Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.4866%/8h= +532.8% APRpaid last 24h +0.684%

Price spread now: MEXC against Injective+0.651%100s7-day average — · you sell dearer than you buy

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

Long on Injective Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days+1.071%+$107 on $10k

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

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$146 a day on $10k at the current rate, and MEXC is 0.651% dearer against Injective than usual: you sell high and buy low: +$65 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 100 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 1.071% in total (about 55.8% 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	Injective PENDLE/USDC PERP	2.4720	−0.4938	get 0.0617% / 1h	9m 37s	$2K	$54K	5.5x
Short	MEXC PENDLE_USDT	2.4881	−0.0072	pay 0.0072% / 8h	5h 09m	$17.4M	$1.9M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Injective. 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 InjectivebpFee MEXCbpOrdersPrice spread, now +0.651%Rate

Funding earned: $1,021.82
Price spread: +0.651% → 0.000%: $65.13
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee MEXC: 2 bp × 2 orders: −$4
Net: $1,082.93
Costs to cover: 0.040%
Break-even: from the start

Slippage unknown: Injective: 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 Injective no order-book sample	—	—	—	—	—
Sell MEXC live order book, 4 min ago	1.00 bp	7.8 bp −$8	30.6 bp −$306	94.3 bp −$9,429	doesn't fit

Injective: 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 PERPlong	−0.4938%	1h	2.4720	long leg	$2K	$54K	5.5x
Deribit PENDLE_USDC-PERPETUAL	−0.0231%	1h	2.4924	+0.825%	$26K	$14K	10x	as long as short
BloFin PENDLE-USDT	−0.0081%	8h	2.4957	+0.959%	$1.3M	$654K	75x	as long as short
Extended PENDLE-USD	−0.0072%	1h	2.4864	+0.583%	$162K	$570K	10x	as long as short
MEXC PENDLE_USDTshort	−0.0072%	8h	2.4881	+0.651%	$17.4M	$1.9M	125x
Binance PENDLEUSDT	−0.0071%	8h	2.4864	+0.583%	$26.6M	$43.7M	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0035%	8h	2.4922	+0.817%	$19K	$15K	10x	as long as short
Aster PENDLEUSDT	−0.0026%	8h	2.4906	+0.750%	$47K	$177K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4889	+0.682%	$10K	—	5x	as long as short
Variational Omni PENDLE	+0.0023%	8h	2.4940	+0.891%	$566K	$1.8M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate PENDLE_USDT	+0.0036%	8h	2.4910	+0.769%	$723K	$1.1M	75x	as long as short
Reya PENDLERUSDPERP	+0.0061%	1h	2.4926	+0.835%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4924	+0.825%	$26K	—	3x	as long as short
GRVT PENDLE_USDT_Perp	+0.0082%	8h	2.4986	+1.076%	$419K	$1.8M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4884	+0.663%	$531K	$418K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4867	+0.596%	$35K	$15K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4930	+0.850%	$12.7M	$6.0M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4861	+0.570%	$14.8M	$12.3M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4870	+0.607%	$3.1M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4922	+0.817%	$851K	$574K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4851	+0.530%	$3.7M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4878	+0.639%	—	$33.6M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4977	+1.041%	$25K	$376K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4992	+1.100%	$76K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4958	+0.963%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4941	+0.894%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0158% / S −0.0257%	1h	2.4927	+0.838%	$7K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0552%	1h	2.4980	+1.052%	$148K	$496K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0750%	1h	2.4981	+1.054%	$116K	$278K	20x	as long as short
Backpack PENDLE_USDC_PERP	+0.0796%	1h	2.4968	+1.003%	$361K	$488K	15x	as long as short