Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0053%/8h= −5.8% APRpaid last 24h +0.033%

Price spread now: MEXC against Reya−0.032%7-day average — · you buy dearer than you sell

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

Long on Reya Short on MEXC

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

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and MEXC is 0.032% cheaper against Reya than usual: you would sell low and buy high (−$3 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya PENDLERUSDPERP	2.4909	0.0042	pay 0.0005% / 1h	9m 23s	$4K	—	15x
Short	MEXC PENDLE_USDT	2.4901	−0.0011	pay 0.0011% / 8h	1h 09m	$16.8M	$2.1M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Reya. 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 ReyabpFee MEXCbpOrdersPrice spread, now −0.032%Rate

Funding earned: −$11.09
Price spread: −0.032% → 0.000%: −$3.2
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$24.28
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; MEXC: live order book, 4 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 Reya no order-book sample	—	—	—	—	—
Sell MEXC live order book, 4 min ago	0.20 bp	4.2 bp −$4	21.9 bp −$219	84.4 bp −$8,439	doesn't fit

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	−0.3656%	1h	2.4770	−0.558%	$2K	$53K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0272%	1h	2.4898	−0.044%	$29K	$10K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0066%	1h	2.4890	−0.076%	$76K	$239K	50x	as long as short
Binance PENDLEUSDT	−0.0016%	8h	2.4891	−0.071%	$26.8M	$41.2M	75x	as long as short
MEXC PENDLE_USDTshort	−0.0011%	8h	2.4901	−0.032%	$16.8M	$2.1M	125x
Extended PENDLE-USD	−0.0008%	1h	2.4877	−0.130%	$164K	$526K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4853	−0.224%	$10K	—	5x	as long as short
Orderly PERP_PENDLE_USDC	+0.0013%	8h	2.4892	−0.068%	$20K	$16K	10x	as long as short
BloFin PENDLE-USDT	+0.0021%	8h	2.4826	−0.333%	$1.3M	$731K	75x	as long as short
Reya PENDLERUSDPERPlong	+0.0042%	1h	2.4909	long leg	$4K	—	15x

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni PENDLE	+0.0058%	8h	2.4827	−0.330%	$550K	$2.0M	—	as long as short
GRVT PENDLE_USDT_Perp	+0.0068%	8h	2.4869	−0.162%	$413K	$1.6M	10x	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.4877	−0.129%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4851	−0.233%	$525K	$426K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4877	−0.130%	$35K	$20K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4936	+0.109%	$12.3M	$6.0M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4856	−0.213%	$44K	$176K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4890	−0.076%	$15.3M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4900	−0.036%	$3.2M	$5.9M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.4870	−0.156%	$779K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4879	−0.120%	$888K	$612K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4879	−0.120%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4888	−0.084%	—	$36.2M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4840	−0.278%	$25K	$396K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4926	+0.068%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4842	−0.269%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.4911	+0.010%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.4860	−0.197%	$138K	$459K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0631%	1h	2.4838	−0.285%	$350K	$475K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0758%	1h	2.4840	−0.278%	$117K	$306K	20x	as long as short