Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0081%/8h= −8.9% APRpaid last 24h −0.062%

Price spread now: Variational Omni against Hyperliquid−0.031%7-day average −0.156% · you buy dearer than you sell

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

Long on Hyperliquid Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.122%−$12 on $10k

Price spread, last 7 days−0.018%−$2 · spread now −0.031%, 7d avg −0.156%

Together, before fees−0.141%+ Points / potential airdropHyperliquid: Season 2 · Variational Omni: Active · farm board−$14 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.125% dearer against Hyperliquid than usual: you sell high and buy low (spread −0.031% now, against its 7-day average of −0.156%): +$12 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 5.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid PENDLE	2.5188	0.0100	pay 0.0013% / 1h	38m 14s	$12.4M	$5.6M	5x
Short	Variational Omni PENDLE	2.5180	0.0019	get 0.0019% / 8h	2h 38m	$609K	$2.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Hyperliquid. 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 HyperliquidbpFee Variational OmnibpOrdersPrice spread, now −0.031%Rate

Funding earned: −$17.06
Price spread: −0.031% → −0.156%: $12.46
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$13.6
Costs to cover: 0.090%
Break-even: from the start

Slippage unknown: Hyperliquid: live order book, 4 min ago; 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 Hyperliquid live order book, 4 min ago	0.20 bp	15.5 bp −$16	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 1 min ago	4.71 bp	doesn't fit	42.1 bp −$421	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	−0.4806%	1h	2.4860	−1.302%	$2K	$7K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0429%	1h	2.5214	+0.102%	$150K	$279K	20x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5179	−0.034%	$11K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.5180	−0.032%	$30K	$10K	10x	as long as short
Variational Omni PENDLEshort	+0.0019%	8h	2.5180	−0.031%	$609K	$2.3M	—
Reya PENDLERUSDPERP	+0.0035%	1h	2.5166	−0.089%	$4K	—	15x	as long as short
Orderly PERP_PENDLE_USDC	+0.0036%	8h	2.5169	−0.075%	$23K	$8K	10x	as long as short
Extended PENDLE-USD	+0.0040%	1h	2.5156	−0.126%	$165K	$524K	10x	as long as short
Binance PENDLEUSDT	+0.0042%	8h	2.5160	−0.112%	$27.4M	$39.1M	75x	as long as short
MEXC PENDLE_USDT	+0.0043%	8h	2.5163	−0.099%	$16.9M	$2.2M	125x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin PENDLE-USDT	+0.0070%	8h	2.5144	−0.175%	$1.3M	$743K	75x	as long as short
Aevo PENDLE-PERP	+0.0088%	1h	2.5159	−0.113%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5172	−0.064%	$544K	$385K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5148	−0.159%	$35K	$22K	10x	as long as short
Hyperliquid PENDLElong	+0.0100%	1h	2.5188	long leg	$12.4M	$5.6M	5x
Aster PENDLEUSDT	+0.0100%	8h	2.5156	−0.126%	$41K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5150	−0.151%	$15.6M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5170	−0.071%	$3.3M	$5.7M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5140	−0.191%	$845K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5166	−0.087%	$912K	$608K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5147	−0.163%	$3.7M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5165	−0.091%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5192	+0.016%	$25K	$411K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5192	+0.015%	$416K	$1.6M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.5192	+0.016%	$77K	$240K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5183	−0.020%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5162	−0.103%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5180	−0.033%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5220	+0.127%	$117K	$433K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0839%	1h	2.5192	+0.016%	$365K	$465K	15x	as long as short