Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.030%

Price spread now: SunX against dYdX−0.030%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 SunX

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

Funding pays, the price is against you. SunX is 0.030% cheaper against dYdX than usual: you would sell low and buy high (spread −0.030% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$3 on $10k: about 24 hours 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	2.4843	0	get 0.0000% / 1h	7m 27s	$10K	—	5x
Short	SunX PENDLE-USDT	2.4835	0.0100	get 0.0100% / 8h	5h 07m	$2K	$1.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.030%Rate

Funding earned: $21
Price spread: −0.030% → 0.000%: −$3.03
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$0.03
Costs to cover: 0.180%
Break-even: 7.0 days

Slippage unknown: dYdX: no order-book sample; SunX: live order book, 8 min ago. 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 SunX live order book, 8 min ago	500.30 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit

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	−0.4938%	1h	2.4720	−0.493%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0112%	1h	2.4848	+0.022%	$26K	$14K	10x	as long as short
BloFin PENDLE-USDT	−0.0095%	8h	2.4870	+0.111%	$1.3M	$652K	75x	as long as short
Extended PENDLE-USD	−0.0072%	1h	2.4803	−0.157%	$162K	$570K	10x	as long as short
Binance PENDLEUSDT	−0.0072%	8h	2.4805	−0.150%	$26.5M	$43.7M	75x	as long as short
MEXC PENDLE_USDT	−0.0071%	8h	2.4815	−0.111%	$17.4M	$1.9M	125x	as long as short
Orderly PERP_PENDLE_USDC	−0.0036%	8h	2.4847	+0.018%	$19K	$15K	10x	as long as short
Aster PENDLEUSDT	−0.0030%	8h	2.4798	−0.180%	$47K	$177K	10x	as long as short
dYdX PENDLE-USDlong	0.0000%	1h	2.4843	long leg	$10K	—	5x
Gate PENDLE_USDT	+0.0010%	8h	2.4840	−0.010%	$721K	$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
Variational Omni PENDLE	+0.0023%	8h	2.4940	+0.393%	$566K	$1.8M	—	as long as short
Reya PENDLERUSDPERP	+0.0061%	1h	2.4807	−0.142%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4849	+0.026%	$26K	—	3x	as long as short
GRVT PENDLE_USDT_Perp	+0.0083%	8h	2.4872	+0.118%	$411K	$1.8M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4827	−0.062%	$530K	$418K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4798	−0.181%	$35K	$15K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4850	+0.030%	$12.7M	$6.0M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4810	−0.131%	$14.8M	$12.3M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4810	−0.131%	$3.1M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4839	−0.014%	$840K	$574K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4816	−0.107%	$3.7M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4818	−0.099%	—	$33.5M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4874	+0.126%	$25K	$377K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4869	+0.107%	$76K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4828	−0.058%	$16K	$8K	5x	as long as short
SunX PENDLE-USDTshort	+0.0100%	8h	2.4835	−0.030%	$2K	$1.8M	20x
GMX PENDLE/USD [PENDLE-USDC]	L +0.0158% / S −0.0257%	1h	2.4845	+0.011%	$7K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0552%	1h	2.4890	+0.191%	$148K	$494K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0753%	1h	2.4901	+0.235%	$116K	$278K	20x	as long as short
Backpack PENDLE_USDC_PERP	+0.0780%	1h	2.4875	+0.131%	$359K	$488K	15x	as long as short