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 +0.030%

Price spread now: Paradex against dYdX−0.065%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 Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Funding pays, the price is against you. Paradex is 0.065% cheaper against dYdX than usual: you would sell low and buy high (spread −0.065% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$7 on $10k: about 2.2 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	2.4540	0	get 0.0000% / 1h	23m 57s	$10K	—	5x
Short	Paradex PENDLE-USD-PERP	2.4524	0.0100	get 0.0100% / 8h	3h 23m	$34K	$11K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −0.065%Rate

Funding earned: $21
Price spread: −0.065% → 0.000%: −$6.53
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee Paradex: 2 bp × 2 orders: −$4
Net: $0.47
Costs to cover: 0.140%
Break-even: 6.8 days

Slippage unknown: dYdX: no order-book sample; Paradex: no order-book sample. 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 Paradex no order-book sample	—	—	—	—	—

dYdX and Paradex: 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	2.4320	−0.897%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0648%	1h	2.4480	−0.245%	$25K	$14K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0155%	1h	2.4544	+0.016%	$75K	$233K	50x	as long as short
Gate PENDLE_USDT	−0.0080%	8h	2.4490	−0.204%	$716K	$1.1M	75x	as long as short
Extended PENDLE-USD	−0.0064%	1h	2.4473	−0.275%	$158K	$576K	10x	as long as short
Binance PENDLEUSDT	−0.0061%	8h	2.4484	−0.229%	$25.9M	$44.2M	75x	as long as short
MEXC PENDLE_USDT	−0.0059%	8h	2.4466	−0.302%	$17.4M	$2.0M	125x	as long as short
BloFin PENDLE-USDT	−0.0059%	8h	2.4524	−0.066%	$1.1M	$594K	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0041%	8h	2.4470	−0.286%	$19K	$15K	10x	as long as short
dYdX PENDLE-USDlong	0.0000%	1h	2.4540	long leg	$10K	—	5x

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster PENDLEUSDT	+0.0008%	8h	2.4554	+0.056%	$46K	$172K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0040%	8h	2.4548	+0.032%	$405K	$2.0M	10x	as long as short
Variational Omni PENDLE	+0.0060%	8h	2.4510	−0.121%	$551K	$1.4M	—	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4458	−0.335%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0070%	1h	2.4484	−0.230%	$3K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4483	−0.233%	$514K	$428K	5x	as long as short
Paradex PENDLE-USD-PERPshort	+0.0100%	8h	2.4524	−0.065%	$34K	$11K	10x
Bybit PENDLEUSDT	+0.0100%	8h	2.4470	−0.286%	$14.4M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4480	−0.245%	$3.1M	$6.3M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4496	−0.180%	$884K	$552K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4488	−0.212%	$3.6M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4471	−0.282%	—	$8.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4528	−0.051%	$24K	$375K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4545	+0.020%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4511	−0.119%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4493	−0.193%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0209%	1h	2.4527	−0.053%	$12.7M	$6.1M	5x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0640%	1h	2.4530	−0.041%	$146K	$498K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0657%	1h	2.4525	−0.061%	$356K	$400K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1187%	1h	2.4536	−0.015%	$115K	$269K	20x	as long as short