Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0051%/8h= −5.6% APRpaid last 24h +0.022%

Price spread now: Gate against dYdX−0.104%46s7-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 Gate

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

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Gate is 0.104% cheaper against dYdX than usual: you would sell low and buy high (−$10 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 46 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	2.4636	0	get 0.0000% / 1h	4m 47s	$10K	—	5x
Short	Gate PENDLE_USDT	2.4610	−0.0051	pay 0.0051% / 8h	4h 04m	$718K	$1.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.104%Rate

Funding earned: −$10.71
Price spread: −0.104% → 0.000%: −$10.38
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$46.09
Costs to cover: 0.250%
Break-even: never at this rate

Slippage unknown: dYdX: no order-book sample; Gate: live order book, 2 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 Gate live order book, 2 min ago	4.07 bp	25.4 bp −$25	136.6 bp −$1,366	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	−0.4334%	1h	2.4340	−1.200%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0156%	1h	2.4643	+0.030%	$25K	$14K	10x	as long as short
BloFin PENDLE-USDT	−0.0069%	8h	2.4638	+0.010%	$1.1M	$592K	75x	as long as short
Extended PENDLE-USD	−0.0056%	1h	2.4611	−0.100%	$159K	$578K	10x	as long as short
Binance PENDLEUSDT	−0.0055%	8h	2.4630	−0.021%	$26.1M	$43.6M	75x	as long as short
MEXC PENDLE_USDT	−0.0054%	8h	2.4629	−0.027%	$17.3M	$2.0M	125x	as long as short
Gate PENDLE_USDTshort	−0.0051%	8h	2.4610	−0.104%	$718K	$1.1M	75x
Aster PENDLEUSDT	−0.0049%	8h	2.4640	+0.017%	$47K	$179K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0038%	8h	2.4635	−0.002%	$19K	$15K	10x	as long as short
dYdX PENDLE-USDlong	0.0000%	1h	2.4636	long leg	$10K	—	5x

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PENDLE-PERP	+0.0064%	1h	2.4625	−0.043%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0066%	1h	2.4636	+0.001%	$3K	—	15x	as long as short
Variational Omni PENDLE	+0.0066%	8h	2.4591	−0.182%	$552K	$1.4M	—	as long as short
GRVT PENDLE_USDT_Perp	+0.0071%	8h	2.4627	−0.035%	$409K	$1.9M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4640	+0.018%	$517K	$429K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4620	−0.062%	$34K	$13K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4610	−0.104%	$14.5M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4640	+0.018%	$3.1M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4638	+0.010%	$866K	$558K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4613	−0.092%	$3.7M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4633	−0.010%	—	$8.5M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4600	−0.145%	$24K	$377K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4612	−0.096%	$75K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4653	+0.071%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4669	+0.136%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4644	+0.032%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0339%	1h	2.4671	+0.144%	$12.8M	$6.0M	5x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0608%	1h	2.4640	+0.018%	$147K	$494K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0660%	1h	2.4677	+0.168%	$359K	$473K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1178%	1h	2.4691	+0.223%	$115K	$268K	20x	as long as short