Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.056%

Price spread now: Polymarket Perps against Variational Omni+1.573%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 Polymarket Perps

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

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Polymarket Perps is 1.573% dearer against Variational Omni than usual: you sell high and buy low, +$157 on $10k if it 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	2.4491	0.0100	pay 0.0100% / 8h	2h 17m	$551K	$1.4M	—
Short	Polymarket Perps PENDLE-USD	2.4876	0.0100	get 0.0013% / 1h	17m 47s	$16K	$7K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now +1.573%Rate

Funding earned: $0
Price spread: +1.573% → 0.000%: $157.32
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: $149.32
Costs to cover: 0.080%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; Polymarket Perps: 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, 1 min ago	4.74 bp	doesn't fit	46.0 bp −$460	doesn't fit	doesn't fit
Sell Polymarket Perps no order-book sample	—	—	—	—	—

Polymarket Perps: 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	−0.3926%	1h	2.4200	−1.187%	$2K	$54K	5.5x	as long as short
Orderly PERP_PENDLE_USDC	−0.0034%	8h	2.4853	+1.479%	$19K	$15K	10x	as long as short
Gate PENDLE_USDT	−0.0013%	8h	2.4730	+0.977%	$731K	$1.1M	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4750	+1.059%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4858	+1.500%	$24K	$15K	10x	as long as short
BloFin PENDLE-USDT	+0.0011%	8h	2.4787	+1.210%	$1.1M	$609K	75x	as long as short
Extended PENDLE-USD	+0.0040%	1h	2.4711	+0.898%	$159K	$577K	10x	as long as short
MEXC PENDLE_USDT	+0.0041%	8h	2.4754	+1.075%	$17.6M	$2.0M	125x	as long as short
Binance PENDLEUSDT	+0.0042%	8h	2.4748	+1.051%	$26.1M	$44.6M	75x	as long as short
Reya PENDLERUSDPERP	+0.0075%	1h	2.4862	+1.517%	$4K	—	15x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PENDLE-PERP	+0.0088%	1h	2.4843	+1.440%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4732	+0.985%	$524K	$426K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4756	+1.084%	$35K	$9K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4762	+1.108%	$12.8M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4760	+1.100%	$47K	$171K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4753	+1.071%	$14.4M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4770	+1.140%	$3.1M	$6.6M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4769	+1.136%	$877K	$558K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4758	+1.091%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4735	+0.997%	—	$8.4M	—	as long as short
Variational Omni PENDLElong	+0.0100%	8h	2.4491	long leg	$551K	$1.4M	—
edgeX PENDLEUSDC	+0.0100%	4h	2.4507	+0.068%	$24K	$373K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.4500	+0.039%	$410K	$2.2M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4490	−0.003%	$74K	$234K	50x	as long as short
Polymarket Perps PENDLE-USDshort	+0.0100%	1h	2.4876	+1.573%	$16K	$7K	5x
SunX PENDLE-USDT	+0.0100%	8h	2.4846	+1.451%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4853	+1.478%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.4860	+1.508%	$157K	$531K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0834%	1h	2.4812	+1.312%	$360K	$402K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1173%	1h	2.4878	+1.583%	$116K	$262K	20x	as long as short