Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0119%/8h= +13.1% APRpaid last 24h −0.031%

Price spread now: Reya against MEXC−0.116%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 Reya

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropReya: Active · farm boardneeds both histories

Funding pays, the price is against you. Reya is 0.116% cheaper against MEXC than usual: you would sell low and buy high (spread −0.116% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$12 on $10k: about 3.3 days of funding at the current rate (+$4 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC PENDLE_USDT	2.5196	−0.0072	get 0.0072% / 8h	0m 06s	$17.1M	$1.9M	125x
Short	Reya PENDLERUSDPERP	2.5167	0.0047	get 0.0006% / 1h	0m 06s	$4K	—	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now −0.116%Rate

Funding earned: $25.06
Price spread: −0.116% → 0.000%: −$11.64
Slippage, 4 orders: no order book: not counted
Fee MEXC: 2 bp × 2 orders: −$4
Fee Reya: 3 bp × 2 orders: −$6
Net: $3.42
Costs to cover: 0.100%
Break-even: 6.0 days

Slippage unknown: MEXC: live order book, 3 min ago; Reya: 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	0.20 bp	3.4 bp −$3	27.6 bp −$276	97.3 bp −$9,735	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

Reya: 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 PERP	−0.5000%	1h	2.4940	−1.016%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0226%	1h	2.5197	+0.004%	$28K	$11K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0088%	1h	2.5150	−0.183%	$77K	$239K	50x	as long as short
Binance PENDLEUSDT	−0.0073%	8h	2.5186	−0.042%	$27.2M	$42.3M	75x	as long as short
Extended PENDLE-USD	−0.0072%	1h	2.5176	−0.078%	$165K	$528K	10x	as long as short
MEXC PENDLE_USDTlong	−0.0072%	8h	2.5196	long leg	$17.1M	$1.9M	125x
BloFin PENDLE-USDT	−0.0064%	8h	2.5148	−0.191%	$1.3M	$708K	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0011%	8h	2.5190	−0.024%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5143	−0.209%	$11K	—	5x	as long as short
GRVT PENDLE_USDT_Perp	+0.0014%	8h	2.5109	−0.346%	$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	−0.375%	$598K	$1.9M	—	as long as short
Reya PENDLERUSDPERPshort	+0.0047%	1h	2.5167	−0.116%	$4K	—	15x
Aevo PENDLE-PERP	+0.0064%	1h	2.5183	−0.051%	$26K	—	3x	as long as short
Aster PENDLEUSDT	+0.0096%	8h	2.5181	−0.060%	$47K	$178K	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5191	−0.020%	$531K	$416K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5148	−0.190%	$35K	$18K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5171	−0.099%	$15.5M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5170	−0.103%	$3.2M	$6.0M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5140	−0.222%	$776K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5171	−0.099%	$884K	$600K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5164	−0.127%	$3.7M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5181	−0.060%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5145	−0.203%	$25K	$383K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5186	−0.040%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5193	−0.012%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5209	+0.053%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0260%	1h	2.5222	+0.103%	$12.8M	$6.2M	5x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0594%	1h	2.5251	+0.219%	$119K	$298K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.5340	+0.572%	$141K	$449K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0705%	1h	2.5235	+0.155%	$332K	$488K	15x	as long as short