Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.1592%/8h= −174.3% APRpaid last 24h −0.300%

Price spread now: MEXC against Kraken Futures−0.192%7-day average −0.151% · you buy dearer than you sell

Net, funding: paid 7d − costs−$169as in the Funding arb table

Net, price: spread back to 7d avg − costs−$140as in the Price arb table

costs, in and out, $10k−$1361.360% of the position

Long on Kraken Futures Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.327%−$33 on $10k

Price spread, last 4 days (all we have)+0.206%+$21 · spread now −0.192%, 7d avg −0.151%

Together, before fees−0.122%−$12 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$48 a day on $10k at the current rate, and MEXC is 0.041% cheaper against Kraken Futures than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.151%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.327% in total (about -17.1% 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	Kraken Futures PF_PENDLEUSD	2.4670	0.1652	pay 0.0207% / 1h	22m 22s	$116K	$261K	20x
Short	MEXC PENDLE_USDT	2.4623	0.0060	get 0.0060% / 8h	1h 22m	$17.6M	$2.0M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Kraken Futures. 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 Kraken FuturesbpFee MEXCbpOrdersPrice spread, now −0.192%Rate

Funding earned: −$334.35
Price spread: −0.192% → −0.151%: −$4.14
Slippage, 4 orders: −$122.02
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$474.51
Costs to cover: 1.360%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 20 min ago; MEXC: live order book, 1 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 Kraken Futures live order book, 20 min ago	16.33 bp	87.0 bp −$87	doesn't fit	doesn't fit	doesn't fit
Sell MEXC live order book, 1 min ago	0.41 bp	6.1 bp −$6	37.1 bp −$371	104.9 bp −$10.5K	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	−0.4348%	1h	2.4230	−1.785%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0358%	1h	2.4639	−0.127%	$25K	$16K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0023%	8h	2.4632	−0.155%	$19K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4632	−0.154%	$10K	—	5x	as long as short
Gate PENDLE_USDT	+0.0026%	8h	2.4670	−0.001%	$774K	$1.0M	75x	as long as short
BloFin PENDLE-USDT	+0.0059%	8h	2.4669	−0.006%	$1.1M	$506K	75x	as long as short
MEXC PENDLE_USDTshort	+0.0060%	8h	2.4623	−0.192%	$17.6M	$2.0M	125x
Extended PENDLE-USD	+0.0064%	1h	2.4616	−0.221%	$159K	$478K	10x	as long as short
Binance PENDLEUSDT	+0.0065%	8h	2.4628	−0.173%	$26.0M	$45.3M	75x	as long as short
Reya PENDLERUSDPERP	+0.0079%	1h	2.4637	−0.136%	$3K	—	15x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter PENDLE	+0.0096%	1h	2.4630	−0.164%	$522K	$417K	5x	as long as short
Aevo PENDLE-PERP	+0.0096%	1h	2.4629	−0.168%	$26K	—	3x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4617	−0.215%	$34K	$7K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4664	−0.026%	$12.8M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4669	−0.005%	$48K	$169K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4615	−0.224%	$14.4M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4630	−0.164%	$3.1M	$6.6M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4655	−0.062%	$879K	$556K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4630	−0.164%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4655	−0.062%	—	$8.2M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4651	−0.080%	$593K	$1.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4536	−0.543%	$24K	$370K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.4597	−0.296%	$408K	$2.4M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4553	−0.476%	$75K	$233K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4652	−0.074%	$16K	$4K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4639	−0.127%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4663	−0.030%	$5K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0611%	1h	2.4700	+0.120%	$353K	$434K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0688%	1h	2.4650	−0.083%	$159K	$509K	25x	as long as short
Kraken Futures PF_PENDLEUSDlong	+0.1652%	1h	2.4670	long leg	$116K	$261K	20x