Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0254%/8h= +27.8% APRpaid last 24h +0.006%

Price spread now: Variational Omni against Deribit−1.132%7-day average — · you buy dearer than you sell

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

Long on Deribit Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 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. Variational Omni is 1.132% cheaper against Deribit than usual: you would sell low and buy high (spread −1.132% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$113 on $10k: about 15 days of funding at the current rate (+$8 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit PENDLE_USDC-PERPETUAL	2.4771	−0.0154	get 0.0019% / 1h	17m 01s	$24K	$15K	10x
Short	Variational Omni PENDLE	2.4491	0.0100	get 0.0100% / 8h	2h 17m	$551K	$1.4M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Deribit. 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 DeribitbpFee Variational OmnibpOrdersPrice spread, now −1.132%Rate

Funding earned: $53.24
Price spread: −1.132% → 0.000%: −$113.15
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$66.91
Costs to cover: 0.070%
Break-even: 15.8 days

Slippage unknown: Deribit: no order-book sample; Variational Omni: RFQ quote, 2 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 Deribit no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 2 min ago	4.74 bp	doesn't fit	47.2 bp −$472	doesn't fit	doesn't fit

Deribit: 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	−0.3926%	1h	2.4410	−1.457%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUALlong	−0.0154%	1h	2.4771	long leg	$24K	$15K	10x
Orderly PERP_PENDLE_USDC	−0.0035%	8h	2.4772	+0.004%	$19K	$15K	10x	as long as short
Gate PENDLE_USDT	−0.0010%	8h	2.4800	+0.117%	$737K	$1.1M	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4750	−0.085%	$10K	—	5x	as long as short
Extended PENDLE-USD	+0.0040%	1h	2.4715	−0.227%	$159K	$577K	10x	as long as short
MEXC PENDLE_USDT	+0.0041%	8h	2.4753	−0.073%	$17.6M	$2.0M	125x	as long as short
Binance PENDLEUSDT	+0.0042%	8h	2.4737	−0.139%	$26.1M	$44.6M	75x	as long as short
BloFin PENDLE-USDT	+0.0050%	8h	2.4748	−0.093%	$1.1M	$610K	75x	as long as short
Reya PENDLERUSDPERP	+0.0075%	1h	2.4776	+0.020%	$3K	—	15x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PENDLE-PERP	+0.0088%	1h	2.4773	+0.008%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4767	−0.016%	$525K	$426K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4756	−0.060%	$35K	$9K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4793	+0.089%	$12.8M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4765	−0.024%	$47K	$170K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4725	−0.186%	$14.4M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4750	−0.085%	$3.1M	$6.6M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4782	+0.044%	$877K	$558K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4732	−0.157%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4764	−0.028%	—	$8.4M	—	as long as short
Variational Omni PENDLEshort	+0.0100%	8h	2.4491	−1.132%	$551K	$1.4M	—
edgeX PENDLEUSDC	+0.0100%	4h	2.4507	−1.064%	$24K	$373K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.4791	+0.081%	$415K	$2.2M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4730	−0.166%	$75K	$234K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4801	+0.121%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4758	−0.052%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4769	−0.008%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.4810	+0.157%	$158K	$534K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0833%	1h	2.4815	+0.178%	$357K	$404K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1176%	1h	2.4804	+0.133%	$116K	$263K	20x	as long as short