Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0003%/8h= −0.3% APRpaid last 24h −0.006%

Price spread now: MEXC against Extended−0.130%7-day average +0.080% · you buy dearer than you sell

Net, funding: paid 7d − costs−$42as in the Funding arb table

Net, price: spread back to 7d avg − costs−$62as in the Price arb table

costs, in and out, $10k−$410.411% of the position

Long on Extended Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.011%−$1 on $10k

Price spread, last 4 days (all we have)−0.014%−$1 · spread now −0.130%, 7d avg +0.080%

Together, before fees−0.026%+ Points / potential airdropExtended: Active · farm board−$3 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: MEXC is 0.210% cheaper against Extended than usual: you would sell low and buy high, −$21 on $10k if it goes back to its 7-day average of +0.080%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended PENDLE-USD	2.5073	−0.0072	get 0.0009% / 1h	16m 21s	$163K	$570K	10x
Short	MEXC PENDLE_USDT	2.5041	−0.0075	pay 0.0075% / 8h	5h 16m	$17.5M	$1.9M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Extended. 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 ExtendedbpFee MEXCbpOrdersPrice spread, now −0.130%Rate

Funding earned: −$0.63
Price spread: −0.130% → +0.080%: −$20.99
Slippage, 4 orders: −$32.08
Fee Extended: 2.5 bp × 2 orders: −$5
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$62.7
Costs to cover: 0.411%
Break-even: never at this rate

Slippage from Extended: live order book, 46 min ago; MEXC: live order book, 2 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 Extended live order book, 46 min ago	1.20 bp	15.0 bp −$15	137.8 bp −$1,378	doesn't fit	doesn't fit
Sell MEXC live order book, 2 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	−1.410%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0109%	1h	2.5092	+0.074%	$26K	$14K	10x	as long as short
BloFin PENDLE-USDT	−0.0096%	8h	2.5093	+0.078%	$1.3M	$655K	75x	as long as short
MEXC PENDLE_USDTshort	−0.0075%	8h	2.5041	−0.130%	$17.5M	$1.9M	125x
Binance PENDLEUSDT	−0.0074%	8h	2.5032	−0.165%	$26.8M	$43.6M	75x	as long as short
Extended PENDLE-USDlong	−0.0072%	1h	2.5073	long leg	$163K	$570K	10x
Orderly PERP_PENDLE_USDC	−0.0036%	8h	2.5036	−0.149%	$20K	$15K	10x	as long as short
Aster PENDLEUSDT	−0.0021%	8h	2.5094	+0.082%	$48K	$177K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5100	+0.107%	$11K	—	5x	as long as short
Variational Omni PENDLE	+0.0011%	8h	2.4945	−0.511%	$561K	$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	2.5030	−0.173%	$725K	$1.1M	75x	as long as short
Reya PENDLERUSDPERP	+0.0061%	1h	2.5028	−0.183%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.5019	−0.217%	$26K	—	3x	as long as short
GRVT PENDLE_USDT_Perp	+0.0081%	8h	2.5069	−0.019%	$418K	$1.8M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5095	+0.086%	$536K	$418K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5085	+0.045%	$35K	$15K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5065	−0.034%	$12.8M	$6.0M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5030	−0.173%	$15.0M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5040	−0.134%	$3.2M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5043	−0.122%	$855K	$573K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5037	−0.145%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5053	−0.082%	—	$33.5M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5019	−0.217%	$25K	$379K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4958	−0.461%	$76K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5046	−0.110%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5085	+0.046%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0158% / S −0.0257%	1h	2.5037	−0.146%	$7K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0552%	1h	2.5140	+0.265%	$149K	$497K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0746%	1h	2.5139	+0.263%	$117K	$280K	20x	as long as short
Backpack PENDLE_USDC_PERP	+0.0774%	1h	2.5147	+0.293%	$363K	$488K	15x	as long as short