Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.030%

Price spread now: dYdX against Paradex+0.059%7-day average — · you sell dearer than you buy

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

Long on Paradex Short on dYdX

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

The price spread pays, funding is against you. dYdX is 0.059% dearer against Paradex than usual: you sell high and buy low (spread +0.059% now, against zero (this spread has no 7-day history yet)): +$6 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 47 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex PENDLE-USD-PERP	2.4432	0.0100	pay 0.0100% / 8h	2h 27m	$34K	$9K	10x
Short	dYdX PENDLE-USD	2.4446	0	get 0.0000% / 1h	27m 06s	$10K	—	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX against Paradex. 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 ParadexbpFee dYdXbpOrdersPrice spread, now +0.059%Rate

Funding earned: −$21
Price spread: +0.059% → 0.000%: $5.86
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$29.14
Costs to cover: 0.140%
Break-even: never at this rate

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

Paradex and 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	−0.3926%	1h	2.4160	−1.112%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0363%	1h	2.4436	+0.017%	$24K	$15K	10x	as long as short
Gate PENDLE_USDT	−0.0041%	8h	2.4430	−0.007%	$716K	$1.1M	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0036%	8h	2.4433	+0.005%	$19K	$15K	10x	as long as short
dYdX PENDLE-USDshort	0.0000%	1h	2.4446	+0.059%	$10K	—	5x
MEXC PENDLE_USDT	+0.0015%	8h	2.4436	+0.017%	$17.3M	$2.0M	125x	as long as short
Binance PENDLEUSDT	+0.0015%	8h	2.4440	+0.034%	$25.8M	$44.3M	75x	as long as short
Extended PENDLE-USD	+0.0016%	1h	2.4422	−0.038%	$157K	$582K	10x	as long as short
BloFin PENDLE-USDT	+0.0020%	8h	2.4440	+0.034%	$1.1M	$600K	75x	as long as short
Reya PENDLERUSDPERP	+0.0074%	1h	2.4425	−0.026%	$3K	—	15x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PENDLE-PERP	+0.0088%	1h	2.4426	−0.024%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4443	+0.046%	$515K	$416K	5x	as long as short
Paradex PENDLE-USD-PERPlong	+0.0100%	8h	2.4432	long leg	$34K	$9K	10x
Hyperliquid PENDLE	+0.0100%	1h	2.4483	+0.210%	$12.6M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4446	+0.059%	$46K	$171K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4418	−0.056%	$14.3M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4450	+0.075%	$3.1M	$6.4M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4455	+0.095%	$862K	$555K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4425	−0.028%	$3.6M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4443	+0.046%	—	$8.4M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4386	−0.186%	$548K	$1.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4473	+0.167%	$24K	$371K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.4461	+0.118%	$411K	$2.2M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4486	+0.222%	$74K	$233K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4451	+0.079%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4440	+0.034%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4439	+0.031%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.4540	+0.443%	$155K	$523K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0666%	1h	2.4488	+0.230%	$355K	$401K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1191%	1h	2.4502	+0.286%	$115K	$262K	20x	as long as short