Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0031%/8h= +3.4% APRpaid last 24h −0.027%

Price spread now: dYdX against Binance+0.081%7-day average — · you sell dearer than you buy

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

Long on Binance Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and dYdX is 0.081% dearer against Binance 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	Binance PENDLEUSDT	2.5197	−0.0031	get 0.0031% / 8h	30m 17s	$27.2M	$42.0M	75x
Short	dYdX PENDLE-USD	2.5217	0	get 0.0000% / 1h	30m 17s	$11K	—	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX against Binance. 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 BinancebpFee dYdXbpOrdersPrice spread, now +0.081%Rate

Funding earned: $6.56
Price spread: +0.081% → 0.000%: $8.08
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$5.37
Costs to cover: 0.200%
Break-even: 12.7 days

Slippage unknown: Binance: live order book, 12 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 Binance live order book, 12 min ago	0.40 bp	13.5 bp −$14	28.1 bp −$281	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	−0.5000%	1h	2.4940	−1.018%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0266%	1h	2.5203	+0.025%	$30K	$10K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0061%	1h	2.5232	+0.140%	$77K	$240K	50x	as long as short
Extended PENDLE-USD	−0.0032%	1h	2.5179	−0.069%	$166K	$528K	10x	as long as short
Binance PENDLEUSDTlong	−0.0031%	8h	2.5197	long leg	$27.2M	$42.0M	75x
MEXC PENDLE_USDT	−0.0029%	8h	2.5200	+0.013%	$17.1M	$1.9M	125x	as long as short
BloFin PENDLE-USDT	−0.0019%	8h	2.5189	−0.030%	$1.3M	$752K	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0002%	8h	2.5200	+0.013%	$20K	$16K	10x	as long as short
dYdX PENDLE-USDshort	0.0000%	1h	2.5217	+0.081%	$11K	—	5x
Variational Omni PENDLE	+0.0040%	8h	2.5182	−0.058%	$594K	$1.9M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya PENDLERUSDPERP	+0.0045%	1h	2.5199	+0.010%	$4K	—	15x	as long as short
GRVT PENDLE_USDT_Perp	+0.0047%	8h	2.5223	+0.104%	$418K	$1.6M	10x	as long as short
Aevo PENDLE-PERP	+0.0072%	1h	2.5199	+0.010%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5199	+0.009%	$531K	$416K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5179	−0.068%	$35K	$18K	10x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5225	+0.113%	$46K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5181	−0.062%	$15.5M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5170	−0.106%	$3.2M	$6.1M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5190	−0.026%	$782K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5219	+0.089%	$892K	$600K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5178	−0.074%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5192	−0.018%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5230	+0.131%	$25K	$397K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5224	+0.109%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5198	+0.005%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5215	+0.074%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0275%	1h	2.5265	+0.271%	$12.8M	$6.2M	5x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0595%	1h	2.5239	+0.167%	$119K	$299K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.5340	+0.569%	$141K	$458K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0793%	1h	2.5242	+0.180%	$333K	$493K	15x	as long as short