Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0712%/8h= +77.9% APRpaid last 24h +0.047%

Price spread now: MEXC against Deribit+0.120%7-day average — · you sell dearer than you buy

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

Long on Deribit 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

Both sides work for this trade now. Funding pays +$21 a day on $10k at the current rate, and MEXC is 0.120% dearer against Deribit than usual: you sell high and buy low: +$12 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit PENDLE_USDC-PERPETUAL	2.5045	−0.0668	get 0.0083% / 1h	52m 32s	$30K	$10K	10x
Short	MEXC PENDLE_USDT	2.5075	0.0044	get 0.0044% / 8h	1h 52m	$16.9M	$2.1M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Deribit. 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 DeribitbpFee MEXCbpOrdersPrice spread, now +0.120%Rate

Funding earned: $149.42
Price spread: +0.120% → 0.000%: $11.98
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee MEXC: 2 bp × 2 orders: −$4
Net: $150.39
Costs to cover: 0.110%
Break-even: from the start

Slippage unknown: Deribit: no order-book sample; MEXC: live order book, 1 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 Deribit no order-book sample	—	—	—	—	—
Sell MEXC live order book, 1 min ago	0.60 bp	4.3 bp −$4	20.1 bp −$201	84.1 bp −$8,407	doesn't fit

Deribit: 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	−0.3656%	1h	2.4770	−1.098%	$2K	$53K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUALlong	−0.0668%	1h	2.5045	long leg	$30K	$10K	10x
dYdX PENDLE-USD	0.0000%	1h	2.5083	+0.153%	$11K	—	5x	as long as short
Orderly PERP_PENDLE_USDC	+0.0031%	8h	2.5051	+0.024%	$20K	$16K	10x	as long as short
BloFin PENDLE-USDT	+0.0036%	8h	2.5026	−0.076%	$1.3M	$728K	75x	as long as short
Reya PENDLERUSDPERP	+0.0038%	1h	2.5065	+0.079%	$4K	—	15x	as long as short
MEXC PENDLE_USDTshort	+0.0044%	8h	2.5075	+0.120%	$16.9M	$2.1M	125x
Binance PENDLEUSDT	+0.0045%	8h	2.5075	+0.120%	$27.2M	$39.6M	75x	as long as short
Extended PENDLE-USD	+0.0048%	1h	2.5067	+0.087%	$165K	$524K	10x	as long as short
Variational Omni PENDLE	+0.0060%	8h	2.5103	+0.231%	$618K	$2.0M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter PENDLE	+0.0096%	1h	2.5085	+0.160%	$526K	$421K	5x	as long as short
Aevo PENDLE-PERP	+0.0096%	1h	2.5058	+0.051%	$26K	—	3x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5072	+0.109%	$35K	$20K	10x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5071	+0.102%	$41K	$172K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5070	+0.100%	$15.5M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5090	+0.180%	$3.2M	$5.7M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5050	+0.020%	$857K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5090	+0.180%	$895K	$605K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5063	+0.072%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5077	+0.128%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5144	+0.396%	$25K	$410K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5164	+0.475%	$424K	$1.6M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.5166	+0.483%	$77K	$240K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5094	+0.196%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5040	−0.020%	$2K	$1.7M	20x	as long as short
Hyperliquid PENDLE	+0.0114%	1h	2.5122	+0.307%	$12.5M	$5.6M	5x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5062	+0.066%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.5180	+0.539%	$117K	$417K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0752%	1h	2.5054	+0.036%	$149K	$274K	20x	as long as short
Backpack PENDLE_USDC_PERP	+0.0997%	1h	2.5091	+0.184%	$357K	$460K	15x	as long as short