Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.4865%/8h= −532.7% APRpaid last 24h −0.684%

Price spread now: Injective against MEXC−1.156%7-day average — · you buy dearer than you sell

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

Long on MEXC Short on Injective

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 against this trade now: funding costs −$146 a day on $10k at the current rate, and Injective is 1.156% cheaper against MEXC than usual: you would sell low and buy high (−$116 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

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	MEXC PENDLE_USDT	2.5009	−0.0073	get 0.0073% / 8h	5h 15m	$17.5M	$1.9M	125x
Short	Injective PENDLE/USDC PERP	2.4720	−0.4938	pay 0.0617% / 1h	15m 15s	$2K	$54K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −1.156%Rate

Funding earned: −$1,021.61
Price spread: −1.156% → 0.000%: −$115.56
Slippage, 4 orders: no order book: not counted
Fee MEXC: 2 bp × 2 orders: −$4
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$1,141.18
Costs to cover: 0.040%
Break-even: never at this rate

Slippage unknown: MEXC: live order book, 3 min ago; Injective: no order-book sample. 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 MEXC live order book, 3 min ago	1.20 bp	6.0 bp −$6	34.1 bp −$341	95.3 bp −$9,526	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

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 PERPshort	−0.4938%	1h	2.4720	−1.156%	$2K	$54K	5.5x
Binance PENDLEUSDT	−0.0074%	8h	2.5008	−0.004%	$26.7M	$43.6M	75x	as long as short
MEXC PENDLE_USDTlong	−0.0073%	8h	2.5009	long leg	$17.5M	$1.9M	125x
Extended PENDLE-USD	−0.0072%	1h	2.4995	−0.055%	$163K	$570K	10x	as long as short
BloFin PENDLE-USDT	−0.0071%	8h	2.5003	−0.024%	$1.3M	$652K	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0036%	8h	2.5014	+0.020%	$20K	$15K	10x	as long as short
Aster PENDLEUSDT	−0.0023%	8h	2.5019	+0.040%	$47K	$177K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5028	+0.076%	$11K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.5019	+0.040%	$26K	$14K	10x	as long as short
Variational Omni PENDLE	+0.0017%	8h	2.5015	+0.024%	$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	+0.0042%	8h	2.5010	+0.004%	$724K	$1.1M	75x	as long as short
Reya PENDLERUSDPERP	+0.0061%	1h	2.5014	+0.019%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4998	−0.043%	$26K	—	3x	as long as short
GRVT PENDLE_USDT_Perp	+0.0084%	8h	2.5085	+0.304%	$415K	$1.8M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5018	+0.036%	$534K	$418K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5003	−0.024%	$35K	$15K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5053	+0.176%	$12.8M	$6.0M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5001	−0.032%	$15.0M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5010	+0.004%	$3.2M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5033	+0.096%	$855K	$573K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4999	−0.040%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4998	−0.044%	—	$33.6M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5077	+0.271%	$25K	$379K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.5085	+0.304%	$76K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5036	+0.108%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5013	+0.016%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0158% / S −0.0257%	1h	2.5019	+0.040%	$7K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0552%	1h	2.5100	+0.364%	$148K	$497K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0748%	1h	2.5069	+0.240%	$117K	$277K	20x	as long as short
Backpack PENDLE_USDC_PERP	+0.0778%	1h	2.5051	+0.168%	$362K	$488K	15x	as long as short