Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0003%/8h= +0.4% APRpaid last 24h +0.046%

Price spread now: ApeX Omni against Variational Omni+0.168%73s7-day average +0.078% · you sell dearer than you buy

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

Long on Variational Omni Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.053%+$5 on $10k

Price spread, last 4 days (all we have)−0.106%−$11 · spread now +0.168%, 7d avg +0.078%

Together, before fees−0.052%+ Points / potential airdropVariational Omni: Active · farm board−$5 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: ApeX Omni is 0.090% dearer against Variational Omni than usual: you sell high and buy low, +$9 on $10k if it goes back to its 7-day average of +0.078%. The two prices were read 73 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	Variational Omni PENDLE	2.4531	0.0097	pay 0.0097% / 8h	2h 54m	$551K	$1.4M	—
Short	ApeX Omni PENDLEUSDT	2.4572	0.0100	get 0.0013% / 1h	54m 19s	$75K	$233K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni 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 ApeX OmnibpOrdersPrice spread, now +0.168%Rate

Funding earned: $0.73
Price spread: +0.168% → +0.078%: $9.02
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$0.25
Costs to cover: 0.100%
Break-even: 9.4 days

Slippage unknown: Variational Omni: RFQ quote, 5 min ago; ApeX Omni: live order book, 57 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 Variational Omni RFQ quote, 5 min ago	8.85 bp	doesn't fit	45.1 bp −$451	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 57 min ago	5.49 bp	15.2 bp −$15	108.4 bp −$1,084	doesn't fit	doesn't fit

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	−0.3926%	1h	2.4240	−1.185%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0077%	1h	2.4482	−0.199%	$24K	$15K	10x	as long as short
Gate PENDLE_USDT	−0.0057%	8h	2.4490	−0.166%	$720K	$1.1M	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0036%	8h	2.4474	−0.231%	$19K	$15K	10x	as long as short
BloFin PENDLE-USDT	−0.0036%	8h	2.4489	−0.170%	$1.1M	$601K	75x	as long as short
MEXC PENDLE_USDT	−0.0025%	8h	2.4462	−0.280%	$17.4M	$2.0M	125x	as long as short
Extended PENDLE-USD	−0.0024%	1h	2.4453	−0.316%	$158K	$579K	10x	as long as short
Binance PENDLEUSDT	−0.0023%	8h	2.4480	−0.207%	$25.8M	$44.4M	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4500	−0.124%	$10K	—	5x	as long as short
Aster PENDLEUSDT	+0.0069%	8h	2.4488	−0.175%	$46K	$171K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya PENDLERUSDPERP	+0.0072%	1h	2.4472	−0.238%	$3K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0072%	1h	2.4480	−0.205%	$26K	—	3x	as long as short
GRVT PENDLE_USDT_Perp	+0.0080%	8h	2.4583	+0.213%	$408K	$2.1M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4482	−0.199%	$516K	$415K	5x	as long as short
Variational Omni PENDLElong	+0.0097%	8h	2.4531	long leg	$551K	$1.4M	—
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4455	−0.310%	$34K	$9K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4509	−0.088%	$12.6M	$6.1M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4460	−0.288%	$14.3M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4480	−0.207%	$3.1M	$6.4M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4499	−0.129%	$861K	$554K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4493	−0.154%	$3.7M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4490	−0.166%	—	$8.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4557	+0.109%	$24K	$374K	10x	as long as short
ApeX Omni PENDLEUSDTshort	+0.0100%	1h	2.4572	+0.168%	$75K	$233K	50x
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4496	−0.141%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4469	−0.252%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4478	−0.217%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.4530	−0.003%	$150K	$509K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0856%	1h	2.4545	+0.058%	$354K	$402K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1190%	1h	2.4526	−0.018%	$115K	$264K	20x	as long as short