Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0651%/8h= +71.3% APRpaid last 24h −0.021%

Price spread now: dYdX against Gate+0.041%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Gate Short on dYdX

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

Both sides work for this trade now. Funding pays +$20 a day on $10k at the current rate, and dYdX is 0.041% dearer against Gate than usual: you sell high and buy low: +$4 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate PENDLE_USDT	2.4260	−0.0651	get 0.0651% / 8h	7h 53m	$767K	$990K	75x
Short	dYdX PENDLE-USD	2.4270	0	get 0.0000% / 1h	53m 02s	$10K	—	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX against Gate. 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 GatebpFee dYdXbpOrdersPrice spread, now +0.041%Rate

Funding earned: $136.71
Price spread: +0.041% → 0.000%: $4.1
Slippage, 4 orders: no order book: not counted
Fee Gate: 7.5 bp × 2 orders: −$15
Fee dYdX: 5 bp × 2 orders: −$10
Net: $115.81
Costs to cover: 0.250%
Break-even: 1.1 days

Slippage unknown: Gate: live order book, 4 min ago; dYdX: 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 Gate live order book, 4 min ago	4.11 bp	21.9 bp −$22	136.7 bp −$1,367	doesn't fit	doesn't fit
Sell dYdX no order-book sample	—	—	—	—	—

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	−0.3627%	1h	2.4010	−1.031%	$2K	$54K	5.5x	as long as short
GRVT PENDLE_USDT_Perp	−0.0702%	8h	2.4256	−0.018%	$402K	$2.6M	10x	as long as short
Gate PENDLE_USDTlong	−0.0651%	8h	2.4260	long leg	$767K	$990K	75x
Deribit PENDLE_USDC-PERPETUAL	−0.0368%	1h	2.4273	+0.054%	$25K	$16K	10x	as long as short
BloFin PENDLE-USDT	−0.0018%	8h	2.4252	−0.033%	$1.1M	$503K	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0013%	8h	2.4262	+0.008%	$18K	$15K	10x	as long as short
Binance PENDLEUSDT	−0.0003%	8h	2.4264	+0.017%	$25.4M	$46.0M	75x	as long as short
dYdX PENDLE-USDshort	0.0000%	1h	2.4270	+0.041%	$10K	—	5x
Extended PENDLE-USD	0.0000%	1h	2.4238	−0.089%	$156K	$924K	10x	as long as short
MEXC PENDLE_USDT	+0.0004%	8h	2.4270	+0.041%	$18.0M	$2.1M	125x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni PENDLEUSDT	+0.0032%	1h	2.4225	−0.144%	$74K	$232K	50x	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.4264	+0.019%	$25K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0086%	1h	2.4274	+0.060%	$3K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4280	+0.082%	$523K	$429K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4229	−0.129%	$34K	$3K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4297	+0.151%	$12.7M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4255	−0.020%	$47K	$168K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4250	−0.041%	$14.1M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4270	+0.041%	$3.1M	$6.7M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4298	+0.157%	$687K	$618K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4272	+0.049%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4261	+0.004%	—	$8.2M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4246	−0.058%	$565K	$1.2M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4230	−0.123%	$24K	$368K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4278	+0.074%	$16K	$4K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4267	+0.029%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4273	+0.053%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0664%	1h	2.4400	+0.577%	$159K	$512K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0808%	1h	2.4320	+0.247%	$359K	$433K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1276%	1h	2.4331	+0.292%	$115K	$258K	20x	as long as short