Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.021%

Price spread now: dYdX against Gate+0.421%7-day average — · you sell dearer than you buy

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

Long on Gate Short on dYdX

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

The price spread pays, funding is against you. dYdX is 0.421% dearer against Gate than usual: you sell high and buy low (spread +0.421% now, against zero (this spread has no 7-day history yet)): +$42 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 14 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate PENDLE_USDT	2.5090	0.0100	pay 0.0100% / 8h	2h 15m	$838K	$1.1M	75x
Short	dYdX PENDLE-USD	2.5196	0	get 0.0000% / 1h	15m 18s	$11K	—	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX against Gate. 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 GatebpFee dYdXbpOrdersPrice spread, now +0.421%Rate

Funding earned: −$21
Price spread: +0.421% → 0.000%: $42.14
Slippage, 4 orders: no order book: not counted
Fee Gate: 7.5 bp × 2 orders: −$15
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$3.86
Costs to cover: 0.250%
Break-even: from the start

Slippage unknown: Gate: live order book, 2 min ago; dYdX: no order-book sample. 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 Gate live order book, 2 min ago	5.95 bp	24.2 bp −$24	231.8 bp −$2,318	doesn't fit	doesn't fit
Sell dYdX no order-book sample	—	—	—	—	—

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	−0.4806%	1h	2.5200	+0.438%	$2K	$53K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0430%	1h	2.5172	+0.327%	$150K	$277K	20x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0307%	1h	2.5126	+0.143%	$30K	$10K	10x	as long as short
dYdX PENDLE-USDshort	0.0000%	1h	2.5196	+0.421%	$11K	—	5x
BloFin PENDLE-USDT	+0.0031%	8h	2.5104	+0.056%	$1.3M	$739K	75x	as long as short
Orderly PERP_PENDLE_USDC	+0.0034%	8h	2.5116	+0.104%	$25K	$11K	10x	as long as short
Reya PENDLERUSDPERP	+0.0036%	1h	2.5097	+0.028%	$4K	—	15x	as long as short
Binance PENDLEUSDT	+0.0045%	8h	2.5116	+0.104%	$27.3M	$39.2M	75x	as long as short
MEXC PENDLE_USDT	+0.0045%	8h	2.5094	+0.016%	$16.9M	$2.3M	125x	as long as short
Extended PENDLE-USD	+0.0048%	1h	2.5103	+0.051%	$165K	$524K	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	+0.0055%	8h	2.5174	+0.334%	$619K	$2.1M	—	as long as short
ApeX Omni PENDLEUSDT	+0.0075%	1h	2.5188	+0.391%	$77K	$239K	50x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5118	+0.112%	$546K	$396K	5x	as long as short
Aevo PENDLE-PERP	+0.0096%	1h	2.5113	+0.092%	$26K	—	3x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5169	+0.316%	$35K	$22K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5126	+0.143%	$12.3M	$5.6M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5120	+0.121%	$41K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5090	0.000%	$15.5M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5120	+0.120%	$3.2M	$5.7M	50x	as long as short
Gate PENDLE_USDTlong	+0.0100%	8h	2.5090	long leg	$838K	$1.1M	75x
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5093	+0.012%	$912K	$610K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5096	+0.024%	$3.7M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5092	+0.008%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5193	+0.410%	$25K	$412K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5173	+0.333%	$425K	$1.6M	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5123	+0.132%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5137	+0.187%	$1K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5129	+0.154%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5170	+0.319%	$116K	$418K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0850%	1h	2.5249	+0.634%	$365K	$460K	15x	as long as short