Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.030%

Price spread now: SunX against dYdX+0.075%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 SunX

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 for this trade now. Funding pays +$3 a day on $10k at the current rate, and SunX is 0.075% dearer against dYdX than usual: you sell high and buy low: +$7 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	2.5046	0	get 0.0000% / 1h	42m 15s	$11K	—	5x
Short	SunX PENDLE-USDT	2.5065	0.0100	get 0.0100% / 8h	1h 42m	$2K	$1.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.075%Rate

Funding earned: $21
Price spread: +0.075% → 0.000%: $7.49
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: $10.49
Costs to cover: 0.180%
Break-even: 3.5 days

Slippage unknown: dYdX: no order-book sample; SunX: live order book, 3 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 SunX live order book, 3 min ago	500.18 bp	doesn't fit	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	−0.3656%	1h	2.4770	−1.103%	$2K	$53K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0588%	1h	2.5052	+0.023%	$30K	$10K	10x	as long as short
dYdX PENDLE-USDlong	0.0000%	1h	2.5046	long leg	$11K	—	5x
ApeX Omni PENDLEUSDT	+0.0019%	1h	2.4955	−0.364%	$76K	$240K	50x	as long as short
Orderly PERP_PENDLE_USDC	+0.0028%	8h	2.5048	+0.007%	$20K	$16K	10x	as long as short
MEXC PENDLE_USDT	+0.0029%	8h	2.5050	+0.015%	$16.9M	$2.1M	125x	as long as short
BloFin PENDLE-USDT	+0.0029%	8h	2.5013	−0.133%	$1.3M	$731K	75x	as long as short
Binance PENDLEUSDT	+0.0029%	8h	2.5033	−0.053%	$27.2M	$40.1M	75x	as long as short
Extended PENDLE-USD	+0.0032%	1h	2.5031	−0.061%	$164K	$526K	10x	as long as short
Reya PENDLERUSDPERP	+0.0039%	1h	2.5022	−0.098%	$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	2.5033	−0.053%	$603K	$2.0M	—	as long as short
Aevo PENDLE-PERP	+0.0088%	1h	2.5039	−0.030%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5036	−0.041%	$525K	$422K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4988	−0.233%	$35K	$20K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5077	+0.123%	$12.3M	$5.9M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5016	−0.120%	$42K	$175K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5030	−0.065%	$15.4M	$11.8M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5050	+0.015%	$3.2M	$5.8M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5020	−0.105%	$785K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5057	+0.043%	$894K	$623K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5029	−0.069%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5036	−0.041%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4938	−0.432%	$25K	$413K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.4964	−0.327%	$412K	$1.6M	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5040	−0.025%	$16K	$19K	5x	as long as short
SunX PENDLE-USDTshort	+0.0100%	8h	2.5065	+0.075%	$2K	$1.7M	20x
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5039	−0.030%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.5100	+0.215%	$139K	$461K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0751%	1h	2.5087	+0.164%	$147K	$278K	20x	as long as short
Backpack PENDLE_USDC_PERP	+0.0789%	1h	2.5095	+0.195%	$357K	$461K	15x	as long as short