Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0897%/8h= −98.2% APRpaid last 24h −0.130%

Price spread now: MEXC against Backpack−0.177%7-day average −0.129% · you buy dearer than you sell

Net, funding: paid 7d − costs−$105as in the Funding arb table

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

costs, in and out, $10k−$290.285% of the position

Long on Backpack Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.765%−$76 on $10k

Price spread, last 4 days (all we have)+0.150%+$15 · spread now −0.177%, 7d avg −0.129%

Together, before fees−0.614%−$61 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$27 a day on $10k at the current rate, and MEXC is 0.048% cheaper against Backpack than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.129%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack PENDLE_USDC_PERP	2.5425	0.0821	pay 0.0103% / 1h	44m 16s	$334K	$487K	15x
Short	MEXC PENDLE_USDT	2.5380	−0.0076	pay 0.0076% / 8h	7h 44m	$17.1M	$1.9M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Backpack. 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 BackpackbpFee MEXCbpOrdersPrice spread, now −0.177%Rate

Funding earned: −$188.33
Price spread: −0.177% → −0.129%: −$4.84
Slippage, 4 orders: −$14.55
Fee Backpack: 5 bp × 2 orders: −$10
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$221.72
Costs to cover: 0.285%
Break-even: never at this rate

Slippage from Backpack: live order book, 29 min ago; MEXC: live order book, 4 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 Backpack live order book, 29 min ago	1.39 bp	7.2 bp −$7	33.0 bp −$330	doesn't fit	doesn't fit
Sell MEXC live order book, 4 min ago	0.79 bp	5.4 bp −$5	23.7 bp −$237	70.5 bp −$7,050	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	−0.4643%	1h	2.4860	−2.222%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0301%	1h	2.5379	−0.181%	$26K	$14K	10x	as long as short
BloFin PENDLE-USDT	−0.0106%	8h	2.5356	−0.271%	$1.3M	$714K	75x	as long as short
ApeX Omni PENDLEUSDT	−0.0098%	1h	2.5215	−0.826%	$77K	$238K	50x	as long as short
MEXC PENDLE_USDTshort	−0.0076%	8h	2.5380	−0.177%	$17.1M	$1.9M	125x
Binance PENDLEUSDT	−0.0074%	8h	2.5385	−0.158%	$27.4M	$42.6M	75x	as long as short
Extended PENDLE-USD	−0.0072%	1h	2.5369	−0.219%	$168K	$669K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0014%	8h	2.5379	−0.181%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5396	−0.114%	$11K	—	5x	as long as short
Variational Omni PENDLE	+0.0014%	8h	2.5226	−0.782%	$604K	$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	+0.0026%	8h	2.5260	−0.649%	$417K	$1.6M	10x	as long as short
Gate PENDLE_USDT	+0.0048%	8h	2.5380	−0.177%	$783K	$1.2M	75x	as long as short
Reya PENDLERUSDPERP	+0.0049%	1h	2.5375	−0.198%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.5377	−0.191%	$27K	—	3x	as long as short
Bybit PENDLEUSDT	+0.0083%	8h	2.5380	−0.177%	$15.6M	$12.1M	50x	as long as short
Aster PENDLEUSDT	+0.0087%	8h	2.5380	−0.179%	$47K	$178K	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5385	−0.157%	$538K	$413K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5382	−0.168%	$35K	$18K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5438	+0.051%	$12.9M	$6.3M	5x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5360	−0.256%	$3.2M	$6.1M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5390	−0.138%	$891K	$593K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5380	−0.177%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5369	−0.220%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5225	−0.786%	$25K	$382K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5400	−0.098%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5390	−0.138%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0203% / S −0.0382%	1h	2.5389	−0.141%	$7K	—	100x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0612%	1h	2.5441	+0.061%	$118K	$295K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0728%	1h	2.5420	−0.020%	$142K	$442K	25x	as long as short
Backpack PENDLE_USDC_PERPlong	+0.0821%	1h	2.5425	long leg	$334K	$487K	15x