Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0035%/8h= −3.8% APRpaid last 24h +0.008%

Price spread now: Orderly against dYdX−0.023%7-day average — · you buy dearer than you sell

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

Long on dYdX Short on Orderly

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 −$1 a day on $10k at the current rate, and Orderly is 0.023% cheaper against dYdX 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	dYdX PENDLE-USD	2.4416	0	get 0.0000% / 1h	31m 28s	$10K	—	5x
Short	Orderly PERP_PENDLE_USDC	2.4410	−0.0035	pay 0.0035% / 8h	2h 31m	$19K	$15K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against dYdX. 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 dYdXbpFee OrderlybpOrdersPrice spread, now −0.023%Rate

Funding earned: −$7.31
Price spread: −0.023% → 0.000%: −$2.3
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$25.61
Costs to cover: 0.160%
Break-even: never at this rate

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

dYdX and Orderly: 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	−0.3926%	1h	2.4150	−1.088%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0200%	1h	2.4407	−0.035%	$24K	$15K	10x	as long as short
Gate PENDLE_USDT	−0.0041%	8h	2.4400	−0.064%	$716K	$1.1M	75x	as long as short
Orderly PERP_PENDLE_USDCshort	−0.0035%	8h	2.4410	−0.023%	$19K	$15K	10x
BloFin PENDLE-USDT	−0.0007%	8h	2.4396	−0.080%	$1.1M	$599K	75x	as long as short
dYdX PENDLE-USDlong	0.0000%	1h	2.4416	long leg	$10K	—	5x
Extended PENDLE-USD	+0.0008%	1h	2.4389	−0.110%	$157K	$582K	10x	as long as short
MEXC PENDLE_USDT	+0.0008%	8h	2.4403	−0.052%	$17.3M	$2.0M	125x	as long as short
Binance PENDLEUSDT	+0.0009%	8h	2.4398	−0.074%	$25.7M	$44.3M	75x	as long as short
Reya PENDLERUSDPERP	+0.0074%	1h	2.4397	−0.075%	$3K	—	15x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PENDLE-PERP	+0.0080%	1h	2.4407	−0.036%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4410	−0.023%	$514K	$416K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4390	−0.104%	$34K	$9K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4435	+0.079%	$12.6M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4413	−0.010%	$46K	$171K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4391	−0.101%	$14.2M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4410	−0.023%	$3.1M	$6.4M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4408	−0.031%	$859K	$554K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4388	−0.113%	$3.6M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4408	−0.031%	—	$8.4M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4431	+0.064%	$549K	$1.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4392	−0.096%	$24K	$375K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.4410	−0.023%	$408K	$2.2M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4389	−0.109%	$74K	$234K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4419	+0.014%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4427	+0.047%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4413	−0.010%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.4540	+0.509%	$155K	$522K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0658%	1h	2.4441	+0.104%	$354K	$401K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1194%	1h	2.4432	+0.069%	$114K	$262K	20x	as long as short