Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0014%/8h= −1.6% APRpaid last 24h −0.003%

Price spread now: dYdX against Orderly+0.118%7-day average — · you sell dearer than you buy

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

Long on Orderly 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

The price spread pays, funding is against you. dYdX is 0.118% dearer against Orderly than usual: you sell high and buy low (spread +0.118% now, against zero (this spread has no 7-day history yet)): +$12 on $10k if it goes back. Holding the pair costs $0 a day in funding at the current rate, which eats that in about 28 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_PENDLE_USDC	2.4387	0.0014	pay 0.0014% / 8h	5h 54m	$18K	$14K	10x
Short	dYdX PENDLE-USD	2.4416	0	get 0.0000% / 1h	54m 24s	$10K	—	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX against Orderly. 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 OrderlybpFee dYdXbpOrdersPrice spread, now +0.118%Rate

Funding earned: −$2.99
Price spread: +0.118% → 0.000%: $11.84
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$7.15
Costs to cover: 0.160%
Break-even: never at this rate

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

Orderly and 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 exchanges

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
Kraken Futures PF_PENDLEUSD	−0.0395%	1h	2.4401	+0.058%	$122K	$252K	20x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0364%	1h	2.4396	+0.037%	$25K	$10K	10x	as long as short
Binance PENDLEUSDT	−0.0084%	8h	2.4367	−0.082%	$25.4M	$46.2M	75x	as long as short
MEXC PENDLE_USDT	−0.0083%	8h	2.4364	−0.094%	$18.5M	$2.1M	125x	as long as short
Extended PENDLE-USD	−0.0080%	1h	2.4365	−0.090%	$157K	$940K	10x	as long as short
BloFin PENDLE-USDT	−0.0070%	8h	2.4391	+0.016%	$1.1M	$520K	75x	as long as short
Aster PENDLEUSDT	−0.0003%	8h	2.4408	+0.088%	$51K	$166K	10x	as long as short
dYdX PENDLE-USDshort	0.0000%	1h	2.4416	+0.118%	$10K	—	5x
Orderly PERP_PENDLE_USDClong	+0.0014%	8h	2.4387	long leg	$18K	$14K	10x
GRVT PENDLE_USDT_Perp	+0.0015%	8h	2.4411	+0.100%	$413K	$3.0M	10x	as long as short

Show all 30 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni PENDLEUSDT	+0.0055%	1h	2.4460	+0.299%	$74K	$231K	50x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4393	+0.024%	$26K	—	3x	as long as short
Variational Omni PENDLE	+0.0066%	8h	2.4399	+0.048%	$574K	$1.0M	—	as long as short
Lighter PENDLE	+0.0096%	1h	2.4401	+0.057%	$674K	$512K	5x	as long as short
Reya PENDLERUSDPERP	+0.0096%	1h	2.4377	−0.040%	$3K	—	15x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4367	−0.084%	$34K	—	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4370	−0.070%	$14.3M	$11.6M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4360	−0.111%	$3.1M	$6.8M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.4410	+0.094%	$775K	$959K	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4424	+0.152%	$687K	$495K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4381	−0.025%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4378	−0.037%	—	$8.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4412	+0.101%	$23K	$366K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4401	+0.057%	$16K	$4K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4431	+0.180%	$2K	$1.8M	20x	as long as short
Hyperliquid PENDLE	+0.0124%	1h	2.4415	+0.115%	$13.0M	$5.9M	5x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0184% / S −0.0207%	1h	2.4385	−0.007%	$5K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0410%	1h	2.4436	+0.201%	$365K	$417K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0680%	1h	2.4550	+0.668%	$168K	$538K	25x	as long as short
Injective PENDLE/USDC PERP	+0.3871%	1h	2.4660	+1.119%	$2K	$55K	5.5x	as long as short