Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0050%/8h= +5.4% APRpaid last 24h −0.021%

Price spread now: Variational Omni against dYdX−0.262%7-day average — · you buy dearer than you sell

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

Long on dYdX Short on Variational Omni

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. Variational Omni is 0.262% cheaper against dYdX than usual: you would sell low and buy high (spread −0.262% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$26 on $10k: about 18 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX PENDLE-USD	2.5278	0	get 0.0000% / 1h	48m 32s	$11K	—	5x
Short	Variational Omni PENDLE	2.5212	0.0050	get 0.0050% / 8h	48m 32s	$557K	$1.8M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against dYdX. 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 dYdXbpFee Variational OmnibpOrdersPrice spread, now −0.262%Rate

Funding earned: $10.42
Price spread: −0.262% → 0.000%: −$26.15
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$25.73
Costs to cover: 0.100%
Break-even: 24.3 days

Slippage unknown: dYdX: no order-book sample; Variational Omni: RFQ quote, 1 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 dYdX no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 1 min ago	4.70 bp	doesn't fit	46.8 bp −$468	doesn't fit	doesn't fit

dYdX: 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	−0.5000%	1h	2.4860	−1.653%	$2K	$54K	5.5x	as long as short
ApeX Omni PENDLEUSDT	−0.0078%	1h	2.5207	−0.281%	$77K	$239K	50x	as long as short
BloFin PENDLE-USDT	−0.0036%	8h	2.5349	+0.281%	$1.3M	$763K	75x	as long as short
Extended PENDLE-USD	−0.0008%	1h	2.5238	−0.156%	$167K	$528K	10x	as long as short
Binance PENDLEUSDT	−0.0007%	8h	2.5256	−0.085%	$27.3M	$41.7M	75x	as long as short
MEXC PENDLE_USDT	−0.0006%	8h	2.5277	−0.004%	$17.1M	$1.9M	125x	as long as short
dYdX PENDLE-USDlong	0.0000%	1h	2.5278	long leg	$11K	—	5x
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.5382	+0.412%	$30K	$10K	10x	as long as short
Orderly PERP_PENDLE_USDC	+0.0006%	8h	2.5373	+0.376%	$20K	$16K	10x	as long as short
Reya PENDLERUSDPERP	+0.0043%	1h	2.5269	−0.034%	$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 PENDLEshort	+0.0050%	8h	2.5212	−0.262%	$557K	$1.8M	—
GRVT PENDLE_USDT_Perp	+0.0068%	8h	2.5230	−0.191%	$418K	$1.6M	10x	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.5364	+0.339%	$27K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5268	−0.039%	$532K	$415K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5241	−0.145%	$35K	$18K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5371	+0.366%	$12.6M	$6.0M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5306	+0.111%	$45K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5240	−0.150%	$15.6M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5240	−0.150%	$3.3M	$6.0M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5270	−0.031%	$789K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5350	+0.285%	$904K	$595K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5238	−0.158%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5256	−0.087%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5205	−0.291%	$25K	$397K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5294	+0.063%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5380	+0.404%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5388	+0.434%	$5K	—	100x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0591%	1h	2.5418	+0.555%	$120K	$301K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.5360	+0.325%	$141K	$459K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.1202%	1h	2.5384	+0.419%	$329K	$492K	15x	as long as short