Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.4609%/8h= +504.6% APRpaid last 24h +0.564%

Price spread now: MEXC against Injective+0.961%7-day average — · you sell dearer than you buy

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

Long on Injective Short on MEXC

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 for this trade now. Funding pays +$138 a day on $10k at the current rate, and MEXC is 0.961% dearer against Injective than usual: you sell high and buy low: +$96 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective PENDLE/USDC PERP	2.4870	−0.4742	get 0.0593% / 1h	2m 46s	$2K	$54K	5.5x
Short	MEXC PENDLE_USDT	2.5109	−0.0133	pay 0.0133% / 8h	6h 02m	$17.4M	$1.8M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Injective. 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 InjectivebpFee MEXCbpOrdersPrice spread, now +0.961%Rate

Funding earned: $967.82
Price spread: +0.961% → 0.000%: $96.1
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee MEXC: 2 bp × 2 orders: −$4
Net: $1,059.9
Costs to cover: 0.040%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; MEXC: live order book, 1 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 Injective no order-book sample	—	—	—	—	—
Sell MEXC live order book, 1 min ago	0.80 bp	4.4 bp −$4	24.2 bp −$242	90.0 bp −$9,004	doesn't fit

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 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 PERPlong	−0.4742%	1h	2.4870	long leg	$2K	$54K	5.5x
Deribit PENDLE_USDC-PERPETUAL	−0.0427%	1h	2.5079	+0.840%	$26K	$14K	10x	as long as short
Extended PENDLE-USD	−0.0136%	1h	2.5125	+1.026%	$163K	$570K	10x	as long as short
Binance PENDLEUSDT	−0.0134%	8h	2.5109	+0.959%	$27.0M	$43.4M	75x	as long as short
MEXC PENDLE_USDTshort	−0.0133%	8h	2.5109	+0.961%	$17.4M	$1.8M	125x
ApeX Omni PENDLEUSDT	−0.0117%	1h	2.5103	+0.937%	$77K	$236K	50x	as long as short
GRVT PENDLE_USDT_Perp	−0.0115%	8h	2.5046	+0.708%	$421K	$1.7M	10x	as long as short
Aster PENDLEUSDT	−0.0046%	8h	2.5075	+0.823%	$50K	$181K	10x	as long as short
Variational Omni PENDLE	−0.0040%	8h	2.5086	+0.867%	$613K	$1.8M	—	as long as short
Gate PENDLE_USDT	−0.0039%	8h	2.5110	+0.965%	$760K	$1.2M	75x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_PENDLE_USDC	−0.0038%	8h	2.5064	+0.780%	$20K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5095	+0.907%	$11K	—	5x	as long as short
Bybit PENDLEUSDT	+0.0026%	8h	2.5107	+0.953%	$15.2M	$12.0M	50x	as long as short
Aevo PENDLE-PERP	+0.0048%	1h	2.5076	+0.826%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0057%	1h	2.5067	+0.791%	$4K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5114	+0.981%	$535K	$416K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5131	+1.048%	$35K	$16K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5117	+0.993%	$12.9M	$6.3M	5x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5140	+1.086%	$3.2M	$6.1M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5104	+0.941%	$863K	$593K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5129	+1.041%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5133	+1.057%	—	$33.6M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5090	+0.884%	$25K	$379K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5084	+0.860%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5086	+0.869%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0182% / S −0.0298%	1h	2.5083	+0.856%	$7K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0412%	1h	2.5112	+0.973%	$352K	$434K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0632%	1h	2.5100	+0.925%	$144K	$471K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0867%	1h	2.5134	+1.062%	$117K	$289K	20x	as long as short