Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0666%/8h= +73.0% APRpaid last 24h +0.335%

Price spread now: Kraken Futures against MEXC+0.306%7-day average +0.137% · you sell dearer than you buy

Net, funding: paid 7d − costs−$117as in the Funding arb table

Net, price: spread back to 7d avg − costs−$126as in the Price arb table

costs, in and out, $10k−$1431.426% of the position

Long on MEXC Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.259%+$26 on $10k

Price spread, last 3 days (all we have)−0.325%−$33 · spread now +0.306%, 7d avg +0.137%

Together, before fees−0.067%−$7 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$20 a day on $10k at the current rate, and Kraken Futures is 0.169% dearer against MEXC than usual: you sell high and buy low: +$17 more if the spread goes back to its 7-day average of +0.137%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.259% in total (about 13.5% 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	2.5132	−0.0071	get 0.0071% / 8h	1m 14s	$17.0M	$1.9M	125x
Short	Kraken Futures PF_PENDLEUSD	2.5209	0.0595	get 0.0074% / 1h	1m 14s	$119K	$298K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.306%Rate

Funding earned: $139.95
Price spread: +0.306% → +0.137%: $16.86
Slippage, 4 orders: −$128.59
Fee MEXC: 2 bp × 2 orders: −$4
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $14.23
Costs to cover: 1.426%
Break-even: 6.3 days

Slippage from MEXC: live order book, 2 min ago; Kraken Futures: live order book, 11 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	0.20 bp	3.4 bp −$3	27.6 bp −$276	97.3 bp −$9,735	doesn't fit
Sell Kraken Futures live order book, 11 min ago	13.91 bp	50.3 bp −$50	doesn't fit	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	−0.5000%	1h	2.4940	−0.764%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0227%	1h	2.5164	+0.127%	$28K	$11K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0088%	1h	2.5150	+0.072%	$77K	$239K	50x	as long as short
Binance PENDLEUSDT	−0.0073%	8h	2.5158	+0.103%	$27.2M	$42.3M	75x	as long as short
Extended PENDLE-USD	−0.0072%	1h	2.5142	+0.039%	$165K	$528K	10x	as long as short
MEXC PENDLE_USDTlong	−0.0071%	8h	2.5132	long leg	$17.0M	$1.9M	125x
BloFin PENDLE-USDT	−0.0064%	8h	2.5148	+0.064%	$1.3M	$708K	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0010%	8h	2.5159	+0.107%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5143	+0.045%	$11K	—	5x	as long as short
GRVT PENDLE_USDT_Perp	+0.0014%	8h	2.5109	−0.092%	$425K	$1.6M	10x	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	+0.0019%	8h	2.5102	−0.121%	$598K	$1.9M	—	as long as short
Reya PENDLERUSDPERP	+0.0047%	1h	2.5133	+0.004%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.5152	+0.080%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5125	−0.028%	$530K	$416K	5x	as long as short
Aster PENDLEUSDT	+0.0096%	8h	2.5119	−0.053%	$47K	$178K	10x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5119	−0.053%	$35K	$18K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5150	+0.072%	$15.5M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5140	+0.032%	$3.2M	$6.0M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5100	−0.127%	$774K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5131	−0.004%	$883K	$600K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5119	−0.052%	$3.7M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5148	+0.064%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5145	+0.051%	$25K	$383K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5159	+0.107%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5119	−0.052%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5167	+0.139%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0265%	1h	2.5184	+0.207%	$12.8M	$6.2M	5x	as long as short
Kraken Futures PF_PENDLEUSDshort	+0.0595%	1h	2.5209	+0.306%	$119K	$298K	20x
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.5340	+0.828%	$141K	$449K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0692%	1h	2.5163	+0.123%	$331K	$488K	15x	as long as short