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: OKX against dYdX−0.174%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 OKX

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. OKX is 0.174% cheaper against dYdX than usual: you would sell low and buy high (spread −0.174% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$17 on $10k: about 5.8 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX PENDLE-USD	2.5134	0	get 0.0000% / 1h	6m 11s	$11K	—	5x
Short	OKX PENDLE-USDT-SWAP	2.5090	0.0100	get 0.0050% / 4h	6m 11s	$3.2M	$6.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.174%Rate

Funding earned: $21
Price spread: −0.174% → 0.000%: −$17.39
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$16.39
Costs to cover: 0.200%
Break-even: 12.5 days

Slippage unknown: dYdX: no order-book sample; OKX: 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 OKX live order book, 2 min ago	3.98 bp	17.4 bp −$17	70.1 bp −$701	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	−0.771%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0467%	1h	2.5099	−0.138%	$28K	$11K	10x	as long as short
Extended PENDLE-USD	−0.0072%	1h	2.5086	−0.190%	$165K	$528K	10x	as long as short
Binance PENDLEUSDT	−0.0070%	8h	2.5118	−0.062%	$27.2M	$42.3M	75x	as long as short
MEXC PENDLE_USDT	−0.0068%	8h	2.5106	−0.110%	$17.0M	$1.9M	125x	as long as short
ApeX Omni PENDLEUSDT	−0.0061%	1h	2.5164	+0.121%	$77K	$239K	50x	as long as short
BloFin PENDLE-USDT	−0.0056%	8h	2.5130	−0.015%	$1.3M	$708K	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0010%	8h	2.5101	−0.130%	$20K	$16K	10x	as long as short
dYdX PENDLE-USDlong	0.0000%	1h	2.5134	long leg	$11K	—	5x
GRVT PENDLE_USDT_Perp	+0.0016%	8h	2.5177	+0.172%	$417K	$1.6M	10x	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	+0.0021%	8h	2.5077	−0.227%	$596K	$1.9M	—	as long as short
Reya PENDLERUSDPERP	+0.0047%	1h	2.5095	−0.152%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.5093	−0.164%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5104	−0.118%	$529K	$416K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5111	−0.089%	$35K	$18K	10x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5104	−0.120%	$47K	$178K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5090	−0.174%	$15.5M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAPshort	+0.0100%	4h	2.5090	−0.174%	$3.2M	$6.0M	50x
Gate PENDLE_USDT	+0.0100%	8h	2.5110	−0.094%	$776K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5107	−0.106%	$882K	$600K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5133	−0.003%	$3.7M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5110	−0.094%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5160	+0.105%	$25K	$381K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5122	−0.047%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5100	−0.134%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5117	−0.066%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0297%	1h	2.5153	+0.077%	$12.7M	$6.2M	5x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0596%	1h	2.5165	+0.126%	$119K	$298K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.5340	+0.821%	$141K	$450K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0674%	1h	2.5154	+0.081%	$330K	$489K	15x	as long as short