Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0727%/8h= −79.6% APRpaid last 24h −0.346%

Price spread now: Variational Omni against Kraken Futures−0.162%7-day average −0.195% · you buy dearer than you sell

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

Long on Kraken Futures Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.480%−$48 on $10k

Price spread, last 4 days (all we have)−0.109%−$11 · spread now −0.162%, 7d avg −0.195%

Together, before fees−0.589%+ Points / potential airdropVariational Omni: Active · farm board−$59 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.034% dearer against Kraken Futures than usual: you sell high and buy low (spread −0.162% now, against its 7-day average of −0.195%): +$3 on $10k if it goes back. Holding the pair costs −$22 a day in funding at the current rate, which eats that in about 4 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_PENDLEUSD	2.4981	0.0750	pay 0.0094% / 1h	9m 45s	$116K	$278K	20x
Short	Variational Omni PENDLE	2.4940	0.0023	get 0.0023% / 8h	5h 09m	$566K	$1.8M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Kraken Futures. 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 Kraken FuturesbpFee Variational OmnibpOrdersPrice spread, now −0.162%Rate

Funding earned: −$152.7
Price spread: −0.162% → −0.195%: $3.36
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$159.33
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Kraken Futures: live order book, 53 min ago; Variational Omni: RFQ quote, 4 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 Kraken Futures live order book, 53 min ago	29.82 bp	63.1 bp −$63	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 4 min ago	4.73 bp	doesn't fit	42.7 bp −$427	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	−0.4938%	1h	2.4720	−1.043%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0231%	1h	2.4924	−0.226%	$26K	$14K	10x	as long as short
BloFin PENDLE-USDT	−0.0081%	8h	2.4957	−0.094%	$1.3M	$654K	75x	as long as short
MEXC PENDLE_USDT	−0.0073%	8h	2.4898	−0.330%	$17.4M	$1.9M	125x	as long as short
Binance PENDLEUSDT	−0.0072%	8h	2.4888	−0.372%	$26.6M	$43.7M	75x	as long as short
Extended PENDLE-USD	−0.0072%	1h	2.4891	−0.360%	$162K	$570K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0035%	8h	2.4922	−0.234%	$19K	$15K	10x	as long as short
Aster PENDLEUSDT	−0.0025%	8h	2.4920	−0.243%	$47K	$177K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4936	−0.180%	$10K	—	5x	as long as short
Variational Omni PENDLEshort	+0.0023%	8h	2.4940	−0.162%	$566K	$1.8M	—

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate PENDLE_USDT	+0.0058%	8h	2.4930	−0.202%	$724K	$1.1M	75x	as long as short
Reya PENDLERUSDPERP	+0.0061%	1h	2.4926	−0.217%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4924	−0.226%	$26K	—	3x	as long as short
GRVT PENDLE_USDT_Perp	+0.0082%	8h	2.4986	+0.022%	$419K	$1.8M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4931	−0.198%	$532K	$418K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4928	−0.209%	$35K	$15K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4930	−0.202%	$12.7M	$6.0M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4890	−0.362%	$14.8M	$12.3M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4890	−0.362%	$3.1M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4932	−0.194%	$851K	$574K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4875	−0.423%	$3.7M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4897	−0.334%	—	$33.6M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4977	−0.013%	$25K	$376K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4992	+0.046%	$76K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4958	−0.090%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4941	−0.158%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0158% / S −0.0257%	1h	2.4927	−0.214%	$7K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0552%	1h	2.4980	−0.002%	$148K	$496K	25x	as long as short
Kraken Futures PF_PENDLEUSDlong	+0.0750%	1h	2.4981	long leg	$116K	$278K	20x
Backpack PENDLE_USDC_PERP	+0.0796%	1h	2.4968	−0.050%	$361K	$488K	15x	as long as short