Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0081%/8h= +8.9% APRpaid last 24h +0.062%

Price spread now: Hyperliquid against Variational Omni+0.162%7-day average +0.156% · you sell dearer than you buy

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

Long on Variational Omni Short on Hyperliquid

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−0.113%−$11 · spread now +0.162%, 7d avg +0.156%

Together, before fees+0.010%+ Points / potential airdropVariational Omni: Active · Hyperliquid: Season 2 · farm board+$1 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.156%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni PENDLE	2.5180	0.0019	pay 0.0019% / 8h	2h 37m	$609K	$2.3M	—
Short	Hyperliquid PENDLE	2.5221	0.0100	get 0.0013% / 1h	37m 04s	$12.4M	$5.6M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Variational Omni. 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 Variational OmnibpFee HyperliquidbpOrdersPrice spread, now +0.162%Rate

Funding earned: $17.06
Price spread: +0.162% → +0.156%: $0.64
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $8.7
Costs to cover: 0.090%
Break-even: 3.4 days

Slippage unknown: Variational Omni: RFQ quote, 2 min ago; Hyperliquid: live order book, 6 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, 2 min ago	4.71 bp	doesn't fit	50.6 bp −$506	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 6 min ago	0.20 bp	12.7 bp −$13	doesn't fit	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	−1.271%	$2K	$7K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0429%	1h	2.5248	+0.271%	$150K	$279K	20x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5179	−0.003%	$11K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.5210	+0.119%	$30K	$10K	10x	as long as short
Variational Omni PENDLElong	+0.0019%	8h	2.5180	long leg	$609K	$2.3M	—
Reya PENDLERUSDPERP	+0.0035%	1h	2.5188	+0.031%	$4K	—	15x	as long as short
Orderly PERP_PENDLE_USDC	+0.0036%	8h	2.5199	+0.075%	$23K	$8K	10x	as long as short
Extended PENDLE-USD	+0.0040%	1h	2.5175	−0.021%	$165K	$524K	10x	as long as short
MEXC PENDLE_USDT	+0.0042%	8h	2.5188	+0.031%	$16.9M	$2.2M	125x	as long as short
Binance PENDLEUSDT	+0.0042%	8h	2.5192	+0.048%	$27.4M	$39.1M	75x	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	+0.0056%	8h	2.5193	+0.051%	$1.3M	$744K	75x	as long as short
Aevo PENDLE-PERP	+0.0088%	1h	2.5187	+0.029%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5194	+0.055%	$545K	$385K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5183	+0.012%	$35K	$22K	10x	as long as short
Hyperliquid PENDLEshort	+0.0100%	1h	2.5221	+0.162%	$12.4M	$5.6M	5x
Aster PENDLEUSDT	+0.0100%	8h	2.5191	+0.044%	$41K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5171	−0.036%	$15.6M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5210	+0.119%	$3.3M	$5.7M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5190	+0.039%	$847K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5195	+0.059%	$913K	$607K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5183	+0.011%	$3.7M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5182	+0.007%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5153	−0.109%	$25K	$412K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5192	+0.046%	$416K	$1.6M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.5192	+0.047%	$77K	$240K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5214	+0.135%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5214	+0.135%	$1K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5202	+0.087%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5220	+0.158%	$117K	$431K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0828%	1h	2.5250	+0.277%	$366K	$465K	15x	as long as short