Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0007%/8h= −0.7% APRpaid last 24h −0.018%

Price spread now: GRVT against ApeX Omni+0.074%7-day average −0.054% · you sell dearer than you buy

Net, funding: paid 7d − costs−$51as in the Funding arb table

Net, price: spread back to 7d avg − costs−$44as in the Price arb table

costs, in and out, $10k−$570.572% of the position

Long on ApeX Omni Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days+0.063%+$6 on $10k

Price spread, last 4 days (all we have)−0.155%−$15 · spread now +0.074%, 7d avg −0.054%

Together, before fees−0.092%+ Points / potential airdropGRVT: Active · farm board−$9 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: GRVT is 0.128% dearer against ApeX Omni than usual: you sell high and buy low, +$13 on $10k if it goes back to its 7-day average of −0.054%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni PENDLEUSDT	2.5065	−0.0113	get 0.0014% / 1h	7m 35s	$76K	$236K	50x
Short	GRVT PENDLE_USDT_Perp	2.5084	−0.0120	pay 0.0120% / 8h	6h 07m	$422K	$1.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT against ApeX Omni. 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 ApeX OmnibpFee GRVTbpOrdersPrice spread, now +0.074%Rate

Funding earned: −$1.38
Price spread: +0.074% → −0.054%: $12.82
Slippage, 4 orders: −$38.18
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$45.74
Costs to cover: 0.572%
Break-even: never at this rate

Slippage from ApeX Omni: live order book, 59 min ago; GRVT: 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 ApeX Omni live order book, 59 min ago	4.16 bp	12.3 bp −$12	84.4 bp −$844	doesn't fit	doesn't fit
Sell GRVT live order book, 1 min ago	2.79 bp	18.2 bp −$18	doesn't fit	doesn't fit	doesn't fit

PENDLE on 29 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	2.4870	−0.778%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.1062%	1h	2.5125	+0.239%	$26K	$14K	10x	as long as short
Extended PENDLE-USD	−0.0136%	1h	2.5085	+0.080%	$163K	$570K	10x	as long as short
Binance PENDLEUSDT	−0.0134%	8h	2.5105	+0.160%	$27.0M	$43.5M	75x	as long as short
MEXC PENDLE_USDT	−0.0134%	8h	2.5100	+0.140%	$17.4M	$1.8M	125x	as long as short
GRVT PENDLE_USDT_Perpshort	−0.0120%	8h	2.5084	+0.074%	$422K	$1.7M	10x
ApeX Omni PENDLEUSDTlong	−0.0113%	1h	2.5065	long leg	$76K	$236K	50x
Gate PENDLE_USDT	−0.0077%	8h	2.5100	+0.140%	$758K	$1.2M	75x	as long as short
Variational Omni PENDLE	−0.0044%	8h	2.5046	−0.077%	$612K	$1.8M	—	as long as short
Aster PENDLEUSDT	−0.0042%	8h	2.5138	+0.290%	$50K	$181K	10x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_PENDLE_USDC	−0.0038%	8h	2.5121	+0.223%	$20K	$15K	10x	as long as short
Bybit PENDLEUSDT	−0.0006%	8h	2.5081	+0.064%	$15.2M	$12.0M	50x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5120	+0.219%	$11K	—	5x	as long as short
Aevo PENDLE-PERP	+0.0048%	1h	2.5115	+0.199%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0056%	1h	2.5119	+0.214%	$4K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5112	+0.188%	$535K	$416K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5070	+0.020%	$35K	$16K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5161	+0.383%	$12.9M	$6.3M	5x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5060	−0.020%	$3.2M	$6.1M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5093	+0.112%	$867K	$594K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5073	+0.032%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5091	+0.104%	—	$33.6M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5068	+0.012%	$25K	$378K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5132	+0.267%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5148	+0.331%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0158% / S −0.0256%	1h	2.5148	+0.333%	$7K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0389%	1h	2.5172	+0.427%	$353K	$481K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0632%	1h	2.5140	+0.299%	$144K	$472K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0866%	1h	2.5178	+0.452%	$117K	$289K	20x	as long as short