Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0003%/8h= −0.4% APRpaid last 24h −0.059%

Price spread now: Variational Omni against edgeX−0.109%74s7-day average −0.012% · you buy dearer than you sell

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

Long on edgeX Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.116%−$12 on $10k

Price spread, last 4 days (all we have)+0.021%+$2 · spread now −0.109%, 7d avg −0.012%

Together, before fees−0.095%+ Points / potential airdropedgeX: Active · Variational Omni: Active · farm board−$9 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Variational Omni is 0.096% cheaper against edgeX than usual: you would sell low and buy high, −$10 on $10k if it goes back to its 7-day average of −0.012%. The two prices were read 74 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	edgeX PENDLEUSDC	2.4557	0.0100	pay 0.0050% / 4h	2h 54m	$24K	$374K	10x
Short	Variational Omni PENDLE	2.4531	0.0097	get 0.0097% / 8h	2h 54m	$551K	$1.4M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against edgeX. 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 edgeXbpFee Variational OmnibpOrdersPrice spread, now −0.109%Rate

Funding earned: −$0.73
Price spread: −0.109% → −0.012%: −$9.63
Slippage, 4 orders: no order book: not counted
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$19.36
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: edgeX: live order book, 59 min ago; Variational Omni: RFQ quote, 5 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 edgeX live order book, 59 min ago	1.83 bp	6.5 bp −$7	22.6 bp −$226	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 5 min ago	8.85 bp	doesn't fit	48.3 bp −$483	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	−0.3926%	1h	2.4240	−1.292%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0077%	1h	2.4482	−0.307%	$24K	$15K	10x	as long as short
Gate PENDLE_USDT	−0.0057%	8h	2.4490	−0.274%	$720K	$1.1M	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0036%	8h	2.4474	−0.339%	$19K	$15K	10x	as long as short
BloFin PENDLE-USDT	−0.0036%	8h	2.4489	−0.278%	$1.1M	$601K	75x	as long as short
MEXC PENDLE_USDT	−0.0025%	8h	2.4462	−0.388%	$17.4M	$2.0M	125x	as long as short
Extended PENDLE-USD	−0.0024%	1h	2.4453	−0.424%	$158K	$579K	10x	as long as short
Binance PENDLEUSDT	−0.0023%	8h	2.4480	−0.315%	$25.8M	$44.4M	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4500	−0.232%	$10K	—	5x	as long as short
Aster PENDLEUSDT	+0.0069%	8h	2.4488	−0.284%	$46K	$171K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya PENDLERUSDPERP	+0.0072%	1h	2.4472	−0.346%	$3K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0072%	1h	2.4480	−0.313%	$26K	—	3x	as long as short
GRVT PENDLE_USDT_Perp	+0.0080%	8h	2.4583	+0.104%	$408K	$2.1M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4482	−0.307%	$516K	$415K	5x	as long as short
Variational Omni PENDLEshort	+0.0097%	8h	2.4531	−0.109%	$551K	$1.4M	—
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4455	−0.418%	$34K	$9K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4509	−0.197%	$12.6M	$6.1M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4460	−0.396%	$14.3M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4480	−0.315%	$3.1M	$6.4M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4499	−0.238%	$861K	$554K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4493	−0.262%	$3.7M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4490	−0.274%	—	$8.4M	—	as long as short
edgeX PENDLEUSDClong	+0.0100%	4h	2.4557	long leg	$24K	$374K	10x
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4572	+0.060%	$75K	$233K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4496	−0.250%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4469	−0.360%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4478	−0.325%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.4530	−0.111%	$150K	$509K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0856%	1h	2.4545	−0.050%	$354K	$402K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1190%	1h	2.4526	−0.127%	$115K	$264K	20x	as long as short