Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.1245%/8h= −136.3% APRpaid last 24h −0.307%

Price spread now: MEXC against Kraken Futures−0.271%7-day average −0.150% · you buy dearer than you sell

Net, funding: paid 7d − costs−$163as in the Funding arb table

Net, price: spread back to 7d avg − costs−$144as in the Price arb table

costs, in and out, $10k−$1321.323% of the position

Long on Kraken Futures Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.310%−$31 on $10k

Price spread, last 4 days (all we have)+0.277%+$28 · spread now −0.271%, 7d avg −0.150%

Together, before fees−0.033%−$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$37 a day on $10k at the current rate, and MEXC is 0.122% cheaper against Kraken Futures than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of −0.150%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.310% in total (about -16.1% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_PENDLEUSD	2.4611	0.1183	pay 0.0148% / 1h	19m 57s	$115K	$269K	20x
Short	MEXC PENDLE_USDT	2.4544	−0.0062	pay 0.0062% / 8h	3h 19m	$17.4M	$2.0M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Kraken Futures. 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 Kraken FuturesbpFee MEXCbpOrdersPrice spread, now −0.271%Rate

Funding earned: −$261.45
Price spread: −0.271% → −0.150%: −$12.16
Slippage, 4 orders: −$118.27
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$405.88
Costs to cover: 1.323%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 33 min ago; MEXC: live order book, 4 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 Kraken Futures live order book, 33 min ago	14.20 bp	76.2 bp −$76	doesn't fit	doesn't fit	doesn't fit
Sell MEXC live order book, 4 min ago	1.02 bp	4.9 bp −$5	30.4 bp −$304	77.2 bp −$7,724	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	−0.4243%	1h	2.4280	−1.344%	$2K	$54K	5.5x	as long as short
ApeX Omni PENDLEUSDT	−0.0149%	1h	2.4526	−0.345%	$75K	$234K	50x	as long as short
Gate PENDLE_USDT	−0.0070%	8h	2.4540	−0.288%	$717K	$1.1M	75x	as long as short
Extended PENDLE-USD	−0.0064%	1h	2.4518	−0.376%	$158K	$576K	10x	as long as short
MEXC PENDLE_USDTshort	−0.0062%	8h	2.4544	−0.271%	$17.4M	$2.0M	125x
Binance PENDLEUSDT	−0.0060%	8h	2.4582	−0.118%	$26.0M	$44.3M	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0040%	8h	2.4574	−0.150%	$19K	$15K	10x	as long as short
BloFin PENDLE-USDT	−0.0038%	8h	2.4562	−0.198%	$1.1M	$596K	75x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0035%	1h	2.4581	−0.121%	$25K	$14K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4560	−0.206%	$10K	—	5x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster PENDLEUSDT	+0.0017%	8h	2.4631	+0.081%	$47K	$172K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0033%	8h	2.4530	−0.328%	$415K	$2.0M	10x	as long as short
Variational Omni PENDLE	+0.0063%	8h	2.4551	−0.244%	$551K	$1.4M	—	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4560	−0.206%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0070%	1h	2.4602	−0.035%	$3K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4550	−0.247%	$515K	$428K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4585	−0.104%	$34K	$11K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4571	−0.162%	$14.4M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4600	−0.044%	$3.1M	$6.4M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4558	−0.215%	$867K	$558K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4539	−0.292%	$3.7M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4587	−0.097%	—	$8.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4508	−0.418%	$24K	$376K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4618	+0.029%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4594	−0.068%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4578	−0.133%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0235%	1h	2.4584	−0.109%	$12.7M	$6.1M	5x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0640%	1h	2.4610	−0.003%	$152K	$508K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0683%	1h	2.4588	−0.093%	$357K	$400K	15x	as long as short
Kraken Futures PF_PENDLEUSDlong	+0.1183%	1h	2.4611	long leg	$115K	$269K	20x