Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.3727%/8h= +408.1% APRpaid last 24h +0.990%

Price spread now: Variational Omni against Injective+1.887%91s7-day average — · you sell dearer than you buy

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

Long on Injective 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

Both sides work for this trade now. Funding pays +$112 a day on $10k at the current rate, and Variational Omni is 1.887% dearer against Injective than usual: you sell high and buy low: +$189 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 91 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	Injective PENDLE/USDC PERP	2.3930	−0.3627	get 0.0453% / 1h	17m 50s	$2K	$55K	5.5x
Short	Variational Omni PENDLE	2.4381	0.0100	get 0.0100% / 8h	7h 17m	$578K	$1.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Injective. 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 InjectivebpFee Variational OmnibpOrdersPrice spread, now +1.887%Rate

Funding earned: $782.68
Price spread: +1.887% → 0.000%: $188.66
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $971.32
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Injective: 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 Injective no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 1 min ago	4.75 bp	doesn't fit	67.2 bp −$672	doesn't fit	doesn't fit

Injective: 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 PERPlong	−0.3627%	1h	2.3930	long leg	$2K	$55K	5.5x
GRVT PENDLE_USDT_Perp	−0.0441%	8h	2.4399	+1.962%	$414K	$2.7M	10x	as long as short
BloFin PENDLE-USDT	−0.0104%	8h	2.4385	+1.901%	$1.1M	$510K	75x	as long as short
MEXC PENDLE_USDT	−0.0091%	8h	2.4449	+2.169%	$18.2M	$2.1M	125x	as long as short
Extended PENDLE-USD	−0.0088%	1h	2.4432	+2.099%	$161K	$934K	10x	as long as short
Binance PENDLEUSDT	−0.0088%	8h	2.4476	+2.280%	$25.7M	$46.4M	75x	as long as short
ApeX Omni PENDLEUSDT	−0.0023%	1h	2.4384	+1.897%	$74K	$231K	50x	as long as short
Orderly PERP_PENDLE_USDC	−0.0010%	8h	2.4416	+2.031%	$18K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4487	+2.326%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4428	+2.081%	$25K	$14K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster PENDLEUSDT	+0.0020%	8h	2.4468	+2.250%	$48K	$175K	10x	as long as short
Gate PENDLE_USDT	+0.0035%	8h	2.4460	+2.215%	$775K	$995K	75x	as long as short
Aevo PENDLE-PERP	+0.0056%	1h	2.4397	+1.953%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0089%	1h	2.4404	+1.981%	$3K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4452	+2.181%	$528K	$441K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4386	+1.906%	$34K	$3K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4474	+2.273%	$12.8M	$6.0M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4463	+2.227%	$14.2M	$11.8M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4460	+2.215%	$3.1M	$6.7M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4452	+2.181%	$704K	$598K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4443	+2.144%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4448	+2.165%	—	$8.4M	—	as long as short
Variational Omni PENDLEshort	+0.0100%	8h	2.4381	+1.887%	$578K	$1.2M	—
edgeX PENDLEUSDC	+0.0100%	4h	2.4384	+1.895%	$22K	$370K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4410	+2.006%	$16K	$4K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4441	+2.135%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0151% / S −0.0168%	1h	2.4409	+2.004%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0664%	1h	2.4460	+2.215%	$170K	$533K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0768%	1h	2.4502	+2.390%	$361K	$430K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1272%	1h	2.4409	+2.002%	$115K	$255K	20x	as long as short