Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0298%/8h= +32.7% APRpaid last 24h +0.072%

Price spread now: GMX against MEXC−0.026%73s7-day average — · you buy dearer than you sell

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

Long on MEXC Short on GMX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—needs both histories

Funding pays, the price is against you. GMX is 0.026% cheaper against MEXC than usual: you would sell low and buy high (spread −0.026% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$3 on $10k: about 7 hours of funding at the current rate (+$9 a day). The two prices were read 73 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC PENDLE_USDT	2.4377	−0.0091	get 0.0091% / 8h	5h 51m	$18.5M	$2.1M	125x
Short	GMX PENDLE/USD [PENDLE-USDC]	2.4371	L +0.0184% / S −0.0207%	get 0.0026% / 1h	51m 14s	$5K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now −0.026%Rate

Funding earned: $62.67
Price spread: −0.026% → 0.000%: −$2.6
Slippage, 4 orders: no order book: not counted
Fee MEXC: 2 bp × 2 orders: −$4
Fee GMX: 6 bp × 2 orders: −$12
Net: $44.07
Costs to cover: 0.160%
Break-even: 2.1 days

Slippage unknown: MEXC: live order book, 5 min ago; GMX: no order-book sample. 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, 5 min ago	0.62 bp	7.2 bp −$7	35.5 bp −$355	90.3 bp −$9,029	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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 exchanges

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
Kraken Futures PF_PENDLEUSD	−0.0395%	1h	2.4387	+0.039%	$122K	$251K	20x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0365%	1h	2.4375	−0.008%	$25K	$10K	10x	as long as short
BloFin PENDLE-USDT	−0.0117%	8h	2.4372	−0.021%	$1.1M	$520K	75x	as long as short
Binance PENDLEUSDT	−0.0091%	8h	2.4380	+0.012%	$25.4M	$46.2M	75x	as long as short
MEXC PENDLE_USDTlong	−0.0091%	8h	2.4377	long leg	$18.5M	$2.1M	125x
Extended PENDLE-USD	−0.0088%	1h	2.4363	−0.056%	$157K	$940K	10x	as long as short
GRVT PENDLE_USDT_Perp	−0.0021%	8h	2.4375	−0.007%	$410K	$3.0M	10x	as long as short
Aster PENDLEUSDT	−0.0014%	8h	2.4365	−0.051%	$51K	$165K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4392	+0.061%	$10K	—	5x	as long as short
Orderly PERP_PENDLE_USDC	+0.0014%	8h	2.4362	−0.062%	$18K	$14K	10x	as long as short

Show all 30 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PENDLE-PERP	+0.0056%	1h	2.4358	−0.080%	$25K	—	3x	as long as short
Variational Omni PENDLE	+0.0066%	8h	2.4399	+0.089%	$574K	$1.0M	—	as long as short
Lighter PENDLE	+0.0096%	1h	2.4394	+0.070%	$674K	$512K	5x	as long as short
Reya PENDLERUSDPERP	+0.0096%	1h	2.4376	−0.004%	$3K	—	15x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4347	−0.123%	$34K	—	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4370	−0.029%	$14.3M	$11.6M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4380	+0.012%	$3.1M	$6.7M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.4370	−0.029%	$774K	$959K	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4376	−0.004%	$685K	$494K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4373	−0.016%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4374	−0.012%	—	$8.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4370	−0.029%	$23K	$367K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4379	+0.008%	$74K	$231K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4399	+0.090%	$16K	$4K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4404	+0.111%	$2K	$1.8M	20x	as long as short
Hyperliquid PENDLE	+0.0153%	1h	2.4427	+0.205%	$13.0M	$5.9M	5x	as long as short
GMX PENDLE/USD [PENDLE-USDC]short	L +0.0184% / S −0.0207%	1h	2.4371	−0.026%	$5K	—	100x
Backpack PENDLE_USDC_PERP	+0.0317%	1h	2.4433	+0.230%	$365K	$417K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0680%	1h	2.4550	+0.710%	$168K	$538K	25x	as long as short
Injective PENDLE/USDC PERP	+0.3871%	1h	2.4660	+1.161%	$2K	$55K	5.5x	as long as short