Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0037%/8h= +4.1% APRpaid last 24h +0.059%

Price spread now: OKX against Variational Omni−0.044%7-day average +0.031% · you buy dearer than you sell

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

Long on Variational Omni Short on OKX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.102%+$10 on $10k

Price spread, last 7 days+0.130%+$13 · spread now −0.044%, 7d avg +0.031%

Together, before fees+0.232%+ Points / potential airdropVariational Omni: Active · farm board+$23 on $10k · with fees, hour by hour

Funding pays, the price is against you. OKX is 0.075% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.044% now, against its 7-day average of +0.031%). If the spread goes back, that is −$7 on $10k: about 6.7 days of funding at the current rate (+$1 a day). At the pace of the last 4 days (+0.102% in total) that is about 2.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni PENDLE	2.4581	0.0063	pay 0.0063% / 8h	3h 28m	$551K	$1.4M	—
Short	OKX PENDLE-USDT-SWAP	2.4570	0.0100	get 0.0050% / 4h	3h 28m	$3.1M	$6.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.044%Rate

Funding earned: $7.78
Price spread: −0.044% → +0.031%: −$7.49
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee OKX: 5 bp × 2 orders: −$10
Net: −$9.7
Costs to cover: 0.100%
Break-even: 15.7 days

Slippage unknown: Variational Omni: RFQ quote, just now; OKX: live order book, 4 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	4.77 bp	doesn't fit	53.0 bp −$530	doesn't fit	doesn't fit
Sell OKX live order book, 4 min ago	2.04 bp	15.6 bp −$16	68.4 bp −$684	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	−0.4243%	1h	2.4320	−1.061%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0524%	1h	2.4527	−0.218%	$25K	$14K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0129%	1h	2.4570	−0.044%	$75K	$234K	50x	as long as short
BloFin PENDLE-USDT	−0.0065%	8h	2.4525	−0.227%	$1.1M	$595K	75x	as long as short
Gate PENDLE_USDT	−0.0061%	8h	2.4550	−0.125%	$718K	$1.1M	75x	as long as short
Binance PENDLEUSDT	−0.0057%	8h	2.4544	−0.149%	$26.0M	$44.2M	75x	as long as short
MEXC PENDLE_USDT	−0.0057%	8h	2.4543	−0.153%	$17.4M	$2.0M	125x	as long as short
Extended PENDLE-USD	−0.0056%	1h	2.4530	−0.208%	$158K	$581K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0041%	8h	2.4523	−0.235%	$19K	$15K	10x	as long as short
Aster PENDLEUSDT	−0.0001%	8h	2.4615	+0.139%	$47K	$172K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX PENDLE-USD	0.0000%	1h	2.4601	+0.081%	$10K	—	5x	as long as short
GRVT PENDLE_USDT_Perp	+0.0042%	8h	2.4598	+0.072%	$406K	$2.0M	10x	as long as short
Variational Omni PENDLElong	+0.0063%	8h	2.4581	long leg	$551K	$1.4M	—
Aevo PENDLE-PERP	+0.0064%	1h	2.4520	−0.245%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0069%	1h	2.4540	−0.164%	$3K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4550	−0.125%	$515K	$428K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4559	−0.087%	$34K	$11K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4530	−0.206%	$14.4M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAPshort	+0.0100%	4h	2.4570	−0.044%	$3.1M	$6.4M	50x
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4577	−0.015%	$888K	$552K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4539	−0.170%	$3.7M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4547	−0.137%	—	$8.5M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4567	−0.057%	$24K	$377K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4564	−0.068%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4541	−0.162%	$2K	$1.8M	20x	as long as short
Hyperliquid PENDLE	+0.0161%	1h	2.4598	+0.070%	$12.7M	$6.1M	5x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4535	−0.187%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0640%	1h	2.4560	−0.084%	$146K	$499K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0713%	1h	2.4594	+0.054%	$357K	$400K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1183%	1h	2.4603	+0.092%	$115K	$269K	20x	as long as short