Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

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

Price spread now: OKX against dYdX−0.250%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 OKX

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. OKX is 0.250% cheaper against dYdX than usual: you would sell low and buy high (spread −0.250% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$25 on $10k: about 8.3 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	2.5293	0	get 0.0000% / 1h	21m 05s	$11K	—	5x
Short	OKX PENDLE-USDT-SWAP	2.5230	0.0100	get 0.0050% / 4h	21m 05s	$3.2M	$6.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.250%Rate

Funding earned: $21
Price spread: −0.250% → 0.000%: −$24.99
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$23.99
Costs to cover: 0.200%
Break-even: 15.0 days

Slippage unknown: dYdX: no order-book sample; OKX: 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 OKX live order book, 2 min ago	1.98 bp	16.2 bp −$16	83.6 bp −$836	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	−0.5000%	1h	2.4940	−1.396%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0383%	1h	2.5276	−0.068%	$30K	$10K	10x	as long as short
BloFin PENDLE-USDT	−0.0055%	8h	2.5258	−0.139%	$1.3M	$714K	75x	as long as short
ApeX Omni PENDLEUSDT	−0.0054%	1h	2.5215	−0.309%	$77K	$239K	50x	as long as short
Extended PENDLE-USD	−0.0040%	1h	2.5239	−0.214%	$166K	$528K	10x	as long as short
Binance PENDLEUSDT	−0.0036%	8h	2.5244	−0.196%	$27.3M	$42.0M	75x	as long as short
MEXC PENDLE_USDT	−0.0036%	8h	2.5252	−0.163%	$17.1M	$1.9M	125x	as long as short
Orderly PERP_PENDLE_USDC	−0.0003%	8h	2.5257	−0.143%	$20K	$16K	10x	as long as short
dYdX PENDLE-USDlong	0.0000%	1h	2.5293	long leg	$11K	—	5x
Variational Omni PENDLE	+0.0031%	8h	2.5247	−0.184%	$596K	$1.9M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT PENDLE_USDT_Perp	+0.0042%	8h	2.5230	−0.251%	$418K	$1.6M	10x	as long as short
Reya PENDLERUSDPERP	+0.0046%	1h	2.5260	−0.132%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0072%	1h	2.5255	−0.150%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5253	−0.159%	$532K	$416K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5268	−0.098%	$35K	$18K	10x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5273	−0.079%	$46K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5242	−0.202%	$15.6M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAPshort	+0.0100%	4h	2.5230	−0.250%	$3.2M	$6.0M	50x
Gate PENDLE_USDT	+0.0100%	8h	2.5260	−0.131%	$786K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5274	−0.076%	$888K	$600K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5275	−0.072%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5246	−0.187%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5212	−0.321%	$25K	$382K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5294	+0.003%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5263	−0.119%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5281	−0.048%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0345%	1h	2.5298	+0.019%	$12.8M	$6.2M	5x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0593%	1h	2.5297	+0.016%	$119K	$298K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.5340	+0.185%	$141K	$451K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0789%	1h	2.5300	+0.027%	$332K	$490K	15x	as long as short