Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.030%

Price spread now: BingX against dYdX−0.057%49s7-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 BingX

What this pair did over the last

the charts below follow

Funding, last 6 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. BingX is 0.057% cheaper against dYdX than usual: you would sell low and buy high (spread −0.057% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$6 on $10k: about 46 hours of funding at the current rate (+$3 a day). The two prices were read 49 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX PENDLE-USD	2.4321	0	get 0.0000% / 1h	48m 52s	$10K	—	5x
Short	BingX PENDLE-USDT	2.4307	0.0100	get 0.0100% / 8h	7h 48m	—	$8.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.057%Rate

Funding earned: $21
Price spread: −0.057% → 0.000%: −$5.7
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$4.7
Costs to cover: 0.200%
Break-even: 8.6 days

Slippage unknown: dYdX: no order-book sample; BingX: live order book, 4 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 BingX live order book, 4 min ago	3.92 bp	15.1 bp −$15	23.9 bp −$239	141.3 bp −$14.1K	399.6 bp −$199.8K

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	−0.3627%	1h	2.4010	−1.278%	$2K	$54K	5.5x	as long as short
GRVT PENDLE_USDT_Perp	−0.0825%	8h	2.4256	−0.268%	$406K	$2.6M	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0183%	1h	2.4242	−0.324%	$74K	$232K	50x	as long as short
Gate PENDLE_USDT	−0.0109%	8h	2.4290	−0.127%	$768K	$990K	75x	as long as short
BloFin PENDLE-USDT	−0.0030%	8h	2.4300	−0.086%	$1.1M	$505K	75x	as long as short
Binance PENDLEUSDT	−0.0019%	8h	2.4303	−0.074%	$25.5M	$45.9M	75x	as long as short
Extended PENDLE-USD	−0.0016%	1h	2.4292	−0.118%	$156K	$924K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0013%	8h	2.4301	−0.082%	$18K	$15K	10x	as long as short
MEXC PENDLE_USDT	−0.0013%	8h	2.4304	−0.069%	$18.0M	$2.1M	125x	as long as short
dYdX PENDLE-USDlong	0.0000%	1h	2.4321	long leg	$10K	—	5x

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4313	−0.032%	$25K	$16K	10x	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.4297	−0.100%	$25K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0087%	1h	2.4310	−0.045%	$3K	—	15x	as long as short
Aster PENDLEUSDT	+0.0096%	8h	2.4293	−0.114%	$47K	$168K	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4310	−0.045%	$524K	$429K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4276	−0.185%	$34K	$3K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4327	+0.025%	$12.7M	$6.1M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4292	−0.119%	$14.1M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4310	−0.045%	$3.1M	$6.7M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4304	−0.069%	$688K	$609K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4310	−0.045%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDTshort	+0.0100%	8h	2.4307	−0.057%	—	$8.2M	—
Variational Omni PENDLE	+0.0100%	8h	2.4281	−0.164%	$565K	$1.2M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4251	−0.286%	$24K	$368K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4300	−0.086%	$16K	$4K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4330	+0.038%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4311	−0.040%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0664%	1h	2.4450	+0.531%	$164K	$518K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0853%	1h	2.4361	+0.165%	$359K	$433K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1274%	1h	2.4363	+0.172%	$116K	$258K	20x	as long as short