Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0087%/8h= −9.5% APRpaid last 24h +0.003%

Price spread now: MEXC against dYdX+0.206%7-day average — · you sell dearer than you buy

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

Long on dYdX Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 6 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

The price spread pays, funding is against you. MEXC is 0.206% dearer against dYdX than usual: you sell high and buy low (spread +0.206% now, against zero (this spread has no 7-day history yet)): +$21 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 7.9 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX PENDLE-USD	2.4068	0	get 0.0000% / 1h	8m 17s	$10K	—	5x
Short	MEXC PENDLE_USDT	2.4117	−0.0087	pay 0.0087% / 8h	5h 08m	$18.5M	$2.2M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against dYdX. 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 dYdXbpFee MEXCbpOrdersPrice spread, now +0.206%Rate

Funding earned: −$18.27
Price spread: +0.206% → 0.000%: $20.55
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$11.72
Costs to cover: 0.140%
Break-even: from the start

Slippage unknown: dYdX: no order-book sample; MEXC: live order book, 3 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 dYdX no order-book sample	—	—	—	—	—
Sell MEXC live order book, 3 min ago	0.62 bp	5.1 bp −$5	24.3 bp −$243	74.4 bp −$7,445	doesn't fit

dYdX: 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	−0.0399%	1h	2.4129	+0.257%	$124K	$255K	20x	as long as short
MEXC PENDLE_USDTshort	−0.0087%	8h	2.4117	+0.206%	$18.5M	$2.2M	125x
Binance PENDLEUSDT	−0.0084%	8h	2.4111	+0.181%	$24.9M	$47.1M	75x	as long as short
Extended PENDLE-USD	−0.0080%	1h	2.4109	+0.171%	$156K	$940K	10x	as long as short
BloFin PENDLE-USDT	−0.0071%	8h	2.4082	+0.060%	$1.1M	$524K	75x	as long as short
Aster PENDLEUSDT	−0.0021%	8h	2.4106	+0.162%	$48K	$165K	10x	as long as short
dYdX PENDLE-USDlong	0.0000%	1h	2.4068	long leg	$10K	—	5x
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4112	+0.185%	$24K	$10K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0003%	8h	2.4041	−0.110%	$399K	$3.2M	10x	as long as short
Orderly PERP_PENDLE_USDC	+0.0012%	8h	2.4106	+0.160%	$18K	$15K	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	2.4101	+0.139%	$25K	—	3x	as long as short
Variational Omni PENDLE	+0.0078%	8h	2.4024	−0.181%	$547K	$922K	—	as long as short
Lighter PENDLE	+0.0096%	1h	2.4129	+0.255%	$650K	$538K	5x	as long as short
Reya PENDLERUSDPERP	+0.0100%	1h	2.4120	+0.219%	$3K	—	15x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4114	+0.192%	$34K	—	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4120	+0.218%	$14.5M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4120	+0.218%	$3.1M	$6.8M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.4100	+0.135%	$767K	$990K	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4087	+0.081%	$635K	$506K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4115	+0.197%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4102	+0.143%	—	$8.1M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4010	−0.239%	$22K	$363K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4013	−0.227%	$73K	$232K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4123	+0.230%	$16K	$4K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4134	+0.276%	$1K	$1.8M	20x	as long as short
Hyperliquid PENDLE	+0.0142%	1h	2.4158	+0.376%	$12.9M	$5.9M	5x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0175% / S −0.0165%	1h	2.4026	−0.172%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0680%	1h	2.4130	+0.260%	$160K	$540K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0944%	1h	2.4161	+0.388%	$359K	$384K	15x	as long as short
Injective PENDLE/USDC PERP	+0.3871%	1h	2.4660	+2.462%	$2K	$55K	5.5x	as long as short