Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.030%

Price spread now: KuCoin against dYdX+0.137%7-day average — · you sell dearer than you buy

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

Long on dYdX Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 6 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 for this trade now. Funding pays +$3 a day on $10k at the current rate, and KuCoin is 0.137% dearer against dYdX than usual: you sell high and buy low: +$14 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX PENDLE-USD	2.4420	0	get 0.0000% / 1h	36m 42s	$10K	—	5x
Short	KuCoin PENDLEUSDTM	2.4453	0.0100	get 0.0100% / 8h	2h 36m	$860K	$553K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now +0.137%Rate

Funding earned: $21
Price spread: +0.137% → 0.000%: $13.68
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: $12.68
Costs to cover: 0.220%
Break-even: 2.8 days

Slippage unknown: dYdX: no order-book sample; KuCoin: live order book, 58 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 KuCoin live order book, 58 min ago	6.50 bp	59.9 bp −$60	127.8 bp −$1,278	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	−0.3926%	1h	2.4240	−0.735%	$2K	$54K	5.5x	as long as short
Gate PENDLE_USDT	−0.0038%	8h	2.4440	+0.084%	$719K	$1.1M	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0035%	8h	2.4429	+0.039%	$19K	$15K	10x	as long as short
BloFin PENDLE-USDT	−0.0020%	8h	2.4443	+0.096%	$1.1M	$600K	75x	as long as short
MEXC PENDLE_USDT	−0.0002%	8h	2.4455	+0.145%	$17.3M	$2.0M	125x	as long as short
dYdX PENDLE-USDlong	0.0000%	1h	2.4420	long leg	$10K	—	5x
Extended PENDLE-USD	0.0000%	1h	2.4448	+0.116%	$157K	$582K	10x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4441	+0.088%	$24K	$15K	10x	as long as short
Binance PENDLEUSDT	+0.0001%	8h	2.4456	+0.149%	$25.8M	$44.3M	75x	as long as short
Reya PENDLERUSDPERP	+0.0073%	1h	2.4430	+0.041%	$3K	—	15x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PENDLE-PERP	+0.0080%	1h	2.4434	+0.057%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4459	+0.161%	$515K	$416K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4458	+0.159%	$34K	$9K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4496	+0.313%	$12.6M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4447	+0.111%	$46K	$171K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4457	+0.153%	$14.3M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4480	+0.247%	$3.1M	$6.4M	50x	as long as short
KuCoin PENDLEUSDTMshort	+0.0100%	8h	2.4453	+0.137%	$860K	$553K	50x
Bitget PENDLEUSDT	+0.0100%	8h	2.4447	+0.112%	$3.6M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4450	+0.125%	—	$8.4M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4411	−0.035%	$548K	$1.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4376	−0.180%	$24K	$374K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.4382	−0.155%	$409K	$2.1M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4378	−0.170%	$74K	$233K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4451	+0.129%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4435	+0.063%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4429	+0.039%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.4480	+0.247%	$154K	$520K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0616%	1h	2.4494	+0.305%	$355K	$402K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1191%	1h	2.4490	+0.287%	$115K	$263K	20x	as long as short