Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0908%/8h= −99.4% APRpaid last 24h −0.363%

Price spread now: Variational Omni against Kraken Futures−0.148%7-day average −0.196% · you buy dearer than you sell

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

Long on Kraken Futures Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.470%−$47 on $10k

Price spread, last 3 days (all we have)+0.177%+$18 · spread now −0.148%, 7d avg −0.196%

Together, before fees−0.293%+ Points / potential airdropVariational Omni: Active · farm board−$29 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.048% dearer against Kraken Futures than usual: you sell high and buy low (spread −0.148% now, against its 7-day average of −0.196%): +$5 on $10k if it goes back. Holding the pair costs −$27 a day in funding at the current rate, which eats that in about 4 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_PENDLEUSD	2.5123	0.0868	pay 0.0108% / 1h	4m 09s	$117K	$289K	20x
Short	Variational Omni PENDLE	2.5086	−0.0040	pay 0.0040% / 8h	6h 04m	$613K	$1.8M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Kraken Futures. 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 Kraken FuturesbpFee Variational OmnibpOrdersPrice spread, now −0.148%Rate

Funding earned: −$190.58
Price spread: −0.148% → −0.196%: $4.81
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$195.77
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Kraken Futures: live order book, 63 min ago; Variational Omni: RFQ quote, 5 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 Kraken Futures live order book, 63 min ago	15.77 bp	74.7 bp −$75	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 5 min ago	6.72 bp	doesn't fit	45.1 bp −$451	doesn't fit	doesn't fit

PENDLE on 29 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	−0.4742%	1h	2.4870	−1.006%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0388%	1h	2.5078	−0.178%	$26K	$14K	10x	as long as short
Extended PENDLE-USD	−0.0136%	1h	2.5051	−0.287%	$163K	$570K	10x	as long as short
Binance PENDLEUSDT	−0.0135%	8h	2.5071	−0.208%	$26.9M	$43.4M	75x	as long as short
MEXC PENDLE_USDT	−0.0134%	8h	2.5077	−0.182%	$17.3M	$1.8M	125x	as long as short
GRVT PENDLE_USDT_Perp	−0.0124%	8h	2.5065	−0.231%	$421K	$1.7M	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0117%	1h	2.5103	−0.078%	$77K	$236K	50x	as long as short
Gate PENDLE_USDT	−0.0057%	8h	2.5060	−0.250%	$757K	$1.2M	75x	as long as short
Aster PENDLEUSDT	−0.0048%	8h	2.5083	−0.159%	$50K	$181K	10x	as long as short
Variational Omni PENDLEshort	−0.0040%	8h	2.5086	−0.148%	$613K	$1.8M	—

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_PENDLE_USDC	−0.0038%	8h	2.5068	−0.218%	$20K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5095	−0.108%	$11K	—	5x	as long as short
Bybit PENDLEUSDT	+0.0019%	8h	2.5052	−0.281%	$15.2M	$12.0M	50x	as long as short
Aevo PENDLE-PERP	+0.0048%	1h	2.5057	−0.260%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0057%	1h	2.5076	−0.184%	$4K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5076	−0.186%	$534K	$416K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5058	−0.256%	$35K	$16K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5099	−0.094%	$12.9M	$6.3M	5x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5060	−0.250%	$3.2M	$6.1M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5085	−0.150%	$862K	$593K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5060	−0.250%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5071	−0.206%	—	$33.6M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5090	−0.131%	$25K	$379K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5094	−0.114%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5096	−0.106%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0181% / S −0.0298%	1h	2.5086	−0.148%	$7K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0408%	1h	2.5117	−0.023%	$352K	$447K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0632%	1h	2.5140	+0.069%	$144K	$472K	25x	as long as short
Kraken Futures PF_PENDLEUSDlong	+0.0868%	1h	2.5123	long leg	$117K	$289K	20x