Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0085%/8h= −9.3% APRpaid last 24h −0.062%

Price spread now: Variational Omni against Hyperliquid−0.332%7-day average −0.156% · you buy dearer than you sell

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

Long on Hyperliquid Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.122%−$12 on $10k

Price spread, last 7 days+0.283%+$28 · spread now −0.332%, 7d avg −0.156%

Together, before fees+0.160%+ Points / potential airdropHyperliquid: Season 2 · Variational Omni: Active · farm board+$16 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Variational Omni is 0.176% cheaper against Hyperliquid than usual: you would sell low and buy high (−$18 if the spread goes back to its 7-day average of −0.156%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid PENDLE	2.5234	0.0100	pay 0.0013% / 1h	43m 40s	$12.4M	$5.6M	5x
Short	Variational Omni PENDLE	2.5150	0.0015	get 0.0015% / 8h	2h 43m	$608K	$2.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Hyperliquid. 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 HyperliquidbpFee Variational OmnibpOrdersPrice spread, now −0.332%Rate

Funding earned: −$17.87
Price spread: −0.332% → −0.156%: −$17.65
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$44.52
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 9 min ago; Variational Omni: RFQ quote, just now. 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 Hyperliquid live order book, 9 min ago	0.20 bp	13.5 bp −$13	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, just now	6.71 bp	doesn't fit	53.8 bp −$538	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	−0.4806%	1h	2.4860	−1.482%	$2K	$7K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0429%	1h	2.5235	+0.005%	$150K	$279K	20x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5184	−0.198%	$11K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.5192	−0.166%	$30K	$10K	10x	as long as short
Variational Omni PENDLEshort	+0.0015%	8h	2.5150	−0.332%	$608K	$2.3M	—
Reya PENDLERUSDPERP	+0.0034%	1h	2.5156	−0.308%	$4K	—	15x	as long as short
Orderly PERP_PENDLE_USDC	+0.0035%	8h	2.5186	−0.190%	$23K	$8K	10x	as long as short
Binance PENDLEUSDT	+0.0040%	8h	2.5201	−0.131%	$27.5M	$39.1M	75x	as long as short
Extended PENDLE-USD	+0.0040%	1h	2.5183	−0.202%	$165K	$524K	10x	as long as short
MEXC PENDLE_USDT	+0.0040%	8h	2.5199	−0.139%	$16.9M	$2.2M	125x	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	+0.0061%	8h	2.5150	−0.333%	$1.3M	$768K	75x	as long as short
Aevo PENDLE-PERP	+0.0088%	1h	2.5179	−0.220%	$26K	—	3x	as long as short
ApeX Omni PENDLEUSDT	+0.0096%	1h	2.5178	−0.222%	$77K	$239K	50x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5206	−0.111%	$552K	$376K	5x	as long as short
Aster PENDLEUSDT	+0.0097%	8h	2.5195	−0.154%	$41K	$177K	10x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5194	−0.160%	$35K	$22K	10x	as long as short
Hyperliquid PENDLElong	+0.0100%	1h	2.5234	long leg	$12.4M	$5.6M	5x
Bybit PENDLEUSDT	+0.0100%	8h	2.5190	−0.174%	$15.6M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5220	−0.055%	$3.3M	$5.7M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5180	−0.214%	$847K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5196	−0.151%	$909K	$607K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5186	−0.190%	$3.8M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5207	−0.107%	—	$36.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5171	−0.249%	$25K	$413K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5162	−0.286%	$415K	$1.6M	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5170	−0.254%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5197	−0.147%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5195	−0.153%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5240	+0.024%	$118K	$438K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0886%	1h	2.5230	−0.016%	$365K	$466K	15x	as long as short