Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.1111%/8h= +121.7% APRpaid last 24h +0.348%

Price spread now: Kraken Futures against Variational Omni+0.705%7-day average +0.194% · you sell dearer than you buy

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

Long on Variational Omni Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.504%+$50 on $10k

Price spread, last 4 days (all we have)−0.578%−$58 · spread now +0.705%, 7d avg +0.194%

Together, before fees−0.074%+ Points / potential airdropVariational Omni: Active · farm board−$7 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$33 a day on $10k at the current rate, and Kraken Futures is 0.511% dearer against Variational Omni than usual: you sell high and buy low: +$51 more if the spread goes back to its 7-day average of +0.194%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni PENDLE	2.4496	0.0069	pay 0.0069% / 8h	3h 12m	$549K	$1.4M	—
Short	Kraken Futures PF_PENDLEUSD	2.4668	0.1180	get 0.0148% / 1h	12m 53s	$115K	$268K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.705%Rate

Funding earned: $233.38
Price spread: +0.705% → +0.194%: $51.07
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $274.45
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; Kraken Futures: live order book, 40 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, 1 min ago	6.80 bp	doesn't fit	46.6 bp −$466	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 40 min ago	14.20 bp	45.8 bp −$46	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	−0.4243%	1h	2.4280	−0.881%	$2K	$54K	5.5x	as long as short
ApeX Omni PENDLEUSDT	−0.0084%	1h	2.4529	+0.136%	$75K	$233K	50x	as long as short
Gate PENDLE_USDT	−0.0064%	8h	2.4560	+0.262%	$722K	$1.1M	75x	as long as short
BloFin PENDLE-USDT	−0.0059%	8h	2.4604	+0.442%	$1.1M	$596K	75x	as long as short
MEXC PENDLE_USDT	−0.0052%	8h	2.4620	+0.507%	$17.5M	$2.0M	125x	as long as short
Binance PENDLEUSDT	−0.0051%	8h	2.4614	+0.483%	$26.0M	$44.5M	75x	as long as short
Extended PENDLE-USD	−0.0048%	1h	2.4599	+0.422%	$158K	$579K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0038%	8h	2.4551	+0.226%	$19K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4516	+0.081%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4561	+0.267%	$24K	$15K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster PENDLEUSDT	+0.0029%	8h	2.4648	+0.621%	$47K	$172K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0045%	8h	2.4497	+0.006%	$415K	$2.1M	10x	as long as short
Variational Omni PENDLElong	+0.0069%	8h	2.4496	long leg	$549K	$1.4M	—
Reya PENDLERUSDPERP	+0.0070%	1h	2.4546	+0.204%	$3K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0072%	1h	2.4603	+0.440%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4607	+0.454%	$517K	$429K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4475	−0.084%	$34K	$11K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4610	+0.467%	$14.5M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4630	+0.548%	$3.1M	$6.4M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4607	+0.454%	$868K	$557K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4614	+0.483%	$3.7M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4608	+0.458%	—	$8.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4507	+0.044%	$24K	$377K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4569	+0.299%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4492	−0.015%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4543	+0.193%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0276%	1h	2.4647	+0.618%	$12.8M	$6.1M	5x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0640%	1h	2.4520	+0.099%	$150K	$507K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0699%	1h	2.4656	+0.654%	$358K	$400K	15x	as long as short
Kraken Futures PF_PENDLEUSDshort	+0.1180%	1h	2.4668	+0.705%	$115K	$268K	20x