Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h −0.007%

Price spread now: Bybit against dYdX−0.082%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 Bybit

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. Bybit is 0.082% cheaper against dYdX than usual: you would sell low and buy high (spread −0.082% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$8 on $10k: about 2.7 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX PENDLE-USD	2.4450	0	get 0.0000% / 1h	1m 11s	$10K	—	5x
Short	Bybit PENDLEUSDT	2.4430	0.0100	get 0.0100% / 8h	3h 01m	$14.3M	$12.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.082%Rate

Funding earned: $21
Price spread: −0.082% → 0.000%: −$8.22
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$8.22
Costs to cover: 0.210%
Break-even: 9.7 days

Slippage unknown: dYdX: no order-book sample; Bybit: live order book, 2 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 Bybit live order book, 2 min ago	4.09 bp	15.3 bp −$15	53.2 bp −$532	227.7 bp −$22.8K	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	−0.4243%	1h	2.4300	−0.614%	$2K	$54K	5.5x	as long as short
Gate PENDLE_USDT	−0.0048%	8h	2.4440	−0.041%	$717K	$1.1M	75x	as long as short
Extended PENDLE-USD	−0.0040%	1h	2.4418	−0.132%	$157K	$579K	10x	as long as short
Binance PENDLEUSDT	−0.0037%	8h	2.4430	−0.082%	$25.8M	$44.4M	75x	as long as short
MEXC PENDLE_USDT	−0.0037%	8h	2.4436	−0.058%	$17.3M	$2.0M	125x	as long as short
Orderly PERP_PENDLE_USDC	−0.0037%	8h	2.4424	−0.107%	$19K	$15K	10x	as long as short
BloFin PENDLE-USDT	−0.0022%	8h	2.4437	−0.054%	$1.1M	$609K	75x	as long as short
dYdX PENDLE-USDlong	0.0000%	1h	2.4450	long leg	$10K	—	5x
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4433	−0.070%	$24K	$15K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0023%	1h	2.4461	+0.045%	$74K	$233K	50x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster PENDLEUSDT	+0.0053%	8h	2.4438	−0.049%	$46K	$171K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0062%	8h	2.4502	+0.213%	$415K	$2.1M	10x	as long as short
Reya PENDLERUSDPERP	+0.0071%	1h	2.4432	−0.072%	$3K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0072%	1h	2.4416	−0.141%	$26K	—	3x	as long as short
Variational Omni PENDLE	+0.0086%	8h	2.4496	+0.187%	$550K	$1.4M	—	as long as short
Lighter PENDLE	+0.0096%	1h	2.4440	−0.041%	$515K	$432K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4424	−0.107%	$34K	$11K	10x	as long as short
Bybit PENDLEUSDTshort	+0.0100%	8h	2.4430	−0.082%	$14.3M	$12.0M	50x
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4460	+0.040%	$3.1M	$6.4M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4438	−0.049%	$862K	$554K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4427	−0.094%	$3.6M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4444	−0.025%	—	$8.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4464	+0.058%	$24K	$376K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4454	+0.016%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4433	−0.070%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4428	−0.089%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0306%	1h	2.4466	+0.065%	$12.6M	$6.1M	5x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0640%	1h	2.4460	+0.040%	$150K	$507K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0715%	1h	2.4480	+0.122%	$353K	$402K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1189%	1h	2.4491	+0.166%	$115K	$264K	20x	as long as short