Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0697%/8h= −76.3% APRpaid last 24h −0.068%

Price spread now: MEXC against Coinbase International−0.280%7-day average −0.068% · you buy dearer than you sell

Net, funding: paid 7d − costs−$57as in the Funding arb table

Net, price: spread back to 7d avg − costs−$70as in the Price arb table

costs, in and out, $10k−$490.491% of the position

Long on Coinbase International Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.083%−$8 on $10k

Price spread, last 4 days (all we have)+0.126%+$13 · spread now −0.280%, 7d avg −0.068%

Together, before fees+0.042%+$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$21 a day on $10k at the current rate, and MEXC is 0.212% cheaper against Coinbase International than usual: you would sell low and buy high (−$21 if the spread goes back to its 7-day average of −0.068%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.083% in total (about -4.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International PENDLE-PERP-INTX	2.4600	0.0640	pay 0.0080% / 1h	26m 50s	$146K	$500K	25x
Short	MEXC PENDLE_USDT	2.4531	−0.0057	pay 0.0057% / 8h	3h 26m	$17.4M	$2.0M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Coinbase International. 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 Coinbase InternationalbpFee MEXCbpOrdersPrice spread, now −0.280%Rate

Funding earned: −$146.37
Price spread: −0.280% → −0.068%: −$21.22
Slippage, 4 orders: −$35.06
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$216.64
Costs to cover: 0.491%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 26 min ago; MEXC: live order book, 2 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 Coinbase International live order book, 26 min ago	6.08 bp	11.1 bp −$11	doesn't fit	doesn't fit	doesn't fit
Sell MEXC live order book, 2 min ago	1.22 bp	5.6 bp −$6	22.6 bp −$226	88.6 bp −$8,855	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	−0.4243%	1h	2.4320	−1.138%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0402%	1h	2.4538	−0.252%	$25K	$14K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0129%	1h	2.4570	−0.122%	$75K	$234K	50x	as long as short
Gate PENDLE_USDT	−0.0066%	8h	2.4550	−0.203%	$718K	$1.1M	75x	as long as short
Binance PENDLEUSDT	−0.0058%	8h	2.4530	−0.285%	$26.0M	$44.2M	75x	as long as short
MEXC PENDLE_USDTshort	−0.0057%	8h	2.4531	−0.280%	$17.4M	$2.0M	125x
Extended PENDLE-USD	−0.0056%	1h	2.4523	−0.311%	$158K	$581K	10x	as long as short
BloFin PENDLE-USDT	−0.0055%	8h	2.4519	−0.329%	$1.1M	$595K	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0041%	8h	2.4530	−0.285%	$19K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4563	−0.152%	$10K	—	5x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster PENDLEUSDT	+0.0004%	8h	2.4607	+0.028%	$47K	$172K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0040%	8h	2.4548	−0.211%	$405K	$2.0M	10x	as long as short
Variational Omni PENDLE	+0.0063%	8h	2.4581	−0.078%	$551K	$1.4M	—	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4524	−0.307%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0069%	1h	2.4534	−0.269%	$3K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4540	−0.244%	$515K	$428K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4528	−0.291%	$34K	$11K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4521	−0.321%	$14.4M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4530	−0.285%	$3.1M	$6.4M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4570	−0.122%	$886K	$552K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4535	−0.264%	$3.7M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4542	−0.236%	—	$8.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4536	−0.260%	$24K	$374K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4556	−0.179%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4549	−0.207%	$2K	$1.8M	20x	as long as short
Hyperliquid PENDLE	+0.0178%	1h	2.4586	−0.057%	$12.7M	$6.1M	5x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4544	−0.226%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTXlong	+0.0640%	1h	2.4600	long leg	$146K	$500K	25x
Backpack PENDLE_USDC_PERP	+0.0690%	1h	2.4583	−0.069%	$357K	$400K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1184%	1h	2.4590	−0.039%	$115K	$269K	20x	as long as short