Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.030%

Price spread now: Paradex against dYdX−0.196%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 Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Funding pays, the price is against you. Paradex is 0.196% cheaper against dYdX than usual: you would sell low and buy high (spread −0.196% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$20 on $10k: about 6.5 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX PENDLE-USD	2.4524	0	get 0.0000% / 1h	0m 38s	$10K	—	5x
Short	Paradex PENDLE-USD-PERP	2.4476	0.0100	get 0.0100% / 8h	1h 00m	$34K	$7K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −0.196%Rate

Funding earned: $21
Price spread: −0.196% → 0.000%: −$19.57
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$12.57
Costs to cover: 0.140%
Break-even: 11.2 days

Slippage unknown: dYdX: no order-book sample; Paradex: 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 Paradex no order-book sample	—	—	—	—	—

dYdX and Paradex: 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	−0.4348%	1h	2.4230	−1.199%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0566%	1h	2.4482	−0.172%	$25K	$16K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0018%	8h	2.4473	−0.208%	$19K	$15K	10x	as long as short
dYdX PENDLE-USDlong	0.0000%	1h	2.4524	long leg	$10K	—	5x
BloFin PENDLE-USDT	+0.0011%	8h	2.4463	−0.249%	$1.1M	$477K	75x	as long as short
Extended PENDLE-USD	+0.0016%	1h	2.4476	−0.197%	$160K	$515K	10x	as long as short
Binance PENDLEUSDT	+0.0017%	8h	2.4472	−0.212%	$25.8M	$45.4M	75x	as long as short
MEXC PENDLE_USDT	+0.0018%	8h	2.4474	−0.204%	$17.5M	$2.0M	125x	as long as short
Gate PENDLE_USDT	+0.0051%	8h	2.4480	−0.180%	$788K	$1.0M	75x	as long as short
Reya PENDLERUSDPERP	+0.0081%	1h	2.4476	−0.197%	$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	+0.0088%	1h	2.4479	−0.185%	$26K	—	3x	as long as short
GRVT PENDLE_USDT_Perp	+0.0093%	8h	2.4470	−0.222%	$411K	$2.4M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4488	−0.147%	$519K	$417K	5x	as long as short
Paradex PENDLE-USD-PERPshort	+0.0100%	8h	2.4476	−0.196%	$34K	$7K	10x
Hyperliquid PENDLE	+0.0100%	1h	2.4523	−0.004%	$12.7M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4480	−0.181%	$46K	$169K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4466	−0.237%	$14.3M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4500	−0.098%	$3.1M	$6.7M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4507	−0.070%	$872K	$548K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4490	−0.139%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4476	−0.196%	—	$8.2M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4456	−0.279%	$594K	$1.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4468	−0.230%	$24K	$372K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4502	−0.090%	$75K	$233K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4498	−0.106%	$16K	$4K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4508	−0.066%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4488	−0.147%	$5K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0493%	1h	2.4534	+0.040%	$351K	$434K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0688%	1h	2.4510	−0.057%	$157K	$506K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1663%	1h	2.4513	−0.045%	$115K	$260K	20x	as long as short