Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0639%/8h= −70.0% APRpaid last 24h −0.134%

Price spread now: MEXC against Backpack−0.249%7-day average −0.132% · you buy dearer than you sell

Net, funding: paid 7d − costs−$115as in the Funding arb table

Net, price: spread back to 7d avg − costs−$48as in the Price arb table

costs, in and out, $10k−$370.367% of the position

Long on Backpack Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.778%−$78 on $10k

Price spread, last 4 days (all we have)+0.192%+$19 · spread now −0.249%, 7d avg −0.132%

Together, before fees−0.586%−$59 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$19 a day on $10k at the current rate, and MEXC is 0.117% cheaper against Backpack than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of −0.132%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack PENDLE_USDC_PERP	2.4889	0.0529	pay 0.0066% / 1h	35m 40s	$352K	$483K	15x
Short	MEXC PENDLE_USDT	2.4827	−0.0110	pay 0.0110% / 8h	5h 35m	$17.2M	$1.8M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Backpack. 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 BackpackbpFee MEXCbpOrdersPrice spread, now −0.249%Rate

Funding earned: −$134.17
Price spread: −0.249% → −0.132%: −$11.73
Slippage, 4 orders: −$22.74
Fee Backpack: 5 bp × 2 orders: −$10
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$182.65
Costs to cover: 0.367%
Break-even: never at this rate

Slippage from Backpack: live order book, 28 min ago; MEXC: live order book, 3 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 Backpack live order book, 28 min ago	1.59 bp	7.2 bp −$7	35.4 bp −$354	doesn't fit	doesn't fit
Sell MEXC live order book, 3 min ago	4.84 bp	10.7 bp −$11	24.4 bp −$244	83.8 bp −$8,382	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	−0.4938%	1h	2.4490	−1.603%	$2K	$54K	5.5x	as long as short
BloFin PENDLE-USDT	−0.0118%	8h	2.4787	−0.410%	$1.3M	$644K	75x	as long as short
Extended PENDLE-USD	−0.0112%	1h	2.4832	−0.228%	$163K	$568K	10x	as long as short
Binance PENDLEUSDT	−0.0110%	8h	2.4828	−0.246%	$26.6M	$43.4M	75x	as long as short
MEXC PENDLE_USDTshort	−0.0110%	8h	2.4827	−0.249%	$17.2M	$1.8M	125x
Aster PENDLEUSDT	−0.0051%	8h	2.4829	−0.241%	$47K	$176K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0038%	8h	2.4840	−0.197%	$19K	$15K	10x	as long as short
GRVT PENDLE_USDT_Perp	−0.0020%	8h	2.4767	−0.491%	$411K	$1.7M	10x	as long as short
Variational Omni PENDLE	−0.0006%	8h	2.4820	−0.277%	$546K	$1.8M	—	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4832	−0.229%	$10K	—	5x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4843	−0.185%	$25K	$14K	10x	as long as short
Gate PENDLE_USDT	+0.0011%	8h	2.4820	−0.277%	$721K	$1.1M	75x	as long as short
Aevo PENDLE-PERP	+0.0056%	1h	2.4834	−0.221%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0059%	1h	2.4819	−0.281%	$4K	—	15x	as long as short
ApeX Omni PENDLEUSDT	+0.0060%	1h	2.4791	−0.394%	$75K	$235K	50x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4826	−0.253%	$530K	$418K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4823	−0.266%	$35K	$15K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4860	−0.117%	$12.6M	$6.0M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4828	−0.245%	$14.9M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4810	−0.317%	$3.1M	$6.1M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4829	−0.241%	$849K	$577K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4831	−0.233%	$3.7M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4820	−0.277%	—	$33.6M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4785	−0.418%	$24K	$378K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4834	−0.221%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4852	−0.149%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0193% / S −0.0319%	1h	2.4834	−0.222%	$7K	—	100x	as long as short
Backpack PENDLE_USDC_PERPlong	+0.0529%	1h	2.4889	long leg	$352K	$483K	15x
Coinbase International PENDLE-PERP-INTX	+0.0552%	1h	2.4870	−0.076%	$148K	$492K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0753%	1h	2.4879	−0.038%	$116K	$284K	20x	as long as short