Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC+0.0017%/8hpaid last 24h +0.021%

Price spread now: dYdX against Variational Omni+0.079%7-day average — · you sell dearer than you buy

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

Long on Variational Omni Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 3 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

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and dYdX is 0.079% dearer against Variational Omni than usual: you sell high and buy low: +$8 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni PENDLE	2.5445	−0.0017	get 0.0017% / 8h	4h 06m	$657K	$2.2M	—
Short	dYdX PENDLE-USD	2.5465	0	get 0.0000% / 1h	6m 44s	$11K	—	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now +0.079%Rate

Funding earned: $3.52
Price spread: +0.079% → 0.000%: $7.91
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee dYdX: 5 bp × 2 orders: −$10
Net: $1.43
Costs to cover: 0.100%
Break-even: 4.2 days

Slippage unknown: Variational Omni: RFQ quote, 2 min ago; dYdX: no order-book sample. 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, 2 min ago	4.68 bp	doesn't fit	48.9 bp −$489	doesn't fit	doesn't fit
Sell dYdX no order-book sample	—	—	—	—	—

dYdX: 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	−0.4300%	1h	2.5140	−1.198%	$2K	$7K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0624%	1h	2.5477	+0.125%	$158K	$248K	20x	as long as short
Variational Omni PENDLElong	−0.0017%	8h	2.5445	long leg	$657K	$2.2M	—
dYdX PENDLE-USDshort	0.0000%	1h	2.5465	+0.079%	$11K	—	5x
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.5468	+0.091%	$30K	$11K	10x	as long as short
Aster PENDLEUSDT	+0.0019%	8h	2.5458	+0.052%	$52K	$140K	10x	as long as short
Reya PENDLERUSDPERP	+0.0027%	1h	2.5468	+0.089%	$4K	—	15x	as long as short
Orderly PERP_PENDLE_USDC	+0.0041%	8h	2.5464	+0.075%	$23K	$8K	10x	as long as short
MEXC PENDLE_USDT	+0.0078%	8h	2.5434	−0.043%	$17.0M	$2.2M	125x	as long as short
Binance PENDLEUSDT	+0.0078%	8h	2.5432	−0.051%	$27.9M	$37.0M	75x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended PENDLE-USD	+0.0080%	1h	2.5415	−0.116%	$167K	$519K	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5455	+0.040%	$556K	$380K	5x	as long as short
BloFin PENDLE-USDT	+0.0097%	8h	2.5452	+0.028%	$1.4M	$822K	75x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5418	−0.106%	$36K	$26K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5501	+0.220%	$12.4M	$5.3M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5411	−0.133%	$15.8M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5440	−0.019%	$3.3M	$5.4M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5440	−0.019%	$814K	$1.0M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5459	+0.056%	$927K	$596K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5449	+0.016%	$3.8M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5422	−0.090%	—	$34.5M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5441	−0.014%	$25K	$414K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5456	+0.044%	$430K	$1.4M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.5443	−0.007%	$78K	$239K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5486	+0.162%	$16K	$30K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5474	+0.114%	$2K	$1.6M	20x	as long as short
Aevo PENDLE-PERP	+0.0104%	1h	2.5511	+0.260%	$27K	—	3x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0272%	1h	2.5477	+0.126%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0576%	1h	2.5520	+0.295%	$118K	$438K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0976%	1h	2.5514	+0.272%	$377K	$458K	15x	as long as short