Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h +0.007%

Price spread now: dYdX against Bybit−0.021%7-day average — · you buy dearer than you sell

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

Long on Bybit Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 6 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 0.021% cheaper against Bybit 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	Bybit PENDLEUSDT	2.4232	0.0100	pay 0.0100% / 8h	19m 19s	$14.1M	$12.2M	50x
Short	dYdX PENDLE-USD	2.4227	0	get 0.0000% / 1h	19m 19s	$10K	—	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX against Bybit. 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 BybitbpFee dYdXbpOrdersPrice spread, now −0.021%Rate

Funding earned: −$21
Price spread: −0.021% → 0.000%: −$2.11
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$44.11
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 4 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 Bybit live order book, 4 min ago	4.13 bp	13.2 bp −$13	46.3 bp −$463	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	−0.4810%	1h	2.3940	−1.205%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0204%	1h	2.4244	+0.050%	$25K	$16K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0015%	8h	2.4236	+0.017%	$18K	$15K	10x	as long as short
dYdX PENDLE-USDshort	0.0000%	1h	2.4227	−0.021%	$10K	—	5x
MEXC PENDLE_USDT	+0.0005%	8h	2.4234	+0.008%	$18.0M	$2.1M	125x	as long as short
Binance PENDLEUSDT	+0.0007%	8h	2.4228	−0.016%	$25.5M	$46.1M	75x	as long as short
Extended PENDLE-USD	+0.0008%	1h	2.4226	−0.025%	$157K	$927K	10x	as long as short
BloFin PENDLE-USDT	+0.0017%	8h	2.4232	0.000%	$1.1M	$502K	75x	as long as short
ApeX Omni PENDLEUSDT	+0.0062%	1h	2.4193	−0.161%	$74K	$231K	50x	as long as short
Gate PENDLE_USDT	+0.0073%	8h	2.4230	−0.008%	$759K	$1.1M	75x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT PENDLE_USDT_Perp	+0.0076%	8h	2.4191	−0.170%	$404K	$2.5M	10x	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.4239	+0.027%	$25K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0084%	1h	2.4239	+0.028%	$3K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4243	+0.045%	$522K	$432K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4235	+0.011%	$34K	$5K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4275	+0.177%	$12.7M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4238	+0.025%	$47K	$171K	10x	as long as short
Bybit PENDLEUSDTlong	+0.0100%	8h	2.4232	long leg	$14.1M	$12.2M	50x
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4250	+0.074%	$3.1M	$6.7M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4228	−0.017%	$720K	$617K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4239	+0.029%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4248	+0.066%	—	$8.2M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4181	−0.211%	$562K	$1.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4183	−0.203%	$24K	$369K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4272	+0.165%	$16K	$4K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4263	+0.128%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4241	+0.038%	$5K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0612%	1h	2.4287	+0.227%	$350K	$435K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0672%	1h	2.4290	+0.239%	$156K	$507K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1526%	1h	2.4290	+0.238%	$115K	$263K	20x	as long as short