Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0053%/8h= +5.8% APRpaid last 24h +0.049%

Price spread now: Lighter against Variational Omni+0.162%7-day average +0.058% · you sell dearer than you buy

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

Long on Variational Omni Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.104%+$10 on $10k

Price spread, last 4 days (all we have)+0.109%+$11 · spread now +0.162%, 7d avg +0.058%

Together, before fees+0.214%+ Points / potential airdropVariational Omni: Active · Lighter: Season 3 · farm board+$21 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Lighter is 0.104% dearer against Variational Omni than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of +0.058%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni PENDLE	2.5187	0.0043	pay 0.0043% / 8h	35m 14s	$594K	$1.9M	—
Short	Lighter PENDLE	2.5228	0.0096	get 0.0012% / 1h	35m 14s	$531K	$415K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.162%Rate

Funding earned: $11.15
Price spread: +0.162% → +0.058%: $10.42
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Lighter: 0 bp × 2 orders: $0
Net: $21.57
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 4 min ago; Lighter: live order book, 35 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	4.71 bp	doesn't fit	47.6 bp −$476	doesn't fit	doesn't fit
Sell Lighter live order book, 35 min ago	9.68 bp	13.4 bp −$13	100.1 bp −$1,001	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	−0.5000%	1h	2.4940	−0.981%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0503%	1h	2.5223	+0.143%	$30K	$10K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0090%	1h	2.5215	+0.111%	$77K	$239K	50x	as long as short
BloFin PENDLE-USDT	−0.0054%	8h	2.5198	+0.043%	$1.3M	$752K	75x	as long as short
Binance PENDLEUSDT	−0.0027%	8h	2.5224	+0.146%	$27.3M	$41.9M	75x	as long as short
MEXC PENDLE_USDT	−0.0026%	8h	2.5230	+0.170%	$17.1M	$1.9M	125x	as long as short
Extended PENDLE-USD	−0.0024%	1h	2.5207	+0.080%	$166K	$528K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5242	+0.217%	$11K	—	5x	as long as short
Orderly PERP_PENDLE_USDC	0.0000%	8h	2.5214	+0.107%	$20K	$16K	10x	as long as short
Variational Omni PENDLElong	+0.0043%	8h	2.5187	long leg	$594K	$1.9M	—

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya PENDLERUSDPERP	+0.0045%	1h	2.5204	+0.067%	$4K	—	15x	as long as short
GRVT PENDLE_USDT_Perp	+0.0050%	8h	2.5225	+0.149%	$418K	$1.6M	10x	as long as short
Aevo PENDLE-PERP	+0.0072%	1h	2.5215	+0.111%	$26K	—	3x	as long as short
Lighter PENDLEshort	+0.0096%	1h	2.5228	+0.162%	$531K	$415K	5x
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5203	+0.062%	$35K	$18K	10x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5237	+0.199%	$46K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5220	+0.131%	$15.5M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5230	+0.170%	$3.2M	$6.1M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5210	+0.091%	$783K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5242	+0.218%	$893K	$600K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5194	+0.027%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5207	+0.079%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5204	+0.066%	$25K	$396K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5228	+0.162%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5210	+0.091%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5229	+0.167%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0222%	1h	2.5268	+0.321%	$12.7M	$6.1M	5x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0594%	1h	2.5277	+0.355%	$120K	$299K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.5340	+0.607%	$141K	$458K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0855%	1h	2.5271	+0.333%	$329K	$491K	15x	as long as short