Funding arb · Price arb /

PENDLE

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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: Extended against MEXC−0.047%7-day average −0.080% · you buy dearer than you sell

Net, funding: paid 7d − costs−$40as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

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

Long on MEXC Short on Extended

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)+0.191%+$19 · spread now −0.047%, 7d avg −0.080%

Together, before fees+0.203%+ Points / potential airdropExtended: Active · farm board+$20 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: Extended is 0.033% dearer against MEXC than usual: you sell high and buy low, +$3 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	MEXC PENDLE_USDT	2.5031	−0.0075	get 0.0075% / 8h	5h 16m	$17.5M	$1.9M	125x
Short	Extended PENDLE-USD	2.5019	−0.0072	pay 0.0009% / 1h	16m 09s	$163K	$570K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.047%Rate

Funding earned: $0.63
Price spread: −0.047% → −0.080%: $3.29
Slippage, 4 orders: −$32.08
Fee MEXC: 2 bp × 2 orders: −$4
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$37.16
Costs to cover: 0.411%
Break-even: 419.9 days

Slippage from MEXC: live order book, 2 min ago; Extended: live order book, 47 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	1.20 bp	6.0 bp −$6	34.1 bp −$341	95.3 bp −$9,526	doesn't fit
Sell Extended live order book, 47 min ago	1.20 bp	14.0 bp −$14	113.1 bp −$1,131	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	−0.4938%	1h	2.4720	−1.242%	$2K	$54K	5.5x	as long as short
BloFin PENDLE-USDT	−0.0096%	8h	2.5093	+0.248%	$1.3M	$655K	75x	as long as short
MEXC PENDLE_USDTlong	−0.0075%	8h	2.5031	long leg	$17.5M	$1.9M	125x
Binance PENDLEUSDT	−0.0074%	8h	2.5022	−0.034%	$26.8M	$43.6M	75x	as long as short
Extended PENDLE-USDshort	−0.0072%	1h	2.5019	−0.047%	$163K	$570K	10x
Deribit PENDLE_USDC-PERPETUAL	−0.0069%	1h	2.5032	+0.004%	$26K	$14K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0036%	8h	2.5036	+0.020%	$20K	$15K	10x	as long as short
Aster PENDLEUSDT	−0.0021%	8h	2.5040	+0.037%	$48K	$177K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5100	+0.277%	$11K	—	5x	as long as short
Variational Omni PENDLE	+0.0011%	8h	2.4945	−0.342%	$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	−0.004%	$725K	$1.1M	75x	as long as short
Reya PENDLERUSDPERP	+0.0061%	1h	2.5028	−0.014%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.5019	−0.048%	$26K	—	3x	as long as short
GRVT PENDLE_USDT_Perp	+0.0081%	8h	2.5069	+0.150%	$418K	$1.8M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5030	−0.004%	$534K	$418K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5085	+0.214%	$35K	$15K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5065	+0.136%	$12.8M	$6.0M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5030	−0.004%	$15.0M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5040	+0.036%	$3.2M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5046	+0.060%	$855K	$573K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5047	+0.064%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5053	+0.088%	—	$33.5M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5019	−0.048%	$25K	$379K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4958	−0.292%	$76K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5046	+0.060%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5024	−0.028%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0158% / S −0.0257%	1h	2.5037	+0.024%	$7K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0552%	1h	2.5100	+0.276%	$148K	$497K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0747%	1h	2.5079	+0.194%	$117K	$277K	20x	as long as short
Backpack PENDLE_USDC_PERP	+0.0774%	1h	2.5147	+0.463%	$363K	$488K	15x	as long as short