Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.030%

Price spread now: edgeX against dYdX−0.152%111s7-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 edgeX

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—+ Points / potential airdropedgeX: Active · farm boardneeds both histories

Funding pays, the price is against you. edgeX is 0.152% cheaper against dYdX than usual: you would sell low and buy high (spread −0.152% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$15 on $10k: about 5.1 days of funding at the current rate (+$3 a day). The two prices were read 111 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX PENDLE-USD	2.5268	0	get 0.0000% / 1h	27m 44s	$11K	—	5x
Short	edgeX PENDLEUSDC	2.5230	0.0100	get 0.0050% / 4h	27m 44s	$25K	$397K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.152%Rate

Funding earned: $21
Price spread: −0.152% → 0.000%: −$15.17
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$13.17
Costs to cover: 0.190%
Break-even: 11.4 days

Slippage unknown: dYdX: no order-book sample; edgeX: live order book, 51 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 edgeX live order book, 51 min ago	1.21 bp	6.1 bp −$6	doesn't fit	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	−0.5000%	1h	2.4940	−1.298%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0185%	1h	2.5283	+0.060%	$30K	$10K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0061%	1h	2.5232	−0.142%	$77K	$240K	50x	as long as short
BloFin PENDLE-USDT	−0.0046%	8h	2.5256	−0.047%	$1.3M	$754K	75x	as long as short
Binance PENDLEUSDT	−0.0032%	8h	2.5262	−0.022%	$27.3M	$42.1M	75x	as long as short
Extended PENDLE-USD	−0.0032%	1h	2.5269	+0.003%	$166K	$528K	10x	as long as short
MEXC PENDLE_USDT	−0.0032%	8h	2.5259	−0.035%	$17.1M	$1.9M	125x	as long as short
Orderly PERP_PENDLE_USDC	−0.0003%	8h	2.5287	+0.076%	$20K	$16K	10x	as long as short
dYdX PENDLE-USDlong	0.0000%	1h	2.5268	long leg	$11K	—	5x
Variational Omni PENDLE	+0.0040%	8h	2.5182	−0.339%	$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
GRVT PENDLE_USDT_Perp	+0.0044%	8h	2.5188	−0.317%	$417K	$1.6M	10x	as long as short
Reya PENDLERUSDPERP	+0.0045%	1h	2.5263	−0.019%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0072%	1h	2.5281	+0.052%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5264	−0.015%	$532K	$416K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5246	−0.087%	$35K	$18K	10x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5269	+0.005%	$46K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5231	−0.146%	$15.6M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5230	−0.150%	$3.2M	$6.0M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5260	−0.031%	$785K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5268	+0.001%	$895K	$605K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5236	−0.126%	$3.7M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5267	−0.003%	—	$35.7M	—	as long as short
edgeX PENDLEUSDCshort	+0.0100%	4h	2.5230	−0.152%	$25K	$397K	10x
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5298	+0.119%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5269	+0.005%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5277	+0.037%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0314%	1h	2.5329	+0.242%	$12.8M	$6.2M	5x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0592%	1h	2.5341	+0.289%	$120K	$299K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.5340	+0.286%	$141K	$458K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0790%	1h	2.5324	+0.222%	$334K	$492K	15x	as long as short