Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0017%/8h= −1.8% APRpaid last 24h −0.031%

Price spread now: Variational Omni against Reya−0.059%7-day average — · you buy dearer than you sell

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

Long on Reya 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 airdropReya: Active · Variational Omni: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Variational Omni is 0.059% cheaper against Reya than usual: you would sell low and buy high (−$6 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya PENDLERUSDPERP	2.4695	0.0063	pay 0.0008% / 1h	40m 54s	$3K	—	15x
Short	Variational Omni PENDLE	2.4680	0.0047	get 0.0047% / 8h	4h 40m	$554K	$1.6M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Reya. 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 ReyabpFee Variational OmnibpOrdersPrice spread, now −0.059%Rate

Funding earned: −$3.51
Price spread: −0.059% → 0.000%: −$5.89
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$15.4
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; Variational Omni: RFQ quote, 3 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 Reya no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 3 min ago	6.76 bp	doesn't fit	44.3 bp −$443	doesn't fit	doesn't fit

Reya: 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	−0.4334%	1h	2.4400	−1.194%	$2K	$54K	5.5x	as long as short
BloFin PENDLE-USDT	−0.0076%	8h	2.4688	−0.028%	$1.2M	$627K	75x	as long as short
Extended PENDLE-USD	−0.0064%	1h	2.4713	+0.075%	$159K	$570K	10x	as long as short
MEXC PENDLE_USDT	−0.0061%	8h	2.4726	+0.126%	$17.4M	$2.0M	125x	as long as short
Binance PENDLEUSDT	−0.0060%	8h	2.4729	+0.137%	$26.3M	$44.1M	75x	as long as short
Aster PENDLEUSDT	−0.0039%	8h	2.4695	+0.002%	$47K	$178K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0035%	8h	2.4697	+0.008%	$19K	$15K	10x	as long as short
Gate PENDLE_USDT	−0.0005%	8h	2.4690	−0.020%	$717K	$1.1M	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4678	−0.067%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4700	+0.020%	$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
Variational Omni PENDLEshort	+0.0047%	8h	2.4680	−0.059%	$554K	$1.6M	—
Reya PENDLERUSDPERPlong	+0.0063%	1h	2.4695	long leg	$3K	—	15x
Aevo PENDLE-PERP	+0.0064%	1h	2.4686	−0.036%	$26K	—	3x	as long as short
GRVT PENDLE_USDT_Perp	+0.0086%	8h	2.4668	−0.108%	$408K	$1.8M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4696	+0.004%	$527K	$414K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4683	−0.047%	$35K	$13K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4722	+0.109%	$14.6M	$12.3M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4740	+0.182%	$3.1M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4713	+0.073%	$869K	$583K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4726	+0.126%	$3.7M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4738	+0.174%	—	$8.6M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4676	−0.076%	$24K	$376K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4675	−0.081%	$75K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4714	+0.077%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4708	+0.053%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4698	+0.012%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0456%	1h	2.4792	+0.393%	$12.9M	$6.3M	5x	as long as short
Backpack PENDLE_USDC_PERP	+0.0586%	1h	2.4740	+0.182%	$356K	$477K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0608%	1h	2.4730	+0.142%	$148K	$494K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1177%	1h	2.4711	+0.065%	$115K	$277K	20x	as long as short