Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0021%/8h= −2.3% APRpaid last 24h +0.015%

Price spread now: Reya against Variational Omni−0.302%7-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 Reya

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 · Reya: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Reya is 0.302% cheaper against Variational Omni than usual: you would sell low and buy high (−$30 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni PENDLE	2.5103	0.0060	pay 0.0060% / 8h	1h 50m	$618K	$2.0M	—
Short	Reya PENDLERUSDPERP	2.5027	0.0038	get 0.0005% / 1h	50m 50s	$4K	—	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now −0.302%Rate

Funding earned: −$4.47
Price spread: −0.302% → 0.000%: −$30.25
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Reya: 3 bp × 2 orders: −$6
Net: −$40.72
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 3 min ago; Reya: 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	6.70 bp	doesn't fit	47.0 bp −$470	doesn't fit	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

Reya: 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 PERP	−0.3656%	1h	2.4770	−1.326%	$2K	$53K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0429%	1h	2.5028	−0.298%	$29K	$10K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5083	−0.078%	$11K	—	5x	as long as short
Orderly PERP_PENDLE_USDC	+0.0031%	8h	2.5032	−0.282%	$20K	$16K	10x	as long as short
BloFin PENDLE-USDT	+0.0037%	8h	2.5026	−0.306%	$1.3M	$728K	75x	as long as short
Reya PENDLERUSDPERPshort	+0.0038%	1h	2.5027	−0.302%	$4K	—	15x
Extended PENDLE-USD	+0.0040%	1h	2.5015	−0.348%	$165K	$524K	10x	as long as short
Binance PENDLEUSDT	+0.0041%	8h	2.5031	−0.286%	$27.2M	$39.5M	75x	as long as short
MEXC PENDLE_USDT	+0.0044%	8h	2.5024	−0.314%	$16.9M	$2.1M	125x	as long as short
Variational Omni PENDLElong	+0.0060%	8h	2.5103	long leg	$618K	$2.0M	—

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter PENDLE	+0.0096%	1h	2.5040	−0.250%	$525K	$421K	5x	as long as short
Aevo PENDLE-PERP	+0.0096%	1h	2.5027	−0.302%	$26K	—	3x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5039	−0.255%	$35K	$20K	10x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5035	−0.271%	$41K	$172K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5020	−0.330%	$15.5M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5040	−0.250%	$3.2M	$5.7M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5060	−0.171%	$855K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5049	−0.215%	$893K	$605K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5019	−0.334%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5039	−0.254%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5057	−0.182%	$25K	$411K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5164	+0.243%	$424K	$1.6M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.5072	−0.123%	$76K	$239K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5049	−0.215%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5039	−0.254%	$1K	$1.7M	20x	as long as short
Hyperliquid PENDLE	+0.0139%	1h	2.5075	−0.111%	$12.4M	$5.6M	5x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5047	−0.224%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.5180	+0.307%	$117K	$415K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0751%	1h	2.5087	−0.064%	$149K	$273K	20x	as long as short
Backpack PENDLE_USDC_PERP	+0.0903%	1h	2.5084	−0.075%	$357K	$460K	15x	as long as short