Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0035%/8h= −3.8% APRpaid last 24h −0.026%

Price spread now: dYdX against BloFin+0.250%7-day average — · you sell dearer than you buy

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

Long on BloFin 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

The price spread pays, funding is against you. dYdX is 0.250% dearer against BloFin than usual: you sell high and buy low (spread +0.250% now, against zero (this spread has no 7-day history yet)): +$25 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 24 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin PENDLE-USDT	2.4981	0.0035	pay 0.0035% / 8h	1h 36m	$1.3M	$730K	75x
Short	dYdX PENDLE-USD	2.5043	0	get 0.0000% / 1h	36m 48s	$11K	—	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX against BloFin. 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 BloFinbpFee dYdXbpOrdersPrice spread, now +0.250%Rate

Funding earned: −$7.26
Price spread: +0.250% → 0.000%: $24.97
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$4.29
Costs to cover: 0.220%
Break-even: from the start

Slippage unknown: BloFin: live order book, 1 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 BloFin live order book, 1 min ago	0.80 bp	13.0 bp −$13	25.3 bp −$253	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	−0.3656%	1h	2.4770	−0.845%	$2K	$53K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0470%	1h	2.4989	+0.032%	$29K	$10K	10x	as long as short
dYdX PENDLE-USDshort	0.0000%	1h	2.5043	+0.250%	$11K	—	5x
Binance PENDLEUSDT	+0.0023%	8h	2.4919	−0.247%	$27.0M	$40.3M	75x	as long as short
Extended PENDLE-USD	+0.0024%	1h	2.4969	−0.050%	$164K	$526K	10x	as long as short
MEXC PENDLE_USDT	+0.0024%	8h	2.4982	+0.004%	$16.9M	$2.1M	125x	as long as short
Orderly PERP_PENDLE_USDC	+0.0026%	8h	2.4983	+0.008%	$20K	$16K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0029%	1h	2.5044	+0.252%	$76K	$240K	50x	as long as short
BloFin PENDLE-USDTlong	+0.0035%	8h	2.4981	long leg	$1.3M	$730K	75x
Reya PENDLERUSDPERP	+0.0040%	1h	2.4960	−0.084%	$4K	—	15x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni PENDLE	+0.0065%	8h	2.5012	+0.125%	$553K	$2.0M	—	as long as short
Aevo PENDLE-PERP	+0.0088%	1h	2.4975	−0.022%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4931	−0.200%	$524K	$422K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4983	+0.008%	$35K	$20K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4970	−0.044%	$12.3M	$5.8M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5010	+0.115%	$42K	$175K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4904	−0.308%	$15.3M	$11.8M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4940	−0.164%	$3.2M	$5.8M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5020	+0.156%	$785K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5011	+0.120%	$894K	$611K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4909	−0.288%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4960	−0.084%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5029	+0.193%	$25K	$410K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5027	+0.183%	$421K	$1.6M	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4994	+0.052%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4996	+0.060%	$1K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.4992	+0.046%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.5100	+0.476%	$139K	$462K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0753%	1h	2.5028	+0.189%	$147K	$278K	20x	as long as short
Backpack PENDLE_USDC_PERP	+0.0756%	1h	2.5038	+0.228%	$358K	$462K	15x	as long as short