Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0566%/8h= −62.0% APRpaid last 24h −0.133%

Price spread now: MEXC against Backpack−0.297%7-day average −0.131% · you buy dearer than you sell

Net, funding: paid 7d − costs−$111as in the Funding arb table

Net, price: spread back to 7d avg − costs−$50as in the Price arb table

costs, in and out, $10k−$330.333% of the position

Long on Backpack Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.774%−$77 on $10k

Price spread, last 4 days (all we have)+0.261%+$26 · spread now −0.297%, 7d avg −0.131%

Together, before fees−0.513%−$51 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$17 a day on $10k at the current rate, and MEXC is 0.166% cheaper against Backpack than usual: you would sell low and buy high (−$17 if the spread goes back to its 7-day average of −0.131%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack PENDLE_USDC_PERP	2.5292	0.0449	pay 0.0056% / 1h	26m 36s	$355K	$482K	15x
Short	MEXC PENDLE_USDT	2.5217	−0.0117	pay 0.0117% / 8h	6h 26m	$17.4M	$1.8M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Backpack. 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 BackpackbpFee MEXCbpOrdersPrice spread, now −0.297%Rate

Funding earned: −$118.82
Price spread: −0.297% → −0.131%: −$16.55
Slippage, 4 orders: −$19.28
Fee Backpack: 5 bp × 2 orders: −$10
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$168.66
Costs to cover: 0.333%
Break-even: never at this rate

Slippage from Backpack: live order book, 42 min ago; MEXC: live order book, 2 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 Backpack live order book, 42 min ago	1.57 bp	7.1 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell MEXC live order book, 2 min ago	2.57 bp	8.3 bp −$8	33.8 bp −$338	94.1 bp −$9,408	doesn't fit

PENDLE on 29 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	−0.4742%	1h	2.4870	−1.669%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0739%	1h	2.5257	−0.138%	$26K	$14K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0221%	1h	2.5204	−0.348%	$77K	$236K	50x	as long as short
Extended PENDLE-USD	−0.0120%	1h	2.5238	−0.215%	$168K	$566K	10x	as long as short
Binance PENDLEUSDT	−0.0118%	8h	2.5250	−0.166%	$27.2M	$43.4M	75x	as long as short
MEXC PENDLE_USDTshort	−0.0117%	8h	2.5217	−0.297%	$17.4M	$1.8M	125x
GRVT PENDLE_USDT_Perp	−0.0112%	8h	2.5177	−0.454%	$425K	$1.7M	10x	as long as short
Bybit PENDLEUSDT	−0.0080%	8h	2.5240	−0.206%	$15.3M	$12.1M	50x	as long as short
Variational Omni PENDLE	−0.0043%	8h	2.5131	−0.636%	$599K	$1.8M	—	as long as short
Orderly PERP_PENDLE_USDC	−0.0037%	8h	2.5257	−0.138%	$20K	$16K	10x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster PENDLEUSDT	−0.0010%	8h	2.5231	−0.240%	$50K	$181K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5236	−0.220%	$11K	—	5x	as long as short
Gate PENDLE_USDT	+0.0031%	8h	2.5230	−0.245%	$767K	$1.2M	75x	as long as short
Aevo PENDLE-PERP	+0.0048%	1h	2.5217	−0.295%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0055%	1h	2.5268	−0.096%	$4K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5232	−0.237%	$537K	$416K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5231	−0.240%	$35K	$16K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5262	−0.119%	$13.0M	$6.4M	5x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5240	−0.206%	$3.2M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5227	−0.257%	$871K	$595K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5236	−0.221%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5246	−0.182%	—	$33.8M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5185	−0.422%	$25K	$378K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5268	−0.095%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5259	−0.130%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0158% / S −0.0256%	1h	2.5277	−0.061%	$7K	—	100x	as long as short
Backpack PENDLE_USDC_PERPlong	+0.0449%	1h	2.5292	long leg	$355K	$482K	15x
Coinbase International PENDLE-PERP-INTX	+0.0632%	1h	2.5320	+0.111%	$146K	$475K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0862%	1h	2.5290	−0.007%	$118K	$290K	20x	as long as short