x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0107%	1h	2.5205	+0.218%	$30K	$10K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5194	+0.174%	$11K	—	5x	as long as short
Variational Omni PENDLElong	+0.0015%	8h	2.5150	long leg	$608K	$2.3M	—
Reya PENDLERUSDPERP	+0.0034%	1h	2.5191	+0.163%	$4K	—	15x	as long as short
Orderly PERP_PENDLE_USDC	+0.0036%	8h	2.5193	+0.170%	$23K	$8K	10x	as long as short
Extended PENDLE-USD	+0.0040%	1h	2.5181	+0.121%	$165K	$524K	10x	as long as short
MEXC PENDLE_USDT	+0.0041%	8h	2.5186	+0.143%	$16.9M	$2.2M	125x	as long as short
Binance PENDLEUSDT	+0.0043%	8h	2.5196	+0.183%	$27.5M	$39.1M	75x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin PENDLE-USDT	+0.0064%	8h	2.5193	+0.170%	$1.3M	$769K	75x	as long as short
Aevo PENDLE-PERP	+0.0088%	1h	2.5191	+0.163%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5192	+0.166%	$545K	$385K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5190	+0.157%	$35K	$22K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5221	+0.282%	$12.4M	$5.6M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5200	+0.198%	$41K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5187	+0.147%	$15.6M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5210	+0.238%	$3.3M	$5.7M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5190	+0.159%	$847K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5197	+0.186%	$913K	$609K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5176	+0.103%	$3.7M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5195	+0.178%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5181	+0.123%	$25K	$414K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5123	−0.109%	$422K	$1.6M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.5196	+0.182%	$77K	$239K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5210	+0.238%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5206	+0.222%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5203	+0.210%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5270	+0.477%	$118K	$439K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0874%	1h	2.5250	+0.397%	$366K	$467K	15x	as long as short