Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0402%/8h= −44.0% APRpaid last 24h −0.034%

Price spread now: MEXC against Hyperliquid−0.117%7-day average −0.101% · you buy dearer than you sell

Net, funding: paid 7d − costs−$45as in the Funding arb table

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$340.343% of the position

Long on Hyperliquid Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.104%−$10 on $10k

Price spread, last 7 days+0.064%+$6 · spread now −0.117%, 7d avg −0.101%

Together, before fees−0.039%+ Points / potential airdropHyperliquid: Season 2 · farm board−$4 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.101%, so right now this pair is about funding alone: −$12 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.104% in total (about -5.4% 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	Hyperliquid PENDLE	2.4755	0.0332	pay 0.0041% / 1h	55m 30s	$12.6M	$6.1M	5x
Short	MEXC PENDLE_USDT	2.4726	−0.0070	pay 0.0070% / 8h	4h 55m	$17.4M	$1.9M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Hyperliquid. 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 HyperliquidbpFee MEXCbpOrdersPrice spread, now −0.117%Rate

Funding earned: −$84.36
Price spread: −0.117% → −0.101%: −$1.64
Slippage, 4 orders: −$21.27
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$120.27
Costs to cover: 0.343%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 7 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 Hyperliquid live order book, 7 min ago	0.81 bp	8.2 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell MEXC live order book, 3 min ago	0.81 bp	4.3 bp −$4	21.5 bp −$215	72.4 bp −$7,239	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	−0.4334%	1h	2.4430	−1.313%	$2K	$54K	5.5x	as long as short
Extended PENDLE-USD	−0.0072%	1h	2.4708	−0.192%	$161K	$570K	10x	as long as short
MEXC PENDLE_USDTshort	−0.0070%	8h	2.4726	−0.117%	$17.4M	$1.9M	125x
Binance PENDLEUSDT	−0.0068%	8h	2.4724	−0.125%	$26.3M	$43.9M	75x	as long as short
BloFin PENDLE-USDT	−0.0066%	8h	2.4680	−0.303%	$1.3M	$653K	75x	as long as short
Aster PENDLEUSDT	−0.0040%	8h	2.4719	−0.147%	$47K	$178K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0035%	8h	2.4759	+0.016%	$19K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4761	+0.023%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4766	+0.044%	$25K	$14K	10x	as long as short
Gate PENDLE_USDT	+0.0005%	8h	2.4730	−0.101%	$718K	$1.1M	75x	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	+0.0030%	8h	2.4746	−0.037%	$564K	$1.8M	—	as long as short
Reya PENDLERUSDPERP	+0.0062%	1h	2.4729	−0.105%	$3K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4749	−0.024%	$26K	—	3x	as long as short
GRVT PENDLE_USDT_Perp	+0.0081%	8h	2.4707	−0.194%	$412K	$1.8M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4723	−0.129%	$528K	$413K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4714	−0.167%	$35K	$13K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4728	−0.109%	$14.7M	$12.4M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4720	−0.141%	$3.1M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4740	−0.061%	$875K	$581K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4734	−0.085%	$3.7M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4724	−0.125%	—	$8.6M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4652	−0.415%	$24K	$376K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4657	−0.396%	$75K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4747	−0.032%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4763	+0.032%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4735	−0.080%	$5K	—	100x	as long as short
Hyperliquid PENDLElong	+0.0332%	1h	2.4755	long leg	$12.6M	$6.1M	5x
Coinbase International PENDLE-PERP-INTX	+0.0608%	1h	2.4760	+0.020%	$147K	$493K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0904%	1h	2.4811	+0.226%	$357K	$479K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1173%	1h	2.4790	+0.140%	$115K	$278K	20x	as long as short