Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0272%/8h= −29.8% APRpaid last 24h −0.028%

Price spread now: MEXC against GMX−0.109%7-day average — · you buy dearer than you sell

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

Long on GMX Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 3 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 against this trade now: funding costs −$8 a day on $10k at the current rate, and MEXC is 0.109% cheaper against GMX than usual: you would sell low and buy high (−$11 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX PENDLE/USD [PENDLE-USDC]	2.5182	L +0.0199% / S −0.0256%	pay 0.0025% / 1h	3m 30s	$5K	—	100x
Short	MEXC PENDLE_USDT	2.5155	−0.0073	pay 0.0073% / 8h	3m 30s	$17.0M	$1.9M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against GMX. 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 GMXbpFee MEXCbpOrdersPrice spread, now −0.109%Rate

Funding earned: −$57.15
Price spread: −0.109% → 0.000%: −$10.86
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$84.01
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; MEXC: live order book, 5 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 GMX no order-book sample	—	—	—	—	—
Sell MEXC live order book, 5 min ago	0.20 bp	4.1 bp −$4	26.5 bp −$265	88.7 bp −$8,874	doesn't fit

GMX: 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	−0.5000%	1h	2.4940	−0.962%	$2K	$54K	5.5x	as long as short
ApeX Omni PENDLEUSDT	−0.0087%	1h	2.5118	−0.256%	$77K	$239K	50x	as long as short
MEXC PENDLE_USDTshort	−0.0073%	8h	2.5155	−0.109%	$17.0M	$1.9M	125x
Binance PENDLEUSDT	−0.0072%	8h	2.5152	−0.121%	$27.2M	$42.3M	75x	as long as short
Extended PENDLE-USD	−0.0072%	1h	2.5149	−0.131%	$165K	$528K	10x	as long as short
BloFin PENDLE-USDT	−0.0055%	8h	2.5103	−0.315%	$1.3M	$707K	75x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0028%	1h	2.5181	−0.005%	$28K	$11K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0010%	8h	2.5167	−0.061%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5143	−0.155%	$11K	—	5x	as long as short
GRVT PENDLE_USDT_Perp	+0.0014%	8h	2.5109	−0.292%	$425K	$1.6M	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni PENDLE	+0.0021%	8h	2.5077	−0.420%	$596K	$1.9M	—	as long as short
Reya PENDLERUSDPERP	+0.0047%	1h	2.5151	−0.123%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.5158	−0.097%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5141	−0.164%	$530K	$416K	5x	as long as short
Aster PENDLEUSDT	+0.0098%	8h	2.5132	−0.198%	$47K	$178K	10x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5144	−0.153%	$35K	$18K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5150	−0.128%	$15.5M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5140	−0.168%	$3.2M	$6.0M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5130	−0.208%	$775K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5149	−0.132%	$884K	$600K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5129	−0.212%	$3.7M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5149	−0.132%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5130	−0.210%	$25K	$382K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5185	+0.011%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5171	−0.045%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]long	L +0.0199% / S −0.0256%	1h	2.5182	long leg	$5K	—	100x
Hyperliquid PENDLE	+0.0283%	1h	2.5197	+0.058%	$12.8M	$6.2M	5x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0595%	1h	2.5216	+0.133%	$119K	$298K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.5340	+0.626%	$141K	$449K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0683%	1h	2.5213	+0.122%	$331K	$489K	15x	as long as short