Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0060%/8h= −6.6% APRpaid last 24h +0.007%

Price spread now: MEXC against Reya−0.023%7-day average — · you buy dearer than you sell

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

Long on Reya Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropReya: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and MEXC is 0.023% cheaper against Reya than usual: you would sell low and buy high (−$2 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya PENDLERUSDPERP	2.4476	0.0081	pay 0.0010% / 1h	1m 00s	$3K	—	15x
Short	MEXC PENDLE_USDT	2.4470	0.0021	get 0.0021% / 8h	1h 01m	$17.5M	$2.0M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Reya. 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 ReyabpFee MEXCbpOrdersPrice spread, now −0.023%Rate

Funding earned: −$12.6
Price spread: −0.023% → 0.000%: −$2.31
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$24.91
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; MEXC: live order book, 3 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 Reya no order-book sample	—	—	—	—	—
Sell MEXC live order book, 3 min ago	0.61 bp	4.4 bp −$4	22.8 bp −$228	67.3 bp −$6,730	doesn't fit

Reya: 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 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	−0.4348%	1h	2.4230	−1.004%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0566%	1h	2.4482	+0.026%	$25K	$16K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0018%	8h	2.4473	−0.011%	$19K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4524	+0.198%	$10K	—	5x	as long as short
BloFin PENDLE-USDT	+0.0011%	8h	2.4463	−0.052%	$1.1M	$477K	75x	as long as short
Extended PENDLE-USD	+0.0016%	1h	2.4474	−0.006%	$161K	$497K	10x	as long as short
Binance PENDLEUSDT	+0.0019%	8h	2.4472	−0.015%	$25.8M	$45.4M	75x	as long as short
MEXC PENDLE_USDTshort	+0.0021%	8h	2.4470	−0.023%	$17.5M	$2.0M	125x
Gate PENDLE_USDT	+0.0050%	8h	2.4500	+0.099%	$788K	$1.0M	75x	as long as short
Reya PENDLERUSDPERPlong	+0.0081%	1h	2.4476	long leg	$3K	—	15x

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PENDLE-PERP	+0.0088%	1h	2.4479	+0.012%	$26K	—	3x	as long as short
GRVT PENDLE_USDT_Perp	+0.0093%	8h	2.4470	−0.025%	$411K	$2.4M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4487	+0.046%	$519K	$417K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4477	+0.007%	$34K	$7K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4524	+0.197%	$12.7M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4480	+0.019%	$46K	$169K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4470	−0.023%	$14.3M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4490	+0.059%	$3.1M	$6.7M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4507	+0.128%	$872K	$548K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4484	+0.034%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4474	−0.007%	—	$8.2M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4496	+0.082%	$595K	$1.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4468	−0.033%	$24K	$372K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4502	+0.108%	$75K	$233K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4498	+0.091%	$16K	$4K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4508	+0.132%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4488	+0.050%	$5K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0493%	1h	2.4534	+0.238%	$351K	$434K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0688%	1h	2.4510	+0.140%	$157K	$506K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1663%	1h	2.4513	+0.152%	$115K	$260K	20x	as long as short