Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0175%/8h= −19.2% APRpaid last 24h −0.027%

Price spread now: MEXC against OKX+0.008%7-day average +0.030% · you sell dearer than you buy

Net, funding: paid 7d − costs−$48as in the Funding arb table

Net, price: spread back to 7d avg − costs−$44as in the Price arb table

costs, in and out, $10k−$420.422% of the position

Long on OKX Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.060%−$6 on $10k

Price spread, last 7 days−0.039%−$4 · spread now +0.008%, 7d avg +0.030%

Together, before fees−0.099%−$10 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and MEXC is 0.022% cheaper against OKX than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of +0.030%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX PENDLE-USDT-SWAP	2.4430	0.0100	pay 0.0050% / 4h	1h 57m	$3.1M	$6.8M	50x
Short	MEXC PENDLE_USDT	2.4432	−0.0075	pay 0.0075% / 8h	5h 57m	$18.6M	$2.1M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against OKX. 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 OKXbpFee MEXCbpOrdersPrice spread, now +0.008%Rate

Funding earned: −$36.75
Price spread: +0.008% → +0.030%: −$2.16
Slippage, 4 orders: −$28.16
Fee OKX: 5 bp × 2 orders: −$10
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$81.07
Costs to cover: 0.422%
Break-even: never at this rate

Slippage from OKX: live order book, 3 min ago; MEXC: live order book, 4 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 OKX live order book, 3 min ago	2.04 bp	18.4 bp −$18	109.8 bp −$1,098	doesn't fit	doesn't fit
Sell MEXC live order book, 4 min ago	0.41 bp	5.2 bp −$5	31.5 bp −$315	96.4 bp −$9,643	doesn't fit

PENDLE on 30 exchanges

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
Kraken Futures PF_PENDLEUSD	−0.0394%	1h	2.4453	+0.092%	$122K	$252K	20x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0282%	1h	2.4439	+0.037%	$25K	$10K	10x	as long as short
Binance PENDLEUSDT	−0.0076%	8h	2.4423	−0.029%	$25.5M	$46.2M	75x	as long as short
MEXC PENDLE_USDTshort	−0.0075%	8h	2.4432	+0.008%	$18.6M	$2.1M	125x
Extended PENDLE-USD	−0.0072%	1h	2.4423	−0.030%	$158K	$940K	10x	as long as short
BloFin PENDLE-USDT	−0.0067%	8h	2.4436	+0.025%	$1.1M	$521K	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4479	+0.202%	$10K	—	5x	as long as short
Aster PENDLEUSDT	+0.0004%	8h	2.4446	+0.065%	$51K	$166K	10x	as long as short
Orderly PERP_PENDLE_USDC	+0.0014%	8h	2.4433	+0.012%	$18K	$14K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0033%	8h	2.4479	+0.199%	$417K	$3.0M	10x	as long as short

Show all 30 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni PENDLEUSDT	+0.0043%	1h	2.4453	+0.094%	$74K	$231K	50x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4421	−0.035%	$26K	—	3x	as long as short
Variational Omni PENDLE	+0.0069%	8h	2.4444	+0.058%	$575K	$1.0M	—	as long as short
Reya PENDLERUSDPERP	+0.0096%	1h	2.4436	+0.024%	$3K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4450	+0.082%	$676K	$511K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4433	+0.013%	$34K	—	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4469	+0.160%	$13.0M	$6.0M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4425	−0.020%	$14.3M	$11.5M	50x	as long as short
OKX PENDLE-USDT-SWAPlong	+0.0100%	4h	2.4430	long leg	$3.1M	$6.8M	50x
Gate PENDLE_USDT	+0.0100%	8h	2.4440	+0.041%	$776K	$959K	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4469	+0.160%	$688K	$498K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4432	+0.008%	$3.9M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4425	−0.020%	—	$8.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4449	+0.079%	$23K	$369K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4469	+0.160%	$16K	$4K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4458	+0.115%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0184% / S −0.0207%	1h	2.4453	+0.095%	$5K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0547%	1h	2.4488	+0.237%	$366K	$418K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0680%	1h	2.4550	+0.491%	$168K	$538K	25x	as long as short
Injective PENDLE/USDC PERP	+0.3871%	1h	2.4660	+0.941%	$2K	$55K	5.5x	as long as short