Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0043%/8h= +4.7% APRpaid last 24h +0.047%

Price spread now: Polymarket Perps against Variational Omni−0.069%55s7-day average — · you buy dearer than you sell

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

Long on Variational Omni Short on Polymarket Perps

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

Funding pays, the price is against you. Polymarket Perps is 0.069% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.069% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$7 on $10k: about 5.4 days of funding at the current rate (+$1 a day). The two prices were read 55 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni PENDLE	2.4947	0.0057	pay 0.0057% / 8h	1h 31m	$552K	$2.0M	—
Short	Polymarket Perps PENDLE-USD	2.4930	0.0100	get 0.0013% / 1h	31m 36s	$16K	$19K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now −0.069%Rate

Funding earned: $8.95
Price spread: −0.069% → 0.000%: −$6.87
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$5.91
Costs to cover: 0.080%
Break-even: 11.6 days

Slippage unknown: Variational Omni: RFQ quote, 3 min ago; Polymarket Perps: 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, 3 min ago	4.73 bp	doesn't fit	46.0 bp −$460	doesn't fit	doesn't fit
Sell Polymarket Perps no order-book sample	—	—	—	—	—

Polymarket Perps: 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	−0.3656%	1h	2.4770	−0.710%	$2K	$53K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0432%	1h	2.4898	−0.197%	$29K	$10K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0123%	1h	2.4925	−0.089%	$76K	$240K	50x	as long as short
BloFin PENDLE-USDT	−0.0001%	8h	2.4932	−0.061%	$1.3M	$740K	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4929	−0.074%	$10K	—	5x	as long as short
Binance PENDLEUSDT	+0.0011%	8h	2.4917	−0.121%	$27.0M	$40.4M	75x	as long as short
MEXC PENDLE_USDT	+0.0014%	8h	2.4908	−0.157%	$16.8M	$2.1M	125x	as long as short
Extended PENDLE-USD	+0.0016%	1h	2.4904	−0.174%	$164K	$526K	10x	as long as short
Orderly PERP_PENDLE_USDC	+0.0023%	8h	2.4901	−0.185%	$20K	$16K	10x	as long as short
Reya PENDLERUSDPERP	+0.0040%	1h	2.4894	−0.212%	$4K	—	15x	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	+0.0057%	8h	2.4947	long leg	$552K	$2.0M	—
Aevo PENDLE-PERP	+0.0088%	1h	2.4893	−0.219%	$26K	—	3x	as long as short
GRVT PENDLE_USDT_Perp	+0.0092%	8h	2.4914	−0.133%	$419K	$1.6M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4916	−0.125%	$524K	$423K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4912	−0.141%	$35K	$20K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4943	−0.017%	$12.4M	$5.9M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4921	−0.106%	$43K	$173K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4901	−0.185%	$15.3M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4920	−0.109%	$3.2M	$5.8M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.4890	−0.229%	$780K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4925	−0.089%	$892K	$613K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4898	−0.197%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4912	−0.141%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4921	−0.106%	$25K	$411K	10x	as long as short
Polymarket Perps PENDLE-USDshort	+0.0100%	1h	2.4930	−0.069%	$16K	$19K	5x
SunX PENDLE-USDT	+0.0100%	8h	2.4917	−0.121%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.4917	−0.122%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.5010	+0.252%	$139K	$461K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0676%	1h	2.4947	−0.001%	$354K	$471K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0755%	1h	2.4945	−0.009%	$134K	$290K	20x	as long as short