Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0207%/8h= +22.7% APRpaid last 24h +0.017%

Price spread now: OKX against MEXC−0.060%7-day average −0.030% · you buy dearer than you sell

Net, funding: paid 7d − costs−$49as in the Funding arb table

Net, price: spread back to 7d avg − costs−$58as in the Price arb table

costs, in and out, $10k−$550.552% of the position

Long on MEXC Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.061%+$6 on $10k

Price spread, last 7 days+0.112%+$11 · spread now −0.060%, 7d avg −0.030%

Together, before fees+0.173%+$17 on $10k · with fees, hour by hour

Funding pays, the price is against you. OKX is 0.029% cheaper against MEXC than usual: you would sell low and buy high (spread −0.060% now, against its 7-day average of −0.030%). If the spread goes back, that is −$3 on $10k: about 11 hours of funding at the current rate (+$6 a day). At the pace of the last 7 days (+0.061% in total) that is about 3.4 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.061% in total (about 3.2% 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	2.5115	−0.0107	get 0.0107% / 8h	6h 41m	$17.4M	$1.8M	125x
Short	OKX PENDLE-USDT-SWAP	2.5100	0.0100	get 0.0050% / 4h	2h 41m	$3.2M	$6.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.060%Rate

Funding earned: $43.47
Price spread: −0.060% → −0.030%: −$2.94
Slippage, 4 orders: −$41.19
Fee MEXC: 2 bp × 2 orders: −$4
Fee OKX: 5 bp × 2 orders: −$10
Net: −$14.66
Costs to cover: 0.552%
Break-even: 9.4 days

Slippage from MEXC: live order book, 2 min ago; OKX: live order book, 1 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, 2 min ago	0.60 bp	5.5 bp −$5	31.0 bp −$310	74.5 bp −$7,448	doesn't fit
Sell OKX live order book, 1 min ago	3.99 bp	18.2 bp −$18	79.2 bp −$792	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	−0.4742%	1h	2.4750	−1.453%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0308%	1h	2.5090	−0.100%	$26K	$14K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0160%	1h	2.5186	+0.283%	$77K	$237K	50x	as long as short
Binance PENDLEUSDT	−0.0111%	8h	2.5097	−0.071%	$27.1M	$43.3M	75x	as long as short
MEXC PENDLE_USDTlong	−0.0107%	8h	2.5115	long leg	$17.4M	$1.8M	125x
Bybit PENDLEUSDT	−0.0106%	8h	2.5090	−0.100%	$15.3M	$12.1M	50x	as long as short
Extended PENDLE-USD	−0.0104%	1h	2.5101	−0.055%	$167K	$569K	10x	as long as short
GRVT PENDLE_USDT_Perp	−0.0097%	8h	2.5096	−0.076%	$421K	$1.7M	10x	as long as short
BloFin PENDLE-USDT	−0.0095%	8h	2.5143	+0.111%	$1.3M	$654K	75x	as long as short
Variational Omni PENDLE	−0.0038%	8h	2.5076	−0.155%	$598K	$1.8M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_PENDLE_USDC	−0.0033%	8h	2.5081	−0.135%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5095	−0.080%	$11K	—	5x	as long as short
Gate PENDLE_USDT	+0.0005%	8h	2.5090	−0.100%	$763K	$1.2M	75x	as long as short
Aster PENDLEUSDT	+0.0005%	8h	2.5092	−0.092%	$50K	$180K	10x	as long as short
Reya PENDLERUSDPERP	+0.0054%	1h	2.5092	−0.093%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0056%	1h	2.5063	−0.209%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5089	−0.104%	$534K	$414K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5108	−0.028%	$35K	$16K	10x	as long as short
OKX PENDLE-USDT-SWAPshort	+0.0100%	4h	2.5100	−0.060%	$3.2M	$6.2M	50x
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5088	−0.108%	$853K	$593K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5090	−0.100%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5100	−0.060%	—	$33.8M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5176	+0.244%	$25K	$379K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5116	+0.004%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5111	−0.016%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0158% / S −0.0256%	1h	2.5111	−0.015%	$7K	—	100x	as long as short
Hyperliquid PENDLE	+0.0280%	1h	2.5143	+0.111%	$12.9M	$6.4M	5x	as long as short
Backpack PENDLE_USDC_PERP	+0.0358%	1h	2.5144	+0.115%	$352K	$485K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0632%	1h	2.5110	−0.020%	$146K	$469K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0867%	1h	2.5127	+0.050%	$117K	$291K	20x	as long as short