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: edgeX against dYdX−0.110%51s7-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 edgeX

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—+ Points / potential airdropedgeX: Active · farm boardneeds both histories

Funding pays, the price is against you. edgeX is 0.110% cheaper against dYdX than usual: you would sell low and buy high (spread −0.110% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$11 on $10k: about 3.7 days of funding at the current rate (+$3 a day). The two prices were read 51 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	2.5079	0	get 0.0000% / 1h	8m 31s	$11K	—	5x
Short	edgeX PENDLEUSDC	2.5052	0.0100	get 0.0050% / 4h	2h 08m	$25K	$410K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.110%Rate

Funding earned: $21
Price spread: −0.110% → 0.000%: −$10.97
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$8.97
Costs to cover: 0.190%
Break-even: 10.0 days

Slippage unknown: dYdX: no order-book sample; edgeX: live order book, 15 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 edgeX live order book, 15 min ago	1.19 bp	6.1 bp −$6	62.8 bp −$628	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	−0.4806%	1h	2.4840	−0.954%	$2K	$53K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0432%	1h	2.5079	−0.002%	$149K	$275K	20x	as long as short
dYdX PENDLE-USDlong	0.0000%	1h	2.5079	long leg	$11K	—	5x
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.5075	−0.017%	$30K	$10K	10x	as long as short
Orderly PERP_PENDLE_USDC	+0.0033%	8h	2.5069	−0.041%	$25K	$11K	10x	as long as short
Reya PENDLERUSDPERP	+0.0037%	1h	2.5067	−0.050%	$4K	—	15x	as long as short
Extended PENDLE-USD	+0.0040%	1h	2.5056	−0.092%	$165K	$524K	10x	as long as short
BloFin PENDLE-USDT	+0.0041%	8h	2.5053	−0.105%	$1.3M	$737K	75x	as long as short
MEXC PENDLE_USDT	+0.0042%	8h	2.5067	−0.049%	$16.9M	$2.3M	125x	as long as short
Binance PENDLEUSDT	+0.0044%	8h	2.5066	−0.054%	$27.2M	$39.3M	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	−0.179%	$616K	$2.1M	—	as long as short
ApeX Omni PENDLEUSDT	+0.0069%	1h	2.5059	−0.081%	$76K	$240K	50x	as long as short
Aevo PENDLE-PERP	+0.0088%	1h	2.5070	−0.038%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5068	−0.045%	$543K	$397K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5066	−0.051%	$35K	$22K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5098	+0.075%	$12.3M	$5.6M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5076	−0.013%	$41K	$172K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5057	−0.089%	$15.5M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5080	+0.003%	$3.2M	$5.7M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5070	−0.037%	$850K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5085	+0.023%	$895K	$608K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5058	−0.085%	$3.7M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5065	−0.057%	—	$36.3M	—	as long as short
edgeX PENDLEUSDCshort	+0.0100%	4h	2.5052	−0.110%	$25K	$410K	10x
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5073	−0.026%	$423K	$1.6M	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5093	+0.055%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5069	−0.041%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5074	−0.019%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5130	+0.202%	$116K	$418K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0846%	1h	2.5114	+0.139%	$362K	$460K	15x	as long as short