Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.4863%/8h= +532.5% APRpaid last 24h +0.684%

Price spread now: MEXC against Injective+1.197%85s7-day average — · you sell dearer than you buy

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

Long on Injective Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days+1.071%+$107 on $10k

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 +$146 a day on $10k at the current rate, and MEXC is 1.197% dearer against Injective than usual: you sell high and buy low: +$120 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 85 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 1.071% in total (about 55.8% 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	Injective PENDLE/USDC PERP	2.4720	−0.4938	get 0.0617% / 1h	15m 58s	$2K	$54K	5.5x
Short	MEXC PENDLE_USDT	2.5016	−0.0075	pay 0.0075% / 8h	5h 15m	$17.5M	$1.9M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Injective. 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 InjectivebpFee MEXCbpOrdersPrice spread, now +1.197%Rate

Funding earned: $1,021.19
Price spread: +1.197% → 0.000%: $119.74
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee MEXC: 2 bp × 2 orders: −$4
Net: $1,136.91
Costs to cover: 0.040%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; MEXC: live order book, 3 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 Injective no order-book sample	—	—	—	—	—
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

Injective: 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 PERPlong	−0.4938%	1h	2.4720	long leg	$2K	$54K	5.5x
BloFin PENDLE-USDT	−0.0096%	8h	2.5093	+1.509%	$1.3M	$655K	75x	as long as short
MEXC PENDLE_USDTshort	−0.0075%	8h	2.5016	+1.197%	$17.5M	$1.9M	125x
Binance PENDLEUSDT	−0.0074%	8h	2.5020	+1.214%	$26.8M	$43.6M	75x	as long as short
Extended PENDLE-USD	−0.0072%	1h	2.5007	+1.161%	$163K	$570K	10x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0069%	1h	2.5032	+1.262%	$26K	$14K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0036%	8h	2.5036	+1.278%	$20K	$15K	10x	as long as short
Aster PENDLEUSDT	−0.0021%	8h	2.5037	+1.281%	$47K	$177K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5100	+1.538%	$11K	—	5x	as long as short
Variational Omni PENDLE	+0.0017%	8h	2.5015	+1.194%	$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	+1.214%	$725K	$1.1M	75x	as long as short
Reya PENDLERUSDPERP	+0.0061%	1h	2.5028	+1.244%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.5019	+1.210%	$26K	—	3x	as long as short
GRVT PENDLE_USDT_Perp	+0.0081%	8h	2.5069	+1.410%	$418K	$1.8M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5030	+1.254%	$534K	$418K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5085	+1.475%	$35K	$15K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5066	+1.400%	$12.8M	$6.0M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5003	+1.145%	$15.0M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5020	+1.214%	$3.2M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5039	+1.290%	$855K	$573K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5005	+1.153%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5032	+1.262%	—	$33.6M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5019	+1.210%	$25K	$379K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4958	+0.963%	$76K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5046	+1.319%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5024	+1.230%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0158% / S −0.0257%	1h	2.5037	+1.282%	$7K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0552%	1h	2.5100	+1.537%	$148K	$497K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0747%	1h	2.5079	+1.454%	$117K	$277K	20x	as long as short
Backpack PENDLE_USDC_PERP	+0.0783%	1h	2.5067	+1.404%	$362K	$488K	15x	as long as short