Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0081%/8h= −8.9% APRpaid last 24h −0.004%

Price spread now: MEXC against ApeX Omni+0.225%96s7-day average −0.049% · you sell dearer than you buy

Net, funding: paid 7d − costs−$40as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$460.463% of the position

Long on ApeX Omni Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days+0.064%+$6 on $10k

Price spread, last 4 days (all we have)−0.464%−$46 · spread now +0.225%, 7d avg −0.049%

Together, before fees−0.401%−$40 on $10k · with fees, hour by hour

The price spread pays, funding is against you. MEXC is 0.274% dearer against ApeX Omni than usual: you sell high and buy low (spread +0.225% now, against its 7-day average of −0.049%): +$27 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 11 days. Mind the row above: over the last 7 days funding on this pair paid +0.064%, so the current rate has only just turned against you. The two prices were read 96 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni PENDLEUSDT	2.4429	0.0100	pay 0.0013% / 1h	23m 46s	$74K	$234K	50x
Short	MEXC PENDLE_USDT	2.4484	0.0019	get 0.0019% / 8h	2h 23m	$17.4M	$2.0M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against ApeX Omni. 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 ApeX OmnibpFee MEXCbpOrdersPrice spread, now +0.225%Rate

Funding earned: −$17.01
Price spread: +0.225% → −0.049%: $27.4
Slippage, 4 orders: −$32.27
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$35.88
Costs to cover: 0.463%
Break-even: never at this rate

Slippage from ApeX Omni: live order book, 23 min ago; MEXC: live order book, 5 min ago.

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 ApeX Omni live order book, 23 min ago	6.34 bp	14.3 bp −$14	99.8 bp −$998	doesn't fit	doesn't fit
Sell MEXC live order book, 5 min ago	0.61 bp	11.4 bp −$11	29.7 bp −$297	84.0 bp −$8,404	doesn't fit

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	−1.101%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0199%	1h	2.4508	+0.323%	$24K	$15K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0036%	8h	2.4500	+0.291%	$19K	$15K	10x	as long as short
Gate PENDLE_USDT	−0.0031%	8h	2.4480	+0.209%	$718K	$1.1M	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4476	+0.193%	$10K	—	5x	as long as short
Extended PENDLE-USD	+0.0016%	1h	2.4473	+0.182%	$157K	$582K	10x	as long as short
MEXC PENDLE_USDTshort	+0.0019%	8h	2.4484	+0.225%	$17.4M	$2.0M	125x
Binance PENDLEUSDT	+0.0020%	8h	2.4484	+0.226%	$25.8M	$44.3M	75x	as long as short
BloFin PENDLE-USDT	+0.0028%	8h	2.4487	+0.237%	$1.1M	$602K	75x	as long as short
Reya PENDLERUSDPERP	+0.0074%	1h	2.4490	+0.251%	$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	2.4503	+0.305%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4517	+0.360%	$517K	$416K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4499	+0.287%	$34K	$9K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4527	+0.401%	$12.6M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4483	+0.223%	$46K	$171K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4470	+0.168%	$14.3M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4500	+0.291%	$3.1M	$6.5M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4484	+0.225%	$863K	$555K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4476	+0.192%	$3.6M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4500	+0.291%	—	$8.4M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4441	+0.049%	$549K	$1.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4427	−0.010%	$24K	$371K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.4461	+0.130%	$411K	$2.2M	10x	as long as short
ApeX Omni PENDLEUSDTlong	+0.0100%	1h	2.4429	long leg	$74K	$234K	50x
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4525	+0.393%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4499	+0.287%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4509	+0.328%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.4570	+0.577%	$155K	$524K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0694%	1h	2.4551	+0.499%	$356K	$401K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1189%	1h	2.4542	+0.464%	$115K	$262K	20x	as long as short