PENDLE

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0052%/8h= +5.7% APRnext payment +$0.52 per $10,000 · paid last 24h −0.030%

Price spread now: Variational Omni against Orderly−0.359%7-day average — · you buy dearer than you sell

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

Long on Orderly 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 0.359% cheaper against Orderly than usual: you would sell low and buy high (spread −0.359% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$36 on $10k: about 23 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_PENDLE_USDC	2.5187	0.0007	pay 0.0007% / 8h	51m 45s	$20K	$16K	10x
Short	Variational Omni PENDLE	2.5097	0.0059	get 0.0059% / 8h	51m 45s	$555K	$1.9M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Orderly. 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 OrderlybpFee Variational OmnibpOrdersPrice spread, now −0.359%Rate

Funding earned: $10.94
Price spread: −0.359% → 0.000%: −$35.89
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$30.94
Costs to cover: 0.060%
Break-even: 26.8 days

Slippage unknown: Orderly: 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 Orderly no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 2 min ago	6.69 bp	doesn't fit	36.5 bp −$365	doesn't fit	doesn't fit

Orderly: 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	−1.298%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0226%	1h	2.5192	+0.020%	$30K	$10K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0147%	1h	2.5111	−0.302%	$77K	$239K	50x	as long as short
BloFin PENDLE-USDT	−0.0029%	8h	2.5203	+0.064%	$1.3M	$758K	75x	as long as short
Extended PENDLE-USD	−0.0008%	1h	2.5192	+0.019%	$165K	$528K	10x	as long as short
Binance PENDLEUSDT	−0.0006%	8h	2.5200	+0.052%	$27.2M	$41.5M	75x	as long as short
MEXC PENDLE_USDT	−0.0005%	8h	2.5198	+0.044%	$17.1M	$1.9M	125x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5215	+0.113%	$11K	—	5x	as long as short
Orderly PERP_PENDLE_USDClong	+0.0007%	8h	2.5187	long leg	$20K	$16K	10x
Reya PENDLERUSDPERP	+0.0043%	1h	2.5189	+0.010%	$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	+0.0059%	8h	2.5097	−0.359%	$555K	$1.9M	—
GRVT PENDLE_USDT_Perp	+0.0071%	8h	2.5159	−0.111%	$420K	$1.6M	10x	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.5191	+0.017%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5212	+0.099%	$531K	$415K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5188	+0.005%	$35K	$18K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5260	+0.290%	$12.4M	$6.0M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5197	+0.041%	$45K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5190	+0.012%	$15.5M	$11.8M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5200	+0.052%	$3.3M	$6.0M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5220	+0.131%	$787K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5218	+0.123%	$899K	$594K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5211	+0.095%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5212	+0.099%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5147	−0.157%	$25K	$395K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5219	+0.127%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5198	+0.044%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5205	+0.073%	$5K	—	100x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0595%	1h	2.5238	+0.203%	$119K	$301K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.5250	+0.250%	$141K	$456K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.1199%	1h	2.5236	+0.195%	$327K	$491K	15x	as long as short