Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0133%/8h= −14.6% APRpaid last 24h +0.001%

Price spread now: MEXC against Polymarket Perps−0.071%7-day average — · you buy dearer than you sell

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

Long on Polymarket Perps Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days+0.084%+$8 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 −$4 a day on $10k at the current rate, and MEXC is 0.071% cheaper against Polymarket Perps than usual: you would sell low and buy high (−$7 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.084%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps PENDLE-USD	2.5298	0.0100	pay 0.0013% / 1h	27m 58s	$16K	$20K	5x
Short	MEXC PENDLE_USDT	2.5280	−0.0033	pay 0.0033% / 8h	27m 58s	$17.1M	$1.9M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Polymarket Perps. 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 Polymarket PerpsbpFee MEXCbpOrdersPrice spread, now −0.071%Rate

Funding earned: −$27.93
Price spread: −0.071% → 0.000%: −$7.12
Slippage, 4 orders: no order book: not counted
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$47.05
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Polymarket Perps: no order-book sample; MEXC: live order book, 1 min ago. 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 Polymarket Perps no order-book sample	—	—	—	—	—
Sell MEXC live order book, 1 min ago	0.20 bp	4.1 bp −$4	26.6 bp −$266	93.3 bp −$9,332	doesn't fit

Polymarket Perps: 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	−1.415%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0185%	1h	2.5283	−0.059%	$30K	$10K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0061%	1h	2.5232	−0.261%	$77K	$240K	50x	as long as short
BloFin PENDLE-USDT	−0.0046%	8h	2.5256	−0.166%	$1.3M	$754K	75x	as long as short
MEXC PENDLE_USDTshort	−0.0033%	8h	2.5280	−0.071%	$17.1M	$1.9M	125x
Binance PENDLEUSDT	−0.0032%	8h	2.5285	−0.051%	$27.3M	$42.1M	75x	as long as short
Extended PENDLE-USD	−0.0032%	1h	2.5269	−0.116%	$166K	$528K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0003%	8h	2.5287	−0.043%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5268	−0.119%	$11K	—	5x	as long as short
Variational Omni PENDLE	+0.0040%	8h	2.5182	−0.458%	$594K	$1.9M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT PENDLE_USDT_Perp	+0.0044%	8h	2.5188	−0.435%	$417K	$1.6M	10x	as long as short
Reya PENDLERUSDPERP	+0.0045%	1h	2.5263	−0.138%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0072%	1h	2.5281	−0.067%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5287	−0.043%	$533K	$416K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5258	−0.157%	$35K	$18K	10x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5269	−0.115%	$46K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5250	−0.190%	$15.6M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5260	−0.150%	$3.3M	$6.1M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5260	−0.150%	$785K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5280	−0.071%	$896K	$605K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5259	−0.154%	$3.8M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5267	−0.123%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5230	−0.271%	$25K	$397K	10x	as long as short
Polymarket Perps PENDLE-USDlong	+0.0100%	1h	2.5298	long leg	$16K	$20K	5x
SunX PENDLE-USDT	+0.0100%	8h	2.5269	−0.115%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5277	−0.082%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0311%	1h	2.5336	+0.150%	$12.8M	$6.2M	5x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0592%	1h	2.5341	+0.170%	$120K	$299K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.5340	+0.166%	$141K	$458K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0790%	1h	2.5324	+0.103%	$334K	$492K	15x	as long as short