Funding arb · Price arb /

PENDLE

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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: dYdX against OKX+0.171%7-day average — · you sell dearer than you buy

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

Long on OKX Short on dYdX

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

The price spread pays, funding is against you. dYdX is 0.171% dearer against OKX than usual: you sell high and buy low (spread +0.171% now, against zero (this spread has no 7-day history yet)): +$17 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 5.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX PENDLE-USDT-SWAP	2.5250	0.0100	pay 0.0050% / 4h	21m 21s	$3.2M	$6.0M	50x
Short	dYdX PENDLE-USD	2.5293	0	get 0.0000% / 1h	21m 21s	$11K	—	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX against OKX. 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 OKXbpFee dYdXbpOrdersPrice spread, now +0.171%Rate

Funding earned: −$21
Price spread: +0.171% → 0.000%: $17.11
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$23.89
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: OKX: live order book, 1 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 OKX live order book, 1 min ago	1.98 bp	15.7 bp −$16	79.0 bp −$790	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	−0.5000%	1h	2.4940	−1.228%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0383%	1h	2.5276	+0.103%	$30K	$10K	10x	as long as short
BloFin PENDLE-USDT	−0.0055%	8h	2.5258	+0.032%	$1.3M	$714K	75x	as long as short
ApeX Omni PENDLEUSDT	−0.0054%	1h	2.5215	−0.139%	$77K	$239K	50x	as long as short
Extended PENDLE-USD	−0.0040%	1h	2.5239	−0.043%	$166K	$528K	10x	as long as short
Binance PENDLEUSDT	−0.0036%	8h	2.5266	+0.064%	$27.3M	$42.0M	75x	as long as short
MEXC PENDLE_USDT	−0.0036%	8h	2.5270	+0.079%	$17.1M	$1.9M	125x	as long as short
Orderly PERP_PENDLE_USDC	−0.0003%	8h	2.5257	+0.028%	$20K	$16K	10x	as long as short
dYdX PENDLE-USDshort	0.0000%	1h	2.5293	+0.171%	$11K	—	5x
Variational Omni PENDLE	+0.0031%	8h	2.5247	−0.013%	$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	−0.081%	$418K	$1.6M	10x	as long as short
Reya PENDLERUSDPERP	+0.0046%	1h	2.5260	+0.039%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0072%	1h	2.5255	+0.021%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5301	+0.202%	$533K	$416K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5268	+0.073%	$35K	$18K	10x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5284	+0.134%	$46K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5250	0.000%	$15.6M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAPlong	+0.0100%	4h	2.5250	long leg	$3.2M	$6.0M	50x
Gate PENDLE_USDT	+0.0100%	8h	2.5280	+0.119%	$786K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5302	+0.206%	$889K	$600K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5281	+0.123%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5262	+0.048%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5212	−0.150%	$25K	$382K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5294	+0.174%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5263	+0.051%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5281	+0.123%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0349%	1h	2.5313	+0.250%	$12.8M	$6.2M	5x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0593%	1h	2.5297	+0.187%	$119K	$298K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.5340	+0.356%	$141K	$451K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0777%	1h	2.5325	+0.297%	$333K	$490K	15x	as long as short