Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h +0.007%

Price spread now: dYdX against Bybit+0.266%7-day average — · you sell dearer than you buy

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

Long on Bybit 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 0.266% dearer against Bybit than usual: you sell high and buy low (spread +0.266% now, against zero (this spread has no 7-day history yet)): +$27 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 8.9 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit PENDLEUSDT	2.5143	0.0100	pay 0.0100% / 8h	2h 46m	$15.6M	$12.2M	50x
Short	dYdX PENDLE-USD	2.5210	0	get 0.0000% / 1h	46m 35s	$11K	—	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX against Bybit. 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 BybitbpFee dYdXbpOrdersPrice spread, now +0.266%Rate

Funding earned: −$21
Price spread: +0.266% → 0.000%: $26.65
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$15.35
Costs to cover: 0.210%
Break-even: from the start

Slippage unknown: Bybit: live order book, 2 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 Bybit live order book, 2 min ago	1.99 bp	23.3 bp −$23	58.8 bp −$588	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	−0.4806%	1h	2.4860	−1.126%	$2K	$7K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0430%	1h	2.5200	+0.226%	$150K	$279K	20x	as long as short
ApeX Omni PENDLEUSDT	−0.0001%	1h	2.5150	+0.028%	$77K	$239K	50x	as long as short
dYdX PENDLE-USDshort	0.0000%	1h	2.5210	+0.266%	$11K	—	5x
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.5170	+0.107%	$30K	$10K	10x	as long as short
Variational Omni PENDLE	+0.0011%	8h	2.5135	−0.031%	$608K	$2.3M	—	as long as short
BloFin PENDLE-USDT	+0.0023%	8h	2.5153	+0.040%	$1.3M	$768K	75x	as long as short
Reya PENDLERUSDPERP	+0.0034%	1h	2.5183	+0.159%	$4K	—	15x	as long as short
Orderly PERP_PENDLE_USDC	+0.0036%	8h	2.5167	+0.095%	$23K	$8K	10x	as long as short
MEXC PENDLE_USDT	+0.0038%	8h	2.5151	+0.032%	$16.9M	$2.2M	125x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended PENDLE-USD	+0.0040%	1h	2.5147	+0.015%	$165K	$524K	10x	as long as short
Binance PENDLEUSDT	+0.0040%	8h	2.5155	+0.048%	$27.4M	$38.9M	75x	as long as short
Aevo PENDLE-PERP	+0.0088%	1h	2.5159	+0.064%	$26K	—	3x	as long as short
Aster PENDLEUSDT	+0.0090%	8h	2.5193	+0.198%	$41K	$177K	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5170	+0.107%	$551K	$376K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5156	+0.051%	$35K	$22K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5215	+0.286%	$12.4M	$5.6M	5x	as long as short
Bybit PENDLEUSDTlong	+0.0100%	8h	2.5143	long leg	$15.6M	$12.2M	50x
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5190	+0.187%	$3.2M	$5.6M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5190	+0.187%	$848K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5188	+0.179%	$908K	$608K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5178	+0.139%	$3.8M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5164	+0.084%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5184	+0.163%	$25K	$413K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5182	+0.154%	$416K	$1.6M	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5200	+0.227%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5195	+0.207%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5170	+0.108%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5260	+0.465%	$118K	$438K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0909%	1h	2.5219	+0.302%	$365K	$466K	15x	as long as short