Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0014%/8h= −1.6% APRpaid last 24h −0.056%

Price spread now: Variational Omni against Polymarket Perps+0.064%7-day average — · you sell dearer than you buy

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

Long on Polymarket Perps Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 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 · farm boardneeds both histories

The price spread pays, funding is against you. Variational Omni is 0.064% dearer against Polymarket Perps than usual: you sell high and buy low (spread +0.064% now, against zero (this spread has no 7-day history yet)): +$6 on $10k if it goes back. Holding the pair costs $0 a day in funding at the current rate, which eats that in about 15 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps PENDLE-USD	2.4480	0.0100	pay 0.0013% / 1h	2m 30s	$16K	$7K	5x
Short	Variational Omni PENDLE	2.4496	0.0086	get 0.0086% / 8h	3h 02m	$550K	$1.4M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Polymarket Perps. 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 Polymarket PerpsbpFee Variational OmnibpOrdersPrice spread, now +0.064%Rate

Funding earned: −$2.98
Price spread: +0.064% → 0.000%: $6.42
Slippage, 4 orders: no order book: not counted
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$4.56
Costs to cover: 0.080%
Break-even: never at this rate

Slippage unknown: Polymarket Perps: no order-book sample; Variational Omni: RFQ quote, 2 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 Polymarket Perps no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 2 min ago	6.80 bp	doesn't fit	45.4 bp −$454	doesn't fit	doesn't fit

Polymarket Perps: 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	−0.4243%	1h	2.4300	−0.735%	$2K	$54K	5.5x	as long as short
Gate PENDLE_USDT	−0.0050%	8h	2.4470	−0.041%	$718K	$1.1M	75x	as long as short
Extended PENDLE-USD	−0.0040%	1h	2.4416	−0.262%	$157K	$579K	10x	as long as short
Binance PENDLEUSDT	−0.0038%	8h	2.4444	−0.147%	$25.8M	$44.3M	75x	as long as short
MEXC PENDLE_USDT	−0.0037%	8h	2.4443	−0.151%	$17.3M	$2.0M	125x	as long as short
Orderly PERP_PENDLE_USDC	−0.0037%	8h	2.4470	−0.041%	$19K	$15K	10x	as long as short
BloFin PENDLE-USDT	−0.0036%	8h	2.4456	−0.098%	$1.1M	$593K	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4481	+0.002%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4467	−0.053%	$24K	$15K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0014%	1h	2.4512	+0.131%	$75K	$233K	50x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster PENDLEUSDT	+0.0053%	8h	2.4509	+0.118%	$46K	$172K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0062%	8h	2.4502	+0.090%	$415K	$2.1M	10x	as long as short
Reya PENDLERUSDPERP	+0.0071%	1h	2.4456	−0.099%	$3K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0072%	1h	2.4467	−0.052%	$26K	—	3x	as long as short
Variational Omni PENDLEshort	+0.0086%	8h	2.4496	+0.064%	$550K	$1.4M	—
Lighter PENDLE	+0.0096%	1h	2.4457	−0.094%	$516K	$432K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4433	−0.192%	$34K	$11K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4440	−0.163%	$14.3M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4460	−0.082%	$3.1M	$6.4M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4463	−0.069%	$863K	$554K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4429	−0.208%	$3.6M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4458	−0.090%	—	$8.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4494	+0.059%	$24K	$376K	10x	as long as short
Polymarket Perps PENDLE-USDlong	+0.0100%	1h	2.4480	long leg	$16K	$7K	5x
SunX PENDLE-USDT	+0.0100%	8h	2.4457	−0.094%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4457	−0.093%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0312%	1h	2.4507	+0.110%	$12.7M	$6.0M	5x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0640%	1h	2.4500	+0.082%	$150K	$508K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0728%	1h	2.4500	+0.082%	$355K	$399K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1188%	1h	2.4499	+0.079%	$115K	$265K	20x	as long as short