Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0813%/8h= +89.0% APRpaid last 24h +0.002%

Price spread now: Coinbase International against MEXC+0.194%7-day average +0.063% · you sell dearer than you buy

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

Long on MEXC Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.063%+$6 on $10k

Price spread, last 3 days (all we have)−0.062%−$6 · spread now +0.194%, 7d avg +0.063%

Together, before fees+0.001%$0 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$24 a day on $10k at the current rate, and Coinbase International is 0.131% dearer against MEXC than usual: you sell high and buy low: +$13 more if the spread goes back to its 7-day average of +0.063%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.063% in total (about 3.3% 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	2.5301	−0.0085	get 0.0085% / 8h	7h 30m	$17.1M	$1.9M	125x
Short	Coinbase International PENDLE-PERP-INTX	2.5350	0.0728	get 0.0091% / 1h	30m 35s	$140K	$443K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against MEXC. 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 MEXCbpFee Coinbase InternationalbpOrdersPrice spread, now +0.194%Rate

Funding earned: $170.73
Price spread: +0.194% → +0.063%: $13.08
Slippage, 4 orders: no order book: not counted
Fee MEXC: 2 bp × 2 orders: −$4
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $169.81
Costs to cover: 0.140%
Break-even: 0.0 days

Slippage unknown: MEXC: live order book, 3 min ago; Coinbase International: live order book, 42 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 MEXC live order book, 3 min ago	0.59 bp	5.9 bp −$6	30.8 bp −$308	79.2 bp −$7,921	doesn't fit
Sell Coinbase International live order book, 42 min ago	13.90 bp	395.5 bp −$395	doesn't fit	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	−0.4643%	1h	2.4970	−1.308%	$2K	$54K	5.5x	as long as short
Extended PENDLE-USD	−0.0088%	1h	2.5293	−0.030%	$165K	$621K	10x	as long as short
Binance PENDLEUSDT	−0.0085%	8h	2.5308	+0.028%	$27.3M	$42.7M	75x	as long as short
MEXC PENDLE_USDTlong	−0.0085%	8h	2.5301	long leg	$17.1M	$1.9M	125x
GRVT PENDLE_USDT_Perp	−0.0066%	8h	2.5297	−0.016%	$428K	$1.6M	10x	as long as short
BloFin PENDLE-USDT	−0.0064%	8h	2.5307	+0.024%	$1.3M	$706K	75x	as long as short
ApeX Omni PENDLEUSDT	−0.0041%	1h	2.5293	−0.032%	$77K	$237K	50x	as long as short
Orderly PERP_PENDLE_USDC	−0.0018%	8h	2.5312	+0.043%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5308	+0.028%	$11K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.5322	+0.083%	$26K	$14K	10x	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	+0.0009%	8h	2.5276	−0.098%	$610K	$1.9M	—	as long as short
Reya PENDLERUSDPERP	+0.0050%	1h	2.5310	+0.035%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0056%	1h	2.5317	+0.064%	$26K	—	3x	as long as short
Aster PENDLEUSDT	+0.0069%	8h	2.5341	+0.158%	$47K	$178K	10x	as long as short
Gate PENDLE_USDT	+0.0085%	8h	2.5300	−0.004%	$787K	$1.2M	75x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5300	−0.004%	$537K	$415K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5297	−0.015%	$35K	$18K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5291	−0.040%	$15.6M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5300	−0.004%	$3.3M	$6.1M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5314	+0.051%	$890K	$592K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5308	+0.028%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5301	0.000%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5293	−0.030%	$25K	$382K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5322	+0.083%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5315	+0.055%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0203% / S −0.0382%	1h	2.5318	+0.067%	$7K	—	100x	as long as short
Hyperliquid PENDLE	+0.0348%	1h	2.5379	+0.308%	$13.0M	$6.4M	5x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0614%	1h	2.5359	+0.231%	$118K	$293K	20x	as long as short
Coinbase International PENDLE-PERP-INTXshort	+0.0728%	1h	2.5350	+0.194%	$140K	$443K	25x
Backpack PENDLE_USDC_PERP	+0.0856%	1h	2.5359	+0.229%	$334K	$486K	15x	as long as short