Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0625%/8h= −68.4% APRpaid last 24h −0.034%

Price spread now: MEXC against Coinbase International−0.367%7-day average −0.065% · you buy dearer than you sell

Net, funding: paid 7d − costs−$64as in the Funding arb table

Net, price: spread back to 7d avg − costs−$87as in the Price arb table

costs, in and out, $10k−$570.570% of the position

Long on Coinbase International Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.072%−$7 on $10k

Price spread, last 4 days (all we have)+0.175%+$18 · spread now −0.367%, 7d avg −0.065%

Together, before fees+0.103%+$10 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$19 a day on $10k at the current rate, and MEXC is 0.301% cheaper against Coinbase International than usual: you would sell low and buy high (−$30 if the spread goes back to its 7-day average of −0.065%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.072% in total (about -3.8% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International PENDLE-PERP-INTX	2.5100	0.0552	pay 0.0069% / 1h	15m 43s	$148K	$497K	25x
Short	MEXC PENDLE_USDT	2.5008	−0.0073	pay 0.0073% / 8h	5h 15m	$17.5M	$1.9M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Coinbase International. 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 Coinbase InternationalbpFee MEXCbpOrdersPrice spread, now −0.367%Rate

Funding earned: −$131.25
Price spread: −0.367% → −0.065%: −$30.12
Slippage, 4 orders: −$42.97
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$218.34
Costs to cover: 0.570%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 47 min ago; MEXC: live order book, 3 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 Coinbase International live order book, 47 min ago	9.97 bp	18.9 bp −$19	doesn't fit	doesn't fit	doesn't fit
Sell MEXC live order book, 3 min ago	1.20 bp	6.1 bp −$6	24.5 bp −$245	84.1 bp −$8,410	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	−0.4938%	1h	2.4720	−1.514%	$2K	$54K	5.5x	as long as short
BloFin PENDLE-USDT	−0.0096%	8h	2.5093	−0.028%	$1.3M	$655K	75x	as long as short
Binance PENDLEUSDT	−0.0074%	8h	2.5004	−0.382%	$26.7M	$43.6M	75x	as long as short
MEXC PENDLE_USDTshort	−0.0073%	8h	2.5008	−0.367%	$17.5M	$1.9M	125x
Extended PENDLE-USD	−0.0072%	1h	2.5001	−0.396%	$163K	$570K	10x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0069%	1h	2.5032	−0.271%	$26K	$14K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0036%	8h	2.5036	−0.255%	$20K	$15K	10x	as long as short
Aster PENDLEUSDT	−0.0023%	8h	2.5028	−0.285%	$47K	$177K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5028	−0.287%	$11K	—	5x	as long as short
Variational Omni PENDLE	+0.0017%	8h	2.5015	−0.338%	$563K	$1.8M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate PENDLE_USDT	+0.0050%	8h	2.5020	−0.319%	$725K	$1.1M	75x	as long as short
Reya PENDLERUSDPERP	+0.0061%	1h	2.5028	−0.289%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.5019	−0.323%	$26K	—	3x	as long as short
GRVT PENDLE_USDT_Perp	+0.0081%	8h	2.5069	−0.125%	$418K	$1.8M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5014	−0.343%	$534K	$418K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5003	−0.387%	$35K	$15K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5065	−0.139%	$12.8M	$6.0M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5001	−0.394%	$15.0M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5010	−0.359%	$3.2M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5033	−0.267%	$855K	$573K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5006	−0.375%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5022	−0.311%	—	$33.6M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5019	−0.323%	$25K	$379K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4958	−0.566%	$76K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5046	−0.215%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5024	−0.303%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0158% / S −0.0257%	1h	2.5037	−0.251%	$7K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTXlong	+0.0552%	1h	2.5100	long leg	$148K	$497K	25x
Kraken Futures PF_PENDLEUSD	+0.0747%	1h	2.5079	−0.082%	$117K	$277K	20x	as long as short
Backpack PENDLE_USDC_PERP	+0.0783%	1h	2.5067	−0.131%	$362K	$488K	15x	as long as short