Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.022%

Price spread now: Bybit against Variational Omni+1.251%7-day average +0.013% · you sell dearer than you buy

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

Long on Variational Omni Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.041%+$4 on $10k

Price spread, last 7 days−1.227%−$123 · spread now +1.251%, 7d avg +0.013%

Together, before fees−1.187%+ Points / potential airdropVariational Omni: Active · farm board−$119 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: Bybit is 1.238% dearer against Variational Omni than usual: you sell high and buy low, +$124 on $10k if it goes back to its 7-day average of +0.013%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni PENDLE	2.4491	0.0100	pay 0.0100% / 8h	2h 18m	$551K	$1.4M	—
Short	Bybit PENDLEUSDT	2.4797	0.0100	get 0.0100% / 8h	2h 18m	$14.5M	$12.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +1.251%Rate

Funding earned: $0
Price spread: +1.251% → +0.013%: $123.78
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $112.78
Costs to cover: 0.110%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, just now; Bybit: live order book, 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 Variational Omni RFQ quote, just now	4.74 bp	doesn't fit	46.0 bp −$460	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	4.08 bp	16.8 bp −$17	52.5 bp −$525	298.5 bp −$29.8K	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	2.4200	−1.187%	$2K	$54K	5.5x	as long as short
Orderly PERP_PENDLE_USDC	−0.0035%	8h	2.4761	+1.104%	$19K	$15K	10x	as long as short
Gate PENDLE_USDT	−0.0016%	8h	2.4780	+1.181%	$732K	$1.1M	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4701	+0.857%	$10K	—	5x	as long as short
BloFin PENDLE-USDT	+0.0011%	8h	2.4787	+1.210%	$1.1M	$609K	75x	as long as short
MEXC PENDLE_USDT	+0.0030%	8h	2.4807	+1.291%	$17.6M	$2.0M	125x	as long as short
Extended PENDLE-USD	+0.0032%	1h	2.4784	+1.199%	$158K	$577K	10x	as long as short
Binance PENDLEUSDT	+0.0035%	8h	2.4809	+1.300%	$26.2M	$44.4M	75x	as long as short
Reya PENDLERUSDPERP	+0.0075%	1h	2.4757	+1.086%	$3K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0088%	1h	2.4751	+1.061%	$26K	—	3x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter PENDLE	+0.0096%	1h	2.4812	+1.312%	$526K	$426K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4689	+0.810%	$35K	$9K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4850	+1.467%	$12.8M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4788	+1.214%	$47K	$171K	10x	as long as short
Bybit PENDLEUSDTshort	+0.0100%	8h	2.4797	+1.251%	$14.5M	$12.1M	50x
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4820	+1.345%	$3.2M	$6.6M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4782	+1.189%	$877K	$558K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4805	+1.283%	$3.7M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4800	+1.263%	—	$8.4M	—	as long as short
Variational Omni PENDLElong	+0.0100%	8h	2.4491	long leg	$551K	$1.4M	—
edgeX PENDLEUSDC	+0.0100%	4h	2.4507	+0.068%	$24K	$373K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.4500	+0.039%	$410K	$2.2M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4490	−0.003%	$74K	$234K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4777	+1.169%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4777	+1.169%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4755	+1.079%	$5K	—	100x	as long as short
Deribit PENDLE_USDC-PERPETUAL	+0.0356%	1h	2.4772	+1.149%	$24K	$15K	10x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.4820	+1.345%	$158K	$530K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0805%	1h	2.4849	+1.463%	$360K	$402K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1175%	1h	2.4840	+1.427%	$116K	$262K	20x	as long as short