Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.030%

Price spread now: dYdX against SunX−0.178%7-day average — · you buy dearer than you sell

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

Long on SunX 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

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and dYdX is 0.178% cheaper against SunX than usual: you would sell low and buy high (−$18 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	SunX PENDLE-USDT	2.5094	0.0100	pay 0.0100% / 8h	2h 06m	$1K	$1.7M	20x
Short	dYdX PENDLE-USD	2.5049	0	get 0.0000% / 1h	6m 42s	$11K	—	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX against SunX. 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 SunXbpFee dYdXbpOrdersPrice spread, now −0.178%Rate

Funding earned: −$21
Price spread: −0.178% → 0.000%: −$17.78
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$56.78
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: SunX: live order book, 8 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 SunX live order book, 8 min ago	500.74 bp	doesn't fit	doesn't fit	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	−0.4806%	1h	2.4840	−1.012%	$2K	$53K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0431%	1h	2.5098	+0.016%	$149K	$275K	20x	as long as short
dYdX PENDLE-USDshort	0.0000%	1h	2.5049	−0.178%	$11K	—	5x
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.5087	−0.028%	$30K	$10K	10x	as long as short
BloFin PENDLE-USDT	+0.0029%	8h	2.5068	−0.104%	$1.3M	$737K	75x	as long as short
Orderly PERP_PENDLE_USDC	+0.0033%	8h	2.5075	−0.076%	$25K	$11K	10x	as long as short
Reya PENDLERUSDPERP	+0.0037%	1h	2.5077	−0.066%	$4K	—	15x	as long as short
Extended PENDLE-USD	+0.0040%	1h	2.5015	−0.316%	$165K	$524K	10x	as long as short
MEXC PENDLE_USDT	+0.0043%	8h	2.5038	−0.223%	$16.9M	$2.3M	125x	as long as short
Binance PENDLEUSDT	+0.0043%	8h	2.5005	−0.356%	$27.2M	$39.4M	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	+0.0050%	8h	2.5034	−0.238%	$616K	$2.1M	—	as long as short
ApeX Omni PENDLEUSDT	+0.0074%	1h	2.5055	−0.155%	$76K	$240K	50x	as long as short
Aevo PENDLE-PERP	+0.0088%	1h	2.5071	−0.091%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5010	−0.335%	$542K	$398K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5056	−0.151%	$35K	$22K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5041	−0.211%	$12.3M	$5.6M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5039	−0.218%	$41K	$172K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5000	−0.375%	$15.5M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5010	−0.335%	$3.2M	$5.7M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5030	−0.255%	$850K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5046	−0.191%	$894K	$608K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5002	−0.367%	$3.7M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5016	−0.311%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5061	−0.130%	$25K	$410K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5064	−0.118%	$423K	$1.6M	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5092	−0.008%	$16K	$19K	5x	as long as short
SunX PENDLE-USDTlong	+0.0100%	8h	2.5094	long leg	$1K	$1.7M	20x
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5083	−0.044%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5130	+0.143%	$116K	$418K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0840%	1h	2.5115	+0.084%	$362K	$460K	15x	as long as short