Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.4849%/8h= −531.0% APRpaid last 24h −0.346%

Price spread now: Injective against MEXC−0.795%7-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 Injective

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

Both sides work against this trade now: funding costs −$145 a day on $10k at the current rate, and Injective is 0.795% cheaper against MEXC than usual: you would sell low and buy high (−$79 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC PENDLE_USDT	2.5039	0.0043	pay 0.0043% / 8h	2h 04m	$16.9M	$2.3M	125x
Short	Injective PENDLE/USDC PERP	2.4840	−0.4806	pay 0.0601% / 1h	4m 50s	$2K	$53K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −0.795%Rate

Funding earned: −$1,018.33
Price spread: −0.795% → 0.000%: −$79.48
Slippage, 4 orders: no order book: not counted
Fee MEXC: 2 bp × 2 orders: −$4
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$1,101.82
Costs to cover: 0.040%
Break-even: never at this rate

Slippage unknown: MEXC: live order book, 4 min ago; Injective: 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, 4 min ago	0.20 bp	3.8 bp −$4	28.0 bp −$280	78.8 bp −$7,878	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

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 PERPshort	−0.4806%	1h	2.4840	−0.795%	$2K	$53K	5.5x
Kraken Futures PF_PENDLEUSD	−0.0432%	1h	2.5039	+0.001%	$149K	$275K	20x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0309%	1h	2.5048	+0.036%	$30K	$10K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5075	+0.142%	$11K	—	5x	as long as short
BloFin PENDLE-USDT	+0.0029%	8h	2.5039	0.000%	$1.3M	$737K	75x	as long as short
Orderly PERP_PENDLE_USDC	+0.0033%	8h	2.5048	+0.036%	$25K	$11K	10x	as long as short
Reya PENDLERUSDPERP	+0.0037%	1h	2.5042	+0.010%	$4K	—	15x	as long as short
Extended PENDLE-USD	+0.0040%	1h	2.5035	−0.017%	$165K	$524K	10x	as long as short
Binance PENDLEUSDT	+0.0041%	8h	2.5040	+0.004%	$27.2M	$39.4M	75x	as long as short
MEXC PENDLE_USDTlong	+0.0043%	8h	2.5039	long leg	$16.9M	$2.3M	125x

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni PENDLE	+0.0048%	8h	2.4994	−0.180%	$615K	$2.1M	—	as long as short
ApeX Omni PENDLEUSDT	+0.0087%	1h	2.5083	+0.176%	$77K	$240K	50x	as long as short
Aevo PENDLE-PERP	+0.0088%	1h	2.5049	+0.040%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5040	+0.004%	$542K	$398K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5045	+0.025%	$35K	$22K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5074	+0.140%	$12.3M	$5.6M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5054	+0.060%	$41K	$172K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5040	+0.004%	$15.5M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5040	+0.004%	$3.2M	$5.7M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5060	+0.084%	$854K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5059	+0.080%	$894K	$608K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5028	−0.044%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5043	+0.016%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5061	+0.089%	$25K	$410K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5064	+0.101%	$423K	$1.6M	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5069	+0.120%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5049	+0.040%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5057	+0.071%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5090	+0.204%	$116K	$417K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0828%	1h	2.5098	+0.236%	$362K	$460K	15x	as long as short