Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0120%/8h= +13.2% APRpaid last 24h +0.057%

Price spread now: Lighter against Variational Omni+0.087%7-day average +0.060% · you sell dearer than you buy

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

Long on Variational Omni Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.104%+$10 on $10k

Price spread, last 4 days (all we have)+0.378%+$38 · spread now +0.087%, 7d avg +0.060%

Together, before fees+0.482%+ Points / potential airdropVariational Omni: Active · Lighter: Season 3 · farm board+$48 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Lighter is 0.027% dearer against Variational Omni than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.060%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni PENDLE	2.5356	−0.0024	get 0.0024% / 8h	7h 06m	$611K	$1.8M	—
Short	Lighter PENDLE	2.5378	0.0096	get 0.0012% / 1h	6m 56s	$539K	$418K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.087%Rate

Funding earned: $25.3
Price spread: +0.087% → +0.060%: $2.72
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Lighter: 0 bp × 2 orders: $0
Net: $28.02
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 2 min ago; Lighter: live order book, 58 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	6.66 bp	doesn't fit	42.1 bp −$421	doesn't fit	doesn't fit
Sell Lighter live order book, 58 min ago	7.96 bp	9.0 bp −$9	83.6 bp −$836	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	−0.4643%	1h	2.5030	−1.285%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0262%	1h	2.5386	+0.119%	$26K	$14K	10x	as long as short
Bybit PENDLEUSDT	−0.0193%	8h	2.5306	−0.196%	$15.5M	$12.0M	50x	as long as short
Binance PENDLEUSDT	−0.0100%	8h	2.5324	−0.125%	$27.4M	$42.9M	75x	as long as short
Extended PENDLE-USD	−0.0096%	1h	2.5332	−0.094%	$165K	$565K	10x	as long as short
MEXC PENDLE_USDT	−0.0096%	8h	2.5360	+0.016%	$17.2M	$1.9M	125x	as long as short
GRVT PENDLE_USDT_Perp	−0.0095%	8h	2.5402	+0.184%	$420K	$1.7M	10x	as long as short
BloFin PENDLE-USDT	−0.0080%	8h	2.5375	+0.076%	$1.3M	$663K	75x	as long as short
ApeX Omni PENDLEUSDT	−0.0057%	1h	2.5447	+0.360%	$78K	$237K	50x	as long as short
Orderly PERP_PENDLE_USDC	−0.0026%	8h	2.5383	+0.107%	$20K	$16K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni PENDLElong	−0.0024%	8h	2.5356	long leg	$611K	$1.8M	—
dYdX PENDLE-USD	0.0000%	1h	2.5397	+0.162%	$11K	—	5x	as long as short
Aster PENDLEUSDT	+0.0043%	8h	2.5391	+0.139%	$48K	$174K	10x	as long as short
Reya PENDLERUSDPERP	+0.0052%	1h	2.5363	+0.027%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0056%	1h	2.5378	+0.088%	$27K	—	3x	as long as short
Lighter PENDLEshort	+0.0096%	1h	2.5378	+0.087%	$539K	$418K	5x
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5395	+0.154%	$36K	$18K	10x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5300	−0.220%	$3.2M	$6.0M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5350	−0.023%	$792K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5397	+0.162%	$882K	$589K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5366	+0.040%	$3.9M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5328	−0.110%	—	$35.6M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5435	+0.311%	$25K	$380K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5380	+0.095%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5381	+0.099%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0203% / S −0.0382%	1h	2.5400	+0.172%	$7K	—	100x	as long as short
Hyperliquid PENDLE	+0.0363%	1h	2.5428	+0.285%	$13.1M	$6.3M	5x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0612%	1h	2.5435	+0.314%	$118K	$291K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0728%	1h	2.5400	+0.174%	$144K	$464K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0901%	1h	2.5413	+0.226%	$356K	$487K	15x	as long as short