Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0025%/8h= +2.7% APRpaid last 24h +0.026%

Price spread now: BloFin against dYdX−0.190%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 BloFin

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. BloFin is 0.190% cheaper against dYdX than usual: you would sell low and buy high (spread −0.190% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$19 on $10k: about 25 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	2.4968	0	get 0.0000% / 1h	22m 33s	$10K	—	5x
Short	BloFin PENDLE-USDT	2.4921	0.0025	get 0.0025% / 8h	1h 22m	$1.3M	$736K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.190%Rate

Funding earned: $5.24
Price spread: −0.190% → 0.000%: −$18.97
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$35.73
Costs to cover: 0.220%
Break-even: 54.7 days

Slippage unknown: dYdX: no order-book sample; BloFin: live order book, 5 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 BloFin live order book, 5 min ago	5.42 bp	12.9 bp −$13	19.2 bp −$192	doesn't fit	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	−0.3656%	1h	2.4770	−0.795%	$2K	$53K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0150%	1h	2.4960	−0.034%	$29K	$10K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0050%	1h	2.4903	−0.262%	$76K	$239K	50x	as long as short
dYdX PENDLE-USDlong	0.0000%	1h	2.4968	long leg	$10K	—	5x
MEXC PENDLE_USDT	+0.0005%	8h	2.4946	−0.090%	$16.9M	$2.1M	125x	as long as short
Binance PENDLEUSDT	+0.0005%	8h	2.4943	−0.101%	$26.9M	$40.8M	75x	as long as short
Extended PENDLE-USD	+0.0008%	1h	2.4937	−0.125%	$164K	$526K	10x	as long as short
Orderly PERP_PENDLE_USDC	+0.0020%	8h	2.4941	−0.110%	$20K	$16K	10x	as long as short
BloFin PENDLE-USDTshort	+0.0025%	8h	2.4921	−0.190%	$1.3M	$736K	75x
Reya PENDLERUSDPERP	+0.0041%	1h	2.4936	−0.131%	$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	+0.0064%	8h	2.4887	−0.326%	$550K	$2.0M	—	as long as short
GRVT PENDLE_USDT_Perp	+0.0080%	8h	2.4945	−0.095%	$414K	$1.6M	10x	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.4937	−0.124%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4952	−0.066%	$525K	$423K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4943	−0.102%	$35K	$20K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4994	+0.103%	$12.4M	$6.0M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4949	−0.080%	$44K	$176K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4932	−0.146%	$15.4M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4960	−0.034%	$3.2M	$5.9M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.4920	−0.194%	$782K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4957	−0.046%	$891K	$614K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4935	−0.134%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4941	−0.110%	—	$36.2M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4884	−0.337%	$25K	$396K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4974	+0.023%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4957	−0.046%	$1K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.4956	−0.050%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.4980	+0.047%	$138K	$461K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0671%	1h	2.4990	+0.087%	$353K	$474K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0754%	1h	2.4997	+0.117%	$120K	$304K	20x	as long as short