Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.1160%/8h= +127.0% APRpaid last 24h +0.109%

Price spread now: Backpack against MEXC−0.134%7-day average +0.122% · you buy dearer than you sell

Net, funding: paid 7d − costs+$40as in the Funding arb table

Net, price: spread back to 7d avg − costs−$60as in the Price arb table

costs, in and out, $10k−$340.342% of the position

Long on MEXC Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.742%+$74 on $10k

Price spread, last 4 days (all we have)+0.156%+$16 · spread now −0.134%, 7d avg +0.122%

Together, before fees+0.898%+$90 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.256% cheaper against MEXC than usual: you would sell low and buy high (spread −0.134% now, against its 7-day average of +0.122%). If the spread goes back, that is −$26 on $10k: about 18 hours of funding at the current rate (+$35 a day). At the pace of the last 7 days (+0.742% in total) that is about 2.4 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.742% in total (about 38.7% 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	MEXC PENDLE_USDT	2.5299	−0.0005	get 0.0005% / 8h	50m 17s	$17.2M	$1.9M	125x
Short	Backpack PENDLE_USDC_PERP	2.5265	0.1155	get 0.0144% / 1h	50m 17s	$328K	$491K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against MEXC. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 MEXCbpFee BackpackbpOrdersPrice spread, now −0.134%Rate

Funding earned: $243.52
Price spread: −0.134% → +0.122%: −$25.59
Slippage, 4 orders: −$20.16
Fee MEXC: 2 bp × 2 orders: −$4
Fee Backpack: 5 bp × 2 orders: −$10
Net: $183.77
Costs to cover: 0.342%
Break-even: 1.7 days

Slippage from MEXC: live order book, 3 min ago; Backpack: live order book, 28 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 MEXC live order book, 3 min ago	2.38 bp	8.7 bp −$9	28.9 bp −$289	91.9 bp −$9,193	doesn't fit
Sell Backpack live order book, 28 min ago	2.00 bp	8.4 bp −$8	30.5 bp −$305	doesn't fit	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	−0.5000%	1h	2.4860	−1.735%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0145%	1h	2.5318	+0.075%	$30K	$10K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0068%	1h	2.5214	−0.336%	$77K	$239K	50x	as long as short
BloFin PENDLE-USDT	−0.0014%	8h	2.5197	−0.403%	$1.3M	$758K	75x	as long as short
Binance PENDLEUSDT	−0.0008%	8h	2.5296	−0.010%	$27.3M	$41.5M	75x	as long as short
Extended PENDLE-USD	−0.0008%	1h	2.5298	−0.003%	$166K	$528K	10x	as long as short
MEXC PENDLE_USDTlong	−0.0005%	8h	2.5299	long leg	$17.2M	$1.9M	125x
dYdX PENDLE-USD	0.0000%	1h	2.5244	−0.219%	$11K	—	5x	as long as short
Orderly PERP_PENDLE_USDC	+0.0006%	8h	2.5303	+0.016%	$20K	$16K	10x	as long as short
Reya PENDLERUSDPERP	+0.0043%	1h	2.5301	+0.007%	$4K	—	15x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni PENDLE	+0.0050%	8h	2.5212	−0.344%	$557K	$1.8M	—	as long as short
GRVT PENDLE_USDT_Perp	+0.0071%	8h	2.5159	−0.554%	$420K	$1.6M	10x	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.5313	+0.055%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5251	−0.190%	$532K	$415K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5241	−0.230%	$35K	$18K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5349	+0.198%	$12.5M	$6.0M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5255	−0.172%	$45K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5290	−0.036%	$15.6M	$11.8M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5300	+0.004%	$3.3M	$6.0M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5290	−0.036%	$789K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5305	+0.024%	$902K	$593K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5301	+0.008%	$3.8M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5289	−0.040%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5147	−0.599%	$25K	$395K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5318	+0.075%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5316	+0.067%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5323	+0.094%	$5K	—	100x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0592%	1h	2.5377	+0.309%	$120K	$301K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.5250	−0.194%	$141K	$456K	25x	as long as short
Backpack PENDLE_USDC_PERPshort	+0.1155%	1h	2.5265	−0.134%	$328K	$491K	15x