Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0071%/8h= −7.8% APRpaid last 24h +0.012%

Price spread now: BloFin against dYdX−0.351%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 BloFin

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 −$2 a day on $10k at the current rate, and BloFin is 0.351% cheaper against dYdX than usual: you would sell low and buy high (−$35 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	dYdX PENDLE-USD	2.5368	0	get 0.0000% / 1h	33m 02s	$11K	—	5x
Short	BloFin PENDLE-USDT	2.5279	−0.0071	pay 0.0071% / 8h	7h 33m	$1.3M	$704K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.351%Rate

Funding earned: −$15.01
Price spread: −0.351% → 0.000%: −$35.07
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$72.08
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: dYdX: no order-book sample; BloFin: 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 BloFin live order book, 4 min ago	3.75 bp	14.6 bp −$15	25.0 bp −$250	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	−0.4643%	1h	2.4970	−1.569%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0224%	1h	2.5281	−0.343%	$26K	$14K	10x	as long as short
Binance PENDLEUSDT	−0.0081%	8h	2.5277	−0.358%	$27.3M	$42.8M	75x	as long as short
Extended PENDLE-USD	−0.0080%	1h	2.5272	−0.377%	$167K	$676K	10x	as long as short
MEXC PENDLE_USDT	−0.0080%	8h	2.5286	−0.323%	$17.1M	$1.9M	125x	as long as short
BloFin PENDLE-USDTshort	−0.0071%	8h	2.5279	−0.351%	$1.3M	$704K	75x
GRVT PENDLE_USDT_Perp	−0.0066%	8h	2.5297	−0.280%	$428K	$1.6M	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0060%	1h	2.5347	−0.083%	$77K	$238K	50x	as long as short
Orderly PERP_PENDLE_USDC	−0.0017%	8h	2.5280	−0.347%	$20K	$16K	10x	as long as short
dYdX PENDLE-USDlong	0.0000%	1h	2.5368	long leg	$11K	—	5x

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni PENDLE	+0.0014%	8h	2.5291	−0.303%	$609K	$1.9M	—	as long as short
Reya PENDLERUSDPERP	+0.0050%	1h	2.5279	−0.349%	$4K	—	15x	as long as short
Gate PENDLE_USDT	+0.0050%	8h	2.5320	−0.189%	$789K	$1.2M	75x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.5278	−0.353%	$26K	—	3x	as long as short
Aster PENDLEUSDT	+0.0076%	8h	2.5327	−0.163%	$47K	$178K	10x	as long as short
Bybit PENDLEUSDT	+0.0089%	8h	2.5271	−0.382%	$15.6M	$12.0M	50x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5290	−0.307%	$537K	$415K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5310	−0.228%	$35K	$18K	10x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5270	−0.386%	$3.2M	$6.1M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5336	−0.126%	$891K	$592K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5291	−0.303%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5308	−0.236%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5293	−0.294%	$25K	$382K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5301	−0.264%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5286	−0.323%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0203% / S −0.0382%	1h	2.5297	−0.280%	$7K	—	100x	as long as short
Hyperliquid PENDLE	+0.0307%	1h	2.5351	−0.067%	$13.0M	$6.4M	5x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0614%	1h	2.5346	−0.087%	$118K	$293K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0728%	1h	2.5390	+0.087%	$141K	$444K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0878%	1h	2.5330	−0.150%	$333K	$486K	15x	as long as short