Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0753%/8h= +82.4% APRpaid last 24h +0.157%

Price spread now: Backpack against Variational Omni+0.238%7-day average +0.165% · you sell dearer than you buy

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

Long on Variational Omni Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.377%+$38 on $10k

Price spread, last 4 days (all we have)−0.063%−$6 · spread now +0.238%, 7d avg +0.165%

Together, before fees+0.315%+ Points / potential airdropVariational Omni: Active · farm board+$31 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$23 a day on $10k at the current rate, and Backpack is 0.073% dearer against Variational Omni than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of +0.165%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni PENDLE	2.5182	0.0040	pay 0.0040% / 8h	30m 52s	$594K	$1.9M	—
Short	Backpack PENDLE_USDC_PERP	2.5242	0.0793	get 0.0099% / 1h	30m 52s	$333K	$493K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Variational Omni. 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 Variational OmnibpFee BackpackbpOrdersPrice spread, now +0.238%Rate

Funding earned: $158.11
Price spread: +0.238% → +0.165%: $7.32
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Backpack: 5 bp × 2 orders: −$10
Net: $155.43
Costs to cover: 0.100%
Break-even: 0.1 days

Slippage unknown: Variational Omni: RFQ quote, 3 min ago; Backpack: live order book, 48 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, 3 min ago	6.69 bp	doesn't fit	75.8 bp −$758	doesn't fit	doesn't fit
Sell Backpack live order book, 48 min ago	2.00 bp	8.4 bp −$8	30.5 bp −$305	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	−0.5000%	1h	2.4940	−0.961%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0424%	1h	2.5213	+0.123%	$30K	$10K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0061%	1h	2.5232	+0.198%	$77K	$240K	50x	as long as short
Extended PENDLE-USD	−0.0032%	1h	2.5179	−0.013%	$166K	$528K	10x	as long as short
Binance PENDLEUSDT	−0.0031%	8h	2.5192	+0.038%	$27.2M	$42.0M	75x	as long as short
MEXC PENDLE_USDT	−0.0029%	8h	2.5196	+0.055%	$17.1M	$1.9M	125x	as long as short
BloFin PENDLE-USDT	−0.0019%	8h	2.5189	+0.027%	$1.3M	$752K	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0002%	8h	2.5199	+0.067%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5217	+0.138%	$11K	—	5x	as long as short
Variational Omni PENDLElong	+0.0040%	8h	2.5182	long leg	$594K	$1.9M	—

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya PENDLERUSDPERP	+0.0045%	1h	2.5207	+0.101%	$4K	—	15x	as long as short
GRVT PENDLE_USDT_Perp	+0.0047%	8h	2.5223	+0.161%	$418K	$1.6M	10x	as long as short
Aevo PENDLE-PERP	+0.0072%	1h	2.5191	+0.037%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5197	+0.059%	$530K	$415K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5197	+0.058%	$35K	$18K	10x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5221	+0.155%	$46K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5174	−0.032%	$15.5M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5180	−0.008%	$3.2M	$6.1M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5190	+0.031%	$782K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5221	+0.154%	$893K	$600K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5179	−0.012%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5189	+0.027%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5230	+0.188%	$25K	$397K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5234	+0.206%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5197	+0.059%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5232	+0.199%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0267%	1h	2.5255	+0.289%	$12.8M	$6.2M	5x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0595%	1h	2.5242	+0.239%	$119K	$299K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.5340	+0.627%	$141K	$458K	25x	as long as short
Backpack PENDLE_USDC_PERPshort	+0.0793%	1h	2.5242	+0.238%	$333K	$493K	15x