Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0080%/8h= +8.8% APRpaid last 24h +0.058%

Price spread now: Aevo against Variational Omni+0.080%7-day average — · you sell dearer than you buy

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

Long on Variational Omni Short on Aevo

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

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Aevo is 0.080% dearer against Variational Omni than usual: you sell high and buy low: +$8 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni PENDLE	2.5356	−0.0024	get 0.0024% / 8h	7h 11m	$611K	$1.8M	—
Short	Aevo PENDLE-PERP	2.5376	0.0056	get 0.0007% / 1h	11m 18s	$27K	—	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aevo against Variational Omni. 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 Variational OmnibpFee AevobpOrdersPrice spread, now +0.080%Rate

Funding earned: $16.9
Price spread: +0.080% → 0.000%: $7.96
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Aevo: 8 bp × 2 orders: −$16
Net: $8.86
Costs to cover: 0.160%
Break-even: 3.3 days

Slippage unknown: Variational Omni: RFQ quote, 3 min ago; Aevo: no order-book sample. 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 Variational Omni RFQ quote, 3 min ago	6.66 bp	doesn't fit	57.1 bp −$571	doesn't fit	doesn't fit
Sell Aevo no order-book sample	—	—	—	—	—

Aevo: 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	−0.4643%	1h	2.5030	−1.285%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0223%	1h	2.5371	+0.060%	$26K	$14K	10x	as long as short
Bybit PENDLEUSDT	−0.0213%	8h	2.5370	+0.056%	$15.6M	$11.9M	50x	as long as short
GRVT PENDLE_USDT_Perp	−0.0133%	8h	2.5346	−0.039%	$419K	$1.7M	10x	as long as short
BloFin PENDLE-USDT	−0.0114%	8h	2.5346	−0.039%	$1.3M	$672K	75x	as long as short
Binance PENDLEUSDT	−0.0098%	8h	2.5372	+0.064%	$27.4M	$42.7M	75x	as long as short
MEXC PENDLE_USDT	−0.0098%	8h	2.5368	+0.048%	$17.2M	$1.9M	125x	as long as short
Extended PENDLE-USD	−0.0096%	1h	2.5333	−0.092%	$165K	$565K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0076%	1h	2.5345	−0.043%	$77K	$238K	50x	as long as short
Orderly PERP_PENDLE_USDC	−0.0025%	8h	2.5375	+0.076%	$20K	$16K	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 PENDLElong	−0.0024%	8h	2.5356	long leg	$611K	$1.8M	—
dYdX PENDLE-USD	0.0000%	1h	2.5355	−0.002%	$11K	—	5x	as long as short
Aster PENDLEUSDT	+0.0043%	8h	2.5356	+0.001%	$48K	$173K	10x	as long as short
Reya PENDLERUSDPERP	+0.0051%	1h	2.5368	+0.048%	$4K	—	15x	as long as short
Aevo PENDLE-PERPshort	+0.0056%	1h	2.5376	+0.080%	$27K	—	3x
Gate PENDLE_USDT	+0.0072%	8h	2.5360	+0.016%	$790K	$1.2M	75x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5355	−0.003%	$539K	$418K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5354	−0.007%	$35K	$18K	10x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5360	+0.016%	$3.2M	$6.0M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5366	+0.040%	$887K	$588K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5347	−0.035%	$3.9M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5353	−0.011%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5317	−0.151%	$25K	$383K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5383	+0.107%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5364	+0.032%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0203% / S −0.0382%	1h	2.5389	+0.133%	$7K	—	100x	as long as short
Hyperliquid PENDLE	+0.0354%	1h	2.5426	+0.277%	$13.1M	$6.4M	5x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0612%	1h	2.5427	+0.280%	$118K	$292K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0728%	1h	2.5400	+0.174%	$143K	$462K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0881%	1h	2.5396	+0.158%	$356K	$488K	15x	as long as short