Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0003%/8h= +0.3% APRpaid last 24h −0.008%

Price spread now: MEXC against Extended+0.049%7-day average +0.081% · you sell dearer than you buy

Net, funding: paid 7d − costs−$44as in the Funding arb table

Net, price: spread back to 7d avg − costs−$46as in the Price arb table

costs, in and out, $10k−$420.424% of the position

Long on Extended Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.014%−$1 on $10k

Price spread, last 4 days (all we have)−0.021%−$2 · spread now +0.049%, 7d avg +0.081%

Together, before fees−0.035%+ Points / potential airdropExtended: Active · farm board−$4 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: MEXC is 0.032% cheaper against Extended than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of +0.081%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended PENDLE-USD	2.5195	−0.0112	get 0.0014% / 1h	43m 46s	$167K	$569K	10x
Short	MEXC PENDLE_USDT	2.5207	−0.0109	pay 0.0109% / 8h	6h 43m	$17.4M	$1.8M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Extended. 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 ExtendedbpFee MEXCbpOrdersPrice spread, now +0.049%Rate

Funding earned: $0.63
Price spread: +0.049% → +0.081%: −$3.2
Slippage, 4 orders: −$33.37
Fee Extended: 2.5 bp × 2 orders: −$5
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$44.94
Costs to cover: 0.424%
Break-even: 506.3 days

Slippage from Extended: live order book, 24 min ago; MEXC: live order book, 10 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 Extended live order book, 24 min ago	0.99 bp	14.3 bp −$14	128.8 bp −$1,288	doesn't fit	doesn't fit
Sell MEXC live order book, 10 min ago	0.99 bp	7.4 bp −$7	31.0 bp −$310	95.4 bp −$9,536	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	−0.4742%	1h	2.4750	−1.765%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0424%	1h	2.5193	−0.007%	$26K	$14K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0271%	1h	2.5129	−0.261%	$77K	$237K	50x	as long as short
Extended PENDLE-USDlong	−0.0112%	1h	2.5195	long leg	$167K	$569K	10x
GRVT PENDLE_USDT_Perp	−0.0112%	8h	2.5146	−0.193%	$420K	$1.7M	10x	as long as short
Binance PENDLEUSDT	−0.0111%	8h	2.5209	+0.057%	$27.2M	$43.3M	75x	as long as short
MEXC PENDLE_USDTshort	−0.0109%	8h	2.5207	+0.049%	$17.4M	$1.8M	125x
Bybit PENDLEUSDT	−0.0098%	8h	2.5200	+0.021%	$15.4M	$12.1M	50x	as long as short
BloFin PENDLE-USDT	−0.0095%	8h	2.5143	−0.205%	$1.3M	$654K	75x	as long as short
Variational Omni PENDLE	−0.0038%	8h	2.5076	−0.471%	$598K	$1.8M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_PENDLE_USDC	−0.0031%	8h	2.5178	−0.066%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5135	−0.237%	$11K	—	5x	as long as short
Aster PENDLEUSDT	+0.0007%	8h	2.5178	−0.065%	$50K	$180K	10x	as long as short
Gate PENDLE_USDT	+0.0007%	8h	2.5190	−0.019%	$786K	$1.2M	75x	as long as short
Reya PENDLERUSDPERP	+0.0053%	1h	2.5133	−0.246%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0056%	1h	2.5185	−0.040%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5195	+0.001%	$536K	$414K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5111	−0.332%	$35K	$16K	10x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5200	+0.021%	$3.2M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5187	−0.031%	$856K	$593K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5191	−0.015%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5208	+0.053%	—	$33.8M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5121	−0.294%	$25K	$382K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5150	−0.177%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5199	+0.017%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0158% / S −0.0256%	1h	2.5167	−0.111%	$7K	—	100x	as long as short
Hyperliquid PENDLE	+0.0324%	1h	2.5265	+0.279%	$13.0M	$6.4M	5x	as long as short
Backpack PENDLE_USDC_PERP	+0.0356%	1h	2.5264	+0.275%	$354K	$485K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0632%	1h	2.5150	−0.177%	$146K	$469K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0863%	1h	2.5251	+0.223%	$117K	$291K	20x	as long as short