Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0797%/8h= +87.2% APRpaid last 24h +0.107%

Price spread now: Backpack against MEXC+0.195%7-day average +0.118% · you sell dearer than you buy

Net, funding: paid 7d − costs+$44as in the Funding arb table

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$290.288% of the position

Long on MEXC Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.725%+$73 on $10k

Price spread, last 4 days (all we have)−0.193%−$19 · spread now +0.195%, 7d avg +0.118%

Together, before fees+0.532%+$53 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$24 a day on $10k at the current rate, and Backpack is 0.076% dearer against MEXC than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of +0.118%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC PENDLE_USDT	2.5190	0.0048	pay 0.0048% / 8h	2h 17m	$17.0M	$2.3M	125x
Short	Backpack PENDLE_USDC_PERP	2.5239	0.0845	get 0.0106% / 1h	17m 01s	$365K	$460K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against MEXC. 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 MEXCbpFee BackpackbpOrdersPrice spread, now +0.195%Rate

Funding earned: $167.32
Price spread: +0.195% → +0.118%: $7.65
Slippage, 4 orders: −$14.83
Fee MEXC: 2 bp × 2 orders: −$4
Fee Backpack: 5 bp × 2 orders: −$10
Net: $146.14
Costs to cover: 0.288%
Break-even: 0.9 days

Slippage from MEXC: live order book, 2 min ago; Backpack: live order book, 7 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 MEXC live order book, 2 min ago	0.40 bp	5.8 bp −$6	32.3 bp −$323	79.2 bp −$7,921	doesn't fit
Sell Backpack live order book, 7 min ago	1.77 bp	10.4 bp −$10	30.4 bp −$304	doesn't fit	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	−0.4806%	1h	2.5200	+0.040%	$2K	$53K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0428%	1h	2.5270	+0.319%	$150K	$279K	20x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0345%	1h	2.5208	+0.071%	$30K	$10K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5229	+0.157%	$11K	—	5x	as long as short
BloFin PENDLE-USDT	+0.0020%	8h	2.5190	0.000%	$1.3M	$741K	75x	as long as short
Orderly PERP_PENDLE_USDC	+0.0034%	8h	2.5208	+0.071%	$25K	$11K	10x	as long as short
Reya PENDLERUSDPERP	+0.0036%	1h	2.5206	+0.064%	$4K	—	15x	as long as short
Binance PENDLEUSDT	+0.0046%	8h	2.5172	−0.070%	$27.4M	$39.3M	75x	as long as short
Extended PENDLE-USD	+0.0048%	1h	2.5194	+0.014%	$166K	$524K	10x	as long as short
MEXC PENDLE_USDTlong	+0.0048%	8h	2.5190	long leg	$17.0M	$2.3M	125x

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni PENDLE	+0.0053%	8h	2.5229	+0.153%	$621K	$2.3M	—	as long as short
Lighter PENDLE	+0.0096%	1h	2.5200	+0.040%	$547K	$396K	5x	as long as short
Aevo PENDLE-PERP	+0.0096%	1h	2.5198	+0.032%	$26K	—	3x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5193	+0.011%	$35K	$22K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5217	+0.107%	$12.3M	$5.6M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5197	+0.027%	$41K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5170	−0.079%	$15.6M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5190	0.000%	$3.3M	$5.7M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5180	−0.040%	$840K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5190	0.000%	$916K	$610K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5184	−0.024%	$3.7M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5168	−0.087%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5210	+0.081%	$25K	$412K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5216	+0.103%	$425K	$1.6M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.5236	+0.183%	$77K	$240K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5216	+0.103%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5214	+0.095%	$1K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5218	+0.110%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5360	+0.675%	$117K	$422K	25x	as long as short
Backpack PENDLE_USDC_PERPshort	+0.0845%	1h	2.5239	+0.195%	$365K	$460K	15x