Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0089%/8h= −9.8% APRpaid last 24h +0.029%

Price spread now: dYdX against Variational Omni+0.217%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 dYdX

What this pair did over the last

the charts below follow

Funding, last 4 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

The price spread pays, funding is against you. dYdX is 0.217% dearer against Variational Omni than usual: you sell high and buy low (spread +0.217% now, against zero (this spread has no 7-day history yet)): +$22 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 8.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni PENDLE	2.4416	0.0089	pay 0.0089% / 8h	3h 00m	$548K	$1.4M	—
Short	dYdX PENDLE-USD	2.4469	0	get 0.0000% / 1h	0m 33s	$10K	—	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now +0.217%Rate

Funding earned: −$18.79
Price spread: +0.217% → 0.000%: $21.65
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$7.14
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 4 min ago; dYdX: 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, 4 min ago	6.80 bp	doesn't fit	47.2 bp −$472	doesn't fit	doesn't fit
Sell dYdX no order-book sample	—	—	—	—	—

dYdX: 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	−0.4243%	1h	2.4300	−0.474%	$2K	$54K	5.5x	as long as short
Gate PENDLE_USDT	−0.0046%	8h	2.4440	+0.099%	$717K	$1.1M	75x	as long as short
Extended PENDLE-USD	−0.0040%	1h	2.4474	+0.238%	$157K	$579K	10x	as long as short
MEXC PENDLE_USDT	−0.0037%	8h	2.4499	+0.341%	$17.4M	$2.0M	125x	as long as short
Orderly PERP_PENDLE_USDC	−0.0037%	8h	2.4424	+0.034%	$19K	$15K	10x	as long as short
Binance PENDLEUSDT	−0.0036%	8h	2.4476	+0.249%	$25.9M	$44.4M	75x	as long as short
BloFin PENDLE-USDT	−0.0022%	8h	2.4437	+0.087%	$1.1M	$609K	75x	as long as short
dYdX PENDLE-USDshort	0.0000%	1h	2.4469	+0.217%	$10K	—	5x
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4433	+0.071%	$24K	$15K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0023%	1h	2.4461	+0.185%	$74K	$233K	50x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster PENDLEUSDT	+0.0055%	8h	2.4475	+0.241%	$46K	$171K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0062%	8h	2.4502	+0.354%	$415K	$2.1M	10x	as long as short
Reya PENDLERUSDPERP	+0.0071%	1h	2.4485	+0.285%	$3K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0072%	1h	2.4416	0.000%	$26K	—	3x	as long as short
Variational Omni PENDLElong	+0.0089%	8h	2.4416	long leg	$548K	$1.4M	—
Lighter PENDLE	+0.0096%	1h	2.4458	+0.173%	$516K	$432K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4450	+0.139%	$34K	$11K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4470	+0.222%	$14.3M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4490	+0.304%	$3.1M	$6.4M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4458	+0.173%	$860K	$554K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4465	+0.202%	$3.6M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4475	+0.243%	—	$8.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4464	+0.198%	$24K	$376K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4506	+0.370%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4433	+0.071%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4428	+0.052%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0302%	1h	2.4515	+0.407%	$12.6M	$6.1M	5x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0640%	1h	2.4460	+0.181%	$150K	$507K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0715%	1h	2.4480	+0.263%	$353K	$402K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1189%	1h	2.4491	+0.307%	$115K	$264K	20x	as long as short