Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0558%/8h= +61.1% APRpaid last 24h +0.383%

Price spread now: Kraken Futures against Variational Omni+0.242%7-day average +0.181% · you sell dearer than you buy

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

Long on Variational Omni Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.457%+$46 on $10k

Price spread, last 3 days (all we have)−0.175%−$17 · spread now +0.242%, 7d avg +0.181%

Together, before fees+0.282%+ Points / potential airdropVariational Omni: Active · farm board+$28 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$17 a day on $10k at the current rate, and Kraken Futures is 0.061% dearer against Variational Omni than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.181%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni PENDLE	2.5202	0.0036	pay 0.0036% / 8h	25m 13s	$595K	$1.9M	—
Short	Kraken Futures PF_PENDLEUSD	2.5263	0.0594	get 0.0074% / 1h	25m 13s	$119K	$299K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.242%Rate

Funding earned: $117.24
Price spread: +0.242% → +0.181%: $6.13
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $113.37
Costs to cover: 0.100%
Break-even: 0.2 days

Slippage unknown: Variational Omni: RFQ quote, 4 min ago; Kraken Futures: live order book, 52 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, 4 min ago	4.71 bp	doesn't fit	46.6 bp −$466	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 52 min ago	14.06 bp	53.4 bp −$53	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	−0.5000%	1h	2.4940	−1.040%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0226%	1h	2.5221	+0.075%	$30K	$10K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0040%	1h	2.5239	+0.146%	$77K	$239K	50x	as long as short
Binance PENDLEUSDT	−0.0034%	8h	2.5219	+0.067%	$27.3M	$42.0M	75x	as long as short
BloFin PENDLE-USDT	−0.0032%	8h	2.5219	+0.067%	$1.3M	$713K	75x	as long as short
Extended PENDLE-USD	−0.0032%	1h	2.5207	+0.020%	$166K	$528K	10x	as long as short
MEXC PENDLE_USDT	−0.0032%	8h	2.5217	+0.059%	$17.1M	$1.9M	125x	as long as short
Orderly PERP_PENDLE_USDC	−0.0003%	8h	2.5212	+0.039%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5221	+0.075%	$11K	—	5x	as long as short
Variational Omni PENDLElong	+0.0036%	8h	2.5202	long leg	$595K	$1.9M	—

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT PENDLE_USDT_Perp	+0.0045%	8h	2.5244	+0.167%	$418K	$1.6M	10x	as long as short
Reya PENDLERUSDPERP	+0.0045%	1h	2.5216	+0.055%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0072%	1h	2.5217	+0.057%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5226	+0.095%	$532K	$416K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5207	+0.019%	$35K	$18K	10x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5236	+0.134%	$46K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5200	−0.008%	$15.5M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5190	−0.048%	$3.2M	$6.0M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5200	−0.008%	$784K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5232	+0.119%	$886K	$601K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5216	+0.055%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5215	+0.051%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5231	+0.115%	$25K	$381K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5230	+0.111%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5213	+0.043%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5225	+0.091%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0329%	1h	2.5263	+0.242%	$12.8M	$6.2M	5x	as long as short
Kraken Futures PF_PENDLEUSDshort	+0.0594%	1h	2.5263	+0.242%	$119K	$299K	20x
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.5340	+0.547%	$141K	$452K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0782%	1h	2.5257	+0.218%	$332K	$490K	15x	as long as short