Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.003%

Price spread now: MEXC against Aevo+0.029%7-day average — · you sell dearer than you buy

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

Long on Aevo Short on MEXC

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. MEXC is 0.029% dearer against Aevo than usual: you sell high and buy low (spread +0.029% now, against zero (this spread has no 7-day history yet)): +$3 on $10k if it goes back. Holding the pair costs −$1 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	Aevo PENDLE-PERP	2.5180	0.0088	pay 0.0011% / 1h	46m 15s	$26K	—	3x
Short	MEXC PENDLE_USDT	2.5187	0.0038	get 0.0038% / 8h	2h 46m	$16.9M	$2.2M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Aevo. 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 AevobpFee MEXCbpOrdersPrice spread, now +0.029%Rate

Funding earned: −$10.5
Price spread: +0.029% → 0.000%: $2.94
Slippage, 4 orders: no order book: not counted
Fee Aevo: 8 bp × 2 orders: −$16
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$27.56
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Aevo: no order-book sample; MEXC: 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 Aevo no order-book sample	—	—	—	—	—
Sell MEXC live order book, 2 min ago	0.20 bp	4.7 bp −$5	31.0 bp −$310	86.3 bp −$8,633	doesn't fit

Aevo: 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	−0.4806%	1h	2.4860	−1.269%	$2K	$7K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0429%	1h	2.5231	+0.206%	$150K	$279K	20x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0028%	1h	2.5190	+0.041%	$30K	$10K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0001%	1h	2.5150	−0.118%	$77K	$239K	50x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5210	+0.121%	$11K	—	5x	as long as short
Variational Omni PENDLE	+0.0011%	8h	2.5135	−0.177%	$608K	$2.3M	—	as long as short
BloFin PENDLE-USDT	+0.0023%	8h	2.5153	−0.106%	$1.3M	$768K	75x	as long as short
Reya PENDLERUSDPERP	+0.0034%	1h	2.5189	+0.037%	$4K	—	15x	as long as short
Orderly PERP_PENDLE_USDC	+0.0036%	8h	2.5192	+0.049%	$23K	$8K	10x	as long as short
MEXC PENDLE_USDTshort	+0.0038%	8h	2.5187	+0.029%	$16.9M	$2.2M	125x

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended PENDLE-USD	+0.0040%	1h	2.5169	−0.044%	$165K	$524K	10x	as long as short
Binance PENDLEUSDT	+0.0040%	8h	2.5184	+0.017%	$27.5M	$38.9M	75x	as long as short
Aevo PENDLE-PERPlong	+0.0088%	1h	2.5180	long leg	$26K	—	3x
Aster PENDLEUSDT	+0.0090%	8h	2.5190	+0.039%	$41K	$177K	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5184	+0.017%	$552K	$376K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5156	−0.094%	$35K	$22K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5225	+0.180%	$12.4M	$5.6M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5168	−0.046%	$15.6M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5200	+0.081%	$3.3M	$5.6M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5190	+0.041%	$848K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5187	+0.029%	$908K	$608K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5190	+0.041%	$3.8M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5176	−0.014%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5184	+0.017%	$25K	$413K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5182	+0.009%	$416K	$1.6M	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5202	+0.089%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5170	−0.038%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5195	+0.063%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5220	+0.160%	$118K	$437K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0909%	1h	2.5219	+0.156%	$365K	$466K	15x	as long as short