Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0002%/8h= +0.2% APRpaid last 24h −0.003%

Price spread now: MEXC against Extended+0.035%7-day average +0.080% · you sell dearer than you buy

Net, funding: paid 7d − costs−$43as in the Funding arb table

Net, price: spread back to 7d avg − costs−$46as in the Price arb table

costs, in and out, $10k−$420.419% of the position

Long on Extended Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.010%−$1 on $10k

Price spread, last 4 days (all we have)−0.046%−$5 · spread now +0.035%, 7d avg +0.080%

Together, before fees−0.056%+ Points / potential airdropExtended: Active · farm board−$6 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: MEXC is 0.045% cheaper against Extended than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of +0.080%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended PENDLE-USD	2.4625	−0.0056	get 0.0007% / 1h	23m 41s	$159K	$574K	10x
Short	MEXC PENDLE_USDT	2.4634	−0.0054	pay 0.0054% / 8h	4h 23m	$17.3M	$2.0M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Extended. 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 ExtendedbpFee MEXCbpOrdersPrice spread, now +0.035%Rate

Funding earned: $0.42
Price spread: +0.035% → +0.080%: −$4.51
Slippage, 4 orders: −$32.93
Fee Extended: 2.5 bp × 2 orders: −$5
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$46.02
Costs to cover: 0.419%
Break-even: 774.0 days

Slippage from Extended: live order book, 34 min ago; MEXC: live order book, 5 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 Extended live order book, 34 min ago	0.81 bp	15.1 bp −$15	147.8 bp −$1,478	doesn't fit	doesn't fit
Sell MEXC live order book, 5 min ago	0.81 bp	6.0 bp −$6	25.0 bp −$250	94.3 bp −$9,428	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	−0.4334%	1h	2.4340	−1.159%	$2K	$54K	5.5x	as long as short
BloFin PENDLE-USDT	−0.0068%	8h	2.4653	+0.113%	$1.1M	$605K	75x	as long as short
Gate PENDLE_USDT	−0.0067%	8h	2.4670	+0.182%	$720K	$1.1M	75x	as long as short
Extended PENDLE-USDlong	−0.0056%	1h	2.4625	long leg	$159K	$574K	10x
Binance PENDLEUSDT	−0.0054%	8h	2.4645	+0.080%	$26.1M	$43.6M	75x	as long as short
MEXC PENDLE_USDTshort	−0.0054%	8h	2.4634	+0.035%	$17.3M	$2.0M	125x
Aster PENDLEUSDT	−0.0040%	8h	2.4665	+0.162%	$47K	$179K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0037%	8h	2.4651	+0.104%	$19K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4645	+0.079%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4655	+0.121%	$25K	$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	+0.0048%	8h	2.4650	+0.102%	$553K	$1.5M	—	as long as short
Reya PENDLERUSDPERP	+0.0065%	1h	2.4651	+0.106%	$3K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0072%	1h	2.4641	+0.064%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4649	+0.096%	$517K	$424K	5x	as long as short
GRVT PENDLE_USDT_Perp	+0.0096%	8h	2.4681	+0.225%	$408K	$1.9M	10x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4628	+0.012%	$34K	$13K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4624	−0.005%	$14.6M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4640	+0.060%	$3.1M	$6.1M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4648	+0.092%	$866K	$576K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4624	−0.005%	$3.7M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4638	+0.052%	—	$8.5M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4672	+0.191%	$24K	$376K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4673	+0.194%	$75K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4672	+0.190%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4651	+0.104%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4650	+0.101%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0388%	1h	2.4677	+0.210%	$12.7M	$6.0M	5x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0608%	1h	2.4820	+0.791%	$148K	$497K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0736%	1h	2.4703	+0.316%	$357K	$467K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1177%	1h	2.4701	+0.306%	$115K	$269K	20x	as long as short