Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0252%/8h= +27.6% APRpaid last 24h +0.072%

Price spread now: GMX against MEXC−0.364%178s7-day average — · you buy dearer than you sell

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

Long on MEXC Short on GMX

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

Funding pays, the price is against you. GMX is 0.364% cheaper against MEXC than usual: you would sell low and buy high (spread −0.364% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$36 on $10k: about 4.8 days of funding at the current rate (+$8 a day). The two prices were read 178 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC PENDLE_USDT	2.4114	−0.0087	get 0.0087% / 8h	5h 08m	$18.5M	$2.2M	125x
Short	GMX PENDLE/USD [PENDLE-USDC]	2.4026	L +0.0175% / S −0.0165%	get 0.0021% / 1h	8m 22s	$5K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against MEXC. 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 MEXCbpFee GMXbpOrdersPrice spread, now −0.364%Rate

Funding earned: $52.89
Price spread: −0.364% → 0.000%: −$36.44
Slippage, 4 orders: no order book: not counted
Fee MEXC: 2 bp × 2 orders: −$4
Fee GMX: 6 bp × 2 orders: −$12
Net: $0.45
Costs to cover: 0.160%
Break-even: 6.9 days

Slippage unknown: MEXC: live order book, 3 min ago; GMX: no order-book sample. 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 MEXC live order book, 3 min ago	0.62 bp	4.1 bp −$4	34.4 bp −$344	84.2 bp −$8,419	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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	−0.0400%	1h	2.4110	−0.017%	$124K	$255K	20x	as long as short
Extended PENDLE-USD	−0.0088%	1h	2.4107	−0.028%	$156K	$940K	10x	as long as short
MEXC PENDLE_USDTlong	−0.0087%	8h	2.4114	long leg	$18.5M	$2.2M	125x
Binance PENDLEUSDT	−0.0084%	8h	2.4107	−0.030%	$24.9M	$47.1M	75x	as long as short
BloFin PENDLE-USDT	−0.0071%	8h	2.4082	−0.133%	$1.1M	$524K	75x	as long as short
Aster PENDLEUSDT	−0.0021%	8h	2.4106	−0.031%	$48K	$165K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4068	−0.193%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4095	−0.079%	$24K	$10K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0003%	8h	2.4041	−0.303%	$399K	$3.2M	10x	as long as short
Orderly PERP_PENDLE_USDC	+0.0012%	8h	2.4106	−0.033%	$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	−0.054%	$25K	—	3x	as long as short
Variational Omni PENDLE	+0.0078%	8h	2.4024	−0.374%	$547K	$922K	—	as long as short
Lighter PENDLE	+0.0096%	1h	2.4128	+0.058%	$650K	$538K	5x	as long as short
Reya PENDLERUSDPERP	+0.0100%	1h	2.4093	−0.088%	$3K	—	15x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4114	−0.001%	$34K	—	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4120	+0.025%	$14.5M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4130	+0.066%	$3.1M	$6.8M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.4100	−0.058%	$767K	$990K	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4085	−0.120%	$635K	$506K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4114	0.000%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4102	−0.050%	—	$8.1M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4010	−0.431%	$22K	$363K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4013	−0.419%	$73K	$232K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4123	+0.037%	$16K	$4K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4109	−0.021%	$1K	$1.8M	20x	as long as short
Hyperliquid PENDLE	+0.0142%	1h	2.4158	+0.182%	$12.9M	$5.9M	5x	as long as short
GMX PENDLE/USD [PENDLE-USDC]short	L +0.0175% / S −0.0165%	1h	2.4026	−0.364%	$5K	—	100x
Coinbase International PENDLE-PERP-INTX	+0.0680%	1h	2.4100	−0.058%	$160K	$539K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0928%	1h	2.4145	+0.129%	$359K	$384K	15x	as long as short
Injective PENDLE/USDC PERP	+0.3871%	1h	2.4660	+2.264%	$2K	$55K	5.5x	as long as short