Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0038%/8h= +4.1% APRpaid last 24h +0.027%

Price spread now: Binance against dYdX−0.070%7-day average — · you buy dearer than you sell

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

Long on dYdX Short on Binance

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

Funding pays, the price is against you. Binance is 0.070% cheaper against dYdX than usual: you would sell low and buy high (spread −0.070% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$7 on $10k: about 6.2 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX PENDLE-USD	2.5210	0	get 0.0000% / 1h	58m 22s	$11K	—	5x
Short	Binance PENDLEUSDT	2.5192	0.0038	get 0.0038% / 8h	2h 58m	$27.5M	$38.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against dYdX. 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 dYdXbpFee BinancebpOrdersPrice spread, now −0.070%Rate

Funding earned: $7.93
Price spread: −0.070% → 0.000%: −$6.98
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$19.05
Costs to cover: 0.200%
Break-even: 23.8 days

Slippage unknown: dYdX: no order-book sample; Binance: live order book, 13 min ago. 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 dYdX no order-book sample	—	—	—	—	—
Sell Binance live order book, 13 min ago	0.20 bp	7.8 bp −$8	25.0 bp −$250	117.3 bp −$11.7K	doesn't fit

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	2.5340	+0.516%	$2K	$7K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0429%	1h	2.5245	+0.139%	$160K	$254K	20x	as long as short
dYdX PENDLE-USDlong	0.0000%	1h	2.5210	long leg	$11K	—	5x
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.5247	+0.147%	$30K	$11K	10x	as long as short
Variational Omni PENDLE	+0.0009%	8h	2.5225	+0.061%	$612K	$2.3M	—	as long as short
Reya PENDLERUSDPERP	+0.0033%	1h	2.5196	−0.057%	$4K	—	15x	as long as short
Orderly PERP_PENDLE_USDC	+0.0035%	8h	2.5241	+0.123%	$23K	$8K	10x	as long as short
MEXC PENDLE_USDT	+0.0037%	8h	2.5200	−0.040%	$16.9M	$2.2M	125x	as long as short
Binance PENDLEUSDTshort	+0.0038%	8h	2.5192	−0.070%	$27.5M	$38.5M	75x
Extended PENDLE-USD	+0.0040%	1h	2.5192	−0.073%	$166K	$524K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin PENDLE-USDT	+0.0054%	8h	2.5226	+0.063%	$1.3M	$797K	75x	as long as short
ApeX Omni PENDLEUSDT	+0.0062%	1h	2.5220	+0.040%	$77K	$239K	50x	as long as short
Aster PENDLEUSDT	+0.0065%	8h	2.5210	+0.002%	$41K	$176K	10x	as long as short
Aevo PENDLE-PERP	+0.0088%	1h	2.5242	+0.126%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5205	−0.020%	$552K	$375K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5198	−0.048%	$35K	$24K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5232	+0.088%	$12.5M	$5.5M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5180	−0.119%	$15.6M	$12.3M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5210	0.000%	$3.3M	$5.6M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5180	−0.119%	$851K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5214	+0.016%	$913K	$604K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5202	−0.032%	$3.8M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5189	−0.083%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5222	+0.047%	$25K	$415K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5217	+0.029%	$426K	$1.6M	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5227	+0.067%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5280	+0.278%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0273%	1h	2.5242	+0.126%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5310	+0.397%	$118K	$439K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0702%	1h	2.5284	+0.294%	$363K	$464K	15x	as long as short