Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0015%/8h= −1.7% APRpaid last 24h −0.010%

Price spread now: dYdX against Orderly+0.042%7-day average — · you sell dearer than you buy

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

Long on Orderly 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 0.042% dearer against Orderly than usual: you sell high and buy low (spread +0.042% now, against zero (this spread has no 7-day history yet)): +$4 on $10k if it goes back. Holding the pair costs $0 a day in funding at the current rate, which eats that in about 9.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_PENDLE_USDC	2.4861	0.0015	pay 0.0015% / 8h	1h 11m	$20K	$16K	10x
Short	dYdX PENDLE-USD	2.4872	0	get 0.0000% / 1h	11m 41s	$10K	—	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX against Orderly. 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 OrderlybpFee dYdXbpOrdersPrice spread, now +0.042%Rate

Funding earned: −$3.17
Price spread: +0.042% → 0.000%: $4.23
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$14.94
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; 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 Orderly no order-book sample	—	—	—	—	—
Sell dYdX no order-book sample	—	—	—	—	—

Orderly and 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	−0.366%	$2K	$53K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0433%	1h	2.4870	+0.036%	$29K	$10K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0070%	1h	2.4903	+0.169%	$76K	$239K	50x	as long as short
BloFin PENDLE-USDT	−0.0028%	8h	2.4860	−0.004%	$1.3M	$732K	75x	as long as short
Binance PENDLEUSDT	−0.0008%	8h	2.4845	−0.064%	$26.8M	$41.0M	75x	as long as short
MEXC PENDLE_USDT	−0.0003%	8h	2.4851	−0.040%	$16.8M	$2.1M	125x	as long as short
dYdX PENDLE-USDshort	0.0000%	1h	2.4872	+0.042%	$10K	—	5x
Extended PENDLE-USD	0.0000%	1h	2.4841	−0.081%	$164K	$526K	10x	as long as short
Orderly PERP_PENDLE_USDClong	+0.0015%	8h	2.4861	long leg	$20K	$16K	10x
Reya PENDLERUSDPERP	+0.0042%	1h	2.4863	+0.007%	$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	+0.0062%	8h	2.4872	+0.044%	$550K	$2.0M	—	as long as short
GRVT PENDLE_USDT_Perp	+0.0071%	8h	2.4885	+0.095%	$413K	$1.6M	10x	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.4851	−0.042%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4858	−0.012%	$523K	$424K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4845	−0.065%	$35K	$20K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4898	+0.149%	$12.3M	$6.0M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4885	+0.097%	$44K	$176K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4840	−0.084%	$15.3M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4850	−0.044%	$3.2M	$5.9M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.4850	−0.044%	$779K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4850	−0.044%	$887K	$611K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4832	−0.117%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4845	−0.064%	—	$36.2M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4872	+0.044%	$25K	$398K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4892	+0.125%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4882	+0.084%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.4882	+0.084%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.5020	+0.640%	$139K	$461K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0648%	1h	2.4894	+0.133%	$351K	$475K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0756%	1h	2.4922	+0.244%	$118K	$306K	20x	as long as short