Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0060%/8h= +6.6% APRpaid last 24h −0.013%

Price spread now: dYdX against Binance−0.031%7-day average — · you buy dearer than you sell

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

Long on Binance 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

Funding pays, the price is against you. dYdX is 0.031% cheaper against Binance than usual: you would sell low and buy high (spread −0.031% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$3 on $10k: about 41 hours of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance PENDLEUSDT	2.4728	−0.0060	get 0.0060% / 8h	4h 40m	$26.3M	$44.1M	75x
Short	dYdX PENDLE-USD	2.4720	0	get 0.0000% / 1h	40m 41s	$10K	—	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX against Binance. 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 BinancebpFee dYdXbpOrdersPrice spread, now −0.031%Rate

Funding earned: $12.63
Price spread: −0.031% → 0.000%: −$3.11
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$10.49
Costs to cover: 0.200%
Break-even: 12.8 days

Slippage unknown: Binance: live order book, 1 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 Binance live order book, 1 min ago	0.20 bp	9.5 bp −$10	26.6 bp −$266	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	−0.4334%	1h	2.4400	−1.326%	$2K	$54K	5.5x	as long as short
BloFin PENDLE-USDT	−0.0076%	8h	2.4688	−0.162%	$1.2M	$627K	75x	as long as short
Extended PENDLE-USD	−0.0064%	1h	2.4723	−0.021%	$159K	$570K	10x	as long as short
Binance PENDLEUSDTlong	−0.0060%	8h	2.4728	long leg	$26.3M	$44.1M	75x
MEXC PENDLE_USDT	−0.0060%	8h	2.4741	+0.053%	$17.4M	$2.0M	125x	as long as short
Aster PENDLEUSDT	−0.0036%	8h	2.4707	−0.087%	$47K	$178K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0035%	8h	2.4697	−0.125%	$19K	$15K	10x	as long as short
dYdX PENDLE-USDshort	0.0000%	1h	2.4720	−0.031%	$10K	—	5x
Gate PENDLE_USDT	0.0000%	8h	2.4710	−0.073%	$717K	$1.1M	75x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4700	−0.113%	$25K	$14K	10x	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	+0.0047%	8h	2.4680	−0.192%	$554K	$1.6M	—	as long as short
Reya PENDLERUSDPERP	+0.0063%	1h	2.4695	−0.134%	$3K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4686	−0.170%	$26K	—	3x	as long as short
GRVT PENDLE_USDT_Perp	+0.0086%	8h	2.4668	−0.242%	$408K	$1.8M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4740	+0.049%	$528K	$414K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4736	+0.033%	$35K	$13K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4730	+0.008%	$14.6M	$12.3M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4730	+0.008%	$3.1M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4729	+0.004%	$870K	$583K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4730	+0.008%	$3.7M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4738	+0.040%	—	$8.6M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4676	−0.209%	$24K	$376K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4675	−0.214%	$75K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4714	−0.057%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4708	−0.081%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4698	−0.122%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0456%	1h	2.4792	+0.259%	$12.9M	$6.3M	5x	as long as short
Backpack PENDLE_USDC_PERP	+0.0586%	1h	2.4740	+0.049%	$356K	$477K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0608%	1h	2.4730	+0.008%	$148K	$494K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1177%	1h	2.4711	−0.069%	$115K	$277K	20x	as long as short