Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0111%/8h= +12.1% APRpaid last 24h −0.013%

Price spread now: dYdX against Binance+0.242%7-day average — · you sell dearer than you buy

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

Long on Binance 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 for this trade now. Funding pays +$3 a day on $10k at the current rate, and dYdX is 0.242% dearer against Binance than usual: you sell high and buy low: +$24 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	Binance PENDLEUSDT	2.5105	−0.0111	get 0.0111% / 8h	6h 47m	$27.1M	$43.2M	75x
Short	dYdX PENDLE-USD	2.5166	0	get 0.0000% / 1h	47m 17s	$11K	—	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX against Binance. 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 BinancebpFee dYdXbpOrdersPrice spread, now +0.242%Rate

Funding earned: $23.26
Price spread: +0.242% → 0.000%: $24.21
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee dYdX: 5 bp × 2 orders: −$10
Net: $27.47
Costs to cover: 0.200%
Break-even: from the start

Slippage unknown: Binance: live order book, 10 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 Binance live order book, 10 min ago	0.60 bp	11.0 bp −$11	33.1 bp −$331	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	−0.4742%	1h	2.4750	−1.415%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0784%	1h	2.5120	+0.059%	$26K	$14K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0377%	1h	2.5149	+0.174%	$77K	$237K	50x	as long as short
Bybit PENDLEUSDT	−0.0132%	8h	2.5083	−0.088%	$15.3M	$12.1M	50x	as long as short
Extended PENDLE-USD	−0.0112%	1h	2.5095	−0.042%	$167K	$569K	10x	as long as short
GRVT PENDLE_USDT_Perp	−0.0112%	8h	2.5146	+0.163%	$420K	$1.7M	10x	as long as short
MEXC PENDLE_USDT	−0.0111%	8h	2.5116	+0.043%	$17.4M	$1.8M	125x	as long as short
Binance PENDLEUSDTlong	−0.0111%	8h	2.5105	long leg	$27.1M	$43.2M	75x
BloFin PENDLE-USDT	−0.0095%	8h	2.5143	+0.151%	$1.3M	$654K	75x	as long as short
Variational Omni PENDLE	−0.0040%	8h	2.5116	+0.043%	$599K	$1.8M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_PENDLE_USDC	−0.0031%	8h	2.5115	+0.039%	$20K	$16K	10x	as long as short
Gate PENDLE_USDT	−0.0028%	8h	2.5130	+0.099%	$784K	$1.2M	75x	as long as short
dYdX PENDLE-USDshort	0.0000%	1h	2.5166	+0.242%	$11K	—	5x
Aster PENDLEUSDT	+0.0009%	8h	2.5126	+0.083%	$50K	$180K	10x	as long as short
Reya PENDLERUSDPERP	+0.0053%	1h	2.5127	+0.087%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0056%	1h	2.5104	−0.005%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5116	+0.043%	$535K	$414K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5125	+0.078%	$35K	$16K	10x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5090	−0.061%	$3.2M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5141	+0.143%	$854K	$593K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5100	−0.021%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5124	+0.075%	—	$33.8M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5139	+0.135%	$25K	$381K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5145	+0.159%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5137	+0.127%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0158% / S −0.0256%	1h	2.5146	+0.164%	$7K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0297%	1h	2.5187	+0.326%	$353K	$485K	15x	as long as short
Hyperliquid PENDLE	+0.0319%	1h	2.5185	+0.318%	$13.0M	$6.4M	5x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0632%	1h	2.5140	+0.139%	$145K	$469K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0866%	1h	2.5158	+0.209%	$117K	$291K	20x	as long as short