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 −0.030%

Price spread now: dYdX against KuCoin−0.022%7-day average — · you buy dearer than you sell

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

Long on KuCoin 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

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and dYdX is 0.022% cheaper against KuCoin than usual: you would sell low and buy high (−$2 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin PENDLEUSDTM	2.5311	0.0100	pay 0.0100% / 8h	2h 23m	$920K	$611K	50x
Short	dYdX PENDLE-USD	2.5305	0	get 0.0000% / 1h	23m 31s	$11K	—	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX against KuCoin. 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 KuCoinbpFee dYdXbpOrdersPrice spread, now −0.022%Rate

Funding earned: −$21
Price spread: −0.022% → 0.000%: −$2.18
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$45.18
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: KuCoin: live order book, 60 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 KuCoin live order book, 60 min ago	5.91 bp	doesn't fit	doesn't fit	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	2.4990	−1.268%	$2K	$7K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0427%	1h	2.5350	+0.155%	$151K	$279K	20x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0303%	1h	2.5290	−0.083%	$30K	$10K	10x	as long as short
dYdX PENDLE-USDshort	0.0000%	1h	2.5305	−0.022%	$11K	—	5x
Orderly PERP_PENDLE_USDC	+0.0035%	8h	2.5298	−0.051%	$25K	$11K	10x	as long as short
Reya PENDLERUSDPERP	+0.0036%	1h	2.5288	−0.090%	$4K	—	15x	as long as short
Variational Omni PENDLE	+0.0043%	8h	2.5289	−0.086%	$611K	$2.3M	—	as long as short
BloFin PENDLE-USDT	+0.0044%	8h	2.5327	+0.063%	$1.3M	$750K	75x	as long as short
Extended PENDLE-USD	+0.0056%	1h	2.5254	−0.225%	$166K	$524K	10x	as long as short
MEXC PENDLE_USDT	+0.0059%	8h	2.5294	−0.067%	$17.1M	$2.3M	125x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance PENDLEUSDT	+0.0059%	8h	2.5297	−0.055%	$27.5M	$39.3M	75x	as long as short
ApeX Omni PENDLEUSDT	+0.0084%	1h	2.5265	−0.182%	$77K	$240K	50x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5274	−0.146%	$549K	$396K	5x	as long as short
Aevo PENDLE-PERP	+0.0096%	1h	2.5283	−0.111%	$26K	—	3x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5262	−0.192%	$35K	$22K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5317	+0.024%	$12.4M	$5.6M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5298	−0.051%	$41K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5280	−0.122%	$15.6M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5300	−0.043%	$3.3M	$5.7M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5300	−0.043%	$850K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTMlong	+0.0100%	8h	2.5311	long leg	$920K	$611K	50x
Bitget PENDLEUSDT	+0.0100%	8h	2.5269	−0.166%	$3.8M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5295	−0.063%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5266	−0.179%	$25K	$410K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5275	−0.141%	$426K	$1.6M	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5311	0.000%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5300	−0.043%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5288	−0.089%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5360	+0.194%	$117K	$434K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0847%	1h	2.5343	+0.126%	$367K	$465K	15x	as long as short