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: Kraken Futures against MEXC+0.276%7-day average +0.150% · you sell dearer than you buy

Net, funding: paid 7d − costs−$101as in the Funding arb table

Net, price: spread back to 7d avg − costs−$120as in the Price arb table

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

Long on MEXC Short on Kraken Futures

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)−0.282%−$28 · spread now +0.276%, 7d avg +0.150%

Together, before fees+0.028%+$3 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$37 a day on $10k at the current rate, and Kraken Futures is 0.126% dearer against MEXC than usual: you sell high and buy low: +$13 more if the spread goes back to its 7-day average of +0.150%.

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	MEXC PENDLE_USDT	2.4543	−0.0062	get 0.0062% / 8h	3h 20m	$17.4M	$2.0M	125x
Short	Kraken Futures PF_PENDLEUSD	2.4611	0.1183	get 0.0148% / 1h	20m 01s	$115K	$269K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.276%Rate

Funding earned: $261.45
Price spread: +0.276% → +0.150%: $12.64
Slippage, 4 orders: −$118.27
Fee MEXC: 2 bp × 2 orders: −$4
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $141.82
Costs to cover: 1.323%
Break-even: 3.2 days

Slippage from MEXC: live order book, 4 min ago; Kraken Futures: live order book, 33 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 MEXC live order book, 4 min ago	1.02 bp	5.3 bp −$5	22.1 bp −$221	74.2 bp −$7,422	doesn't fit
Sell Kraken Futures live order book, 33 min ago	14.20 bp	45.8 bp −$46	doesn't fit	doesn't fit	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	−1.072%	$2K	$54K	5.5x	as long as short
ApeX Omni PENDLEUSDT	−0.0149%	1h	2.4526	−0.069%	$75K	$234K	50x	as long as short
Gate PENDLE_USDT	−0.0070%	8h	2.4540	−0.012%	$717K	$1.1M	75x	as long as short
Extended PENDLE-USD	−0.0064%	1h	2.4539	−0.017%	$158K	$576K	10x	as long as short
MEXC PENDLE_USDTlong	−0.0062%	8h	2.4543	long leg	$17.4M	$2.0M	125x
Binance PENDLEUSDT	−0.0060%	8h	2.4539	−0.016%	$25.9M	$44.3M	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0040%	8h	2.4574	+0.126%	$19K	$15K	10x	as long as short
BloFin PENDLE-USDT	−0.0038%	8h	2.4562	+0.077%	$1.1M	$596K	75x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0035%	1h	2.4581	+0.155%	$25K	$14K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4560	+0.070%	$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	2.4599	+0.228%	$47K	$172K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0033%	8h	2.4530	−0.052%	$415K	$2.0M	10x	as long as short
Variational Omni PENDLE	+0.0063%	8h	2.4551	+0.031%	$551K	$1.4M	—	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4560	+0.070%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0070%	1h	2.4602	+0.241%	$3K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4550	+0.029%	$515K	$428K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4585	+0.172%	$34K	$11K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4520	−0.094%	$14.4M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4540	−0.012%	$3.1M	$6.4M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4559	+0.065%	$886K	$558K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4548	+0.020%	$3.7M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4533	−0.041%	—	$8.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4508	−0.143%	$24K	$376K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4618	+0.306%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4594	+0.208%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4578	+0.143%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0235%	1h	2.4584	+0.167%	$12.7M	$6.1M	5x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0640%	1h	2.4610	+0.273%	$152K	$508K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0683%	1h	2.4588	+0.183%	$357K	$400K	15x	as long as short
Kraken Futures PF_PENDLEUSDshort	+0.1183%	1h	2.4611	+0.276%	$115K	$269K	20x