Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0446%/8h= +48.9% APRpaid last 24h +0.047%

Price spread now: MEXC against Deribit0.000%7-day average — · you sell dearer than you buy

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

Long on Deribit Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: +$13 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit PENDLE_USDC-PERPETUAL	2.4140	−0.0536	get 0.0067% / 1h	32m 16s	$24K	$16K	10x
Short	MEXC PENDLE_USDT	2.4140	−0.0090	pay 0.0090% / 8h	7h 32m	$17.9M	$2.1M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Deribit. 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 DeribitbpFee MEXCbpOrdersPrice spread, now 0.000%Rate

Funding earned: $93.76
Price spread: 0.000% → 0.000%: $0
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee MEXC: 2 bp × 2 orders: −$4
Net: $82.76
Costs to cover: 0.110%
Break-even: 0.8 days

Slippage unknown: Deribit: 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 Deribit no order-book sample	—	—	—	—	—
Sell MEXC live order book, 1 min ago	0.21 bp	5.7 bp −$6	26.4 bp −$264	89.5 bp −$8,949	doesn't fit

Deribit: 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	−0.3627%	1h	2.3970	−0.704%	$2K	$55K	5.5x	as long as short
GRVT PENDLE_USDT_Perp	−0.1059%	8h	2.4241	+0.417%	$400K	$2.6M	10x	as long as short
Deribit PENDLE_USDC-PERPETUALlong	−0.0536%	1h	2.4140	long leg	$24K	$16K	10x
Gate PENDLE_USDT	−0.0330%	8h	2.4160	+0.083%	$766K	$992K	75x	as long as short
BloFin PENDLE-USDT	−0.0104%	8h	2.4179	+0.162%	$1.1M	$503K	75x	as long as short
Binance PENDLEUSDT	−0.0100%	8h	2.4138	−0.008%	$25.3M	$46.0M	75x	as long as short
Extended PENDLE-USD	−0.0096%	1h	2.4137	−0.014%	$155K	$924K	10x	as long as short
MEXC PENDLE_USDTshort	−0.0090%	8h	2.4140	0.000%	$17.9M	$2.1M	125x
Bybit PENDLEUSDT	−0.0039%	8h	2.4140	0.000%	$14.0M	$11.9M	50x	as long as short
Orderly PERP_PENDLE_USDC	−0.0015%	8h	2.4141	+0.004%	$18K	$15K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX PENDLE-USD	0.0000%	1h	2.4191	+0.212%	$10K	—	5x	as long as short
ApeX Omni PENDLEUSDT	+0.0003%	1h	2.4283	+0.592%	$74K	$231K	50x	as long as short
Aster PENDLEUSDT	+0.0014%	8h	2.4166	+0.110%	$47K	$168K	10x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4083	−0.234%	$25K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0088%	1h	2.4151	+0.046%	$3K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4147	+0.029%	$520K	$429K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4157	+0.070%	$34K	$3K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4186	+0.191%	$12.6M	$6.0M	5x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4130	−0.041%	$3.1M	$6.7M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4167	+0.112%	$684K	$598K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4150	+0.041%	$3.7M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4143	+0.012%	—	$8.3M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4226	+0.356%	$565K	$1.2M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4235	+0.394%	$24K	$369K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4168	+0.116%	$16K	$4K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4174	+0.141%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0151% / S −0.0168%	1h	2.4171	+0.129%	$5K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0649%	1h	2.4224	+0.348%	$357K	$432K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0664%	1h	2.4230	+0.373%	$162K	$515K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1284%	1h	2.4174	+0.140%	$114K	$258K	20x	as long as short