Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0641%/8h= −70.2% APRpaid last 24h −0.126%

Price spread now: GRVT against Backpack−0.292%7-day average −0.246% · you buy dearer than you sell

Net, funding: paid 7d − costs−$118as in the Funding arb table

Net, price: spread back to 7d avg − costs−$46as in the Price arb table

costs, in and out, $10k−$420.417% of the position

Long on Backpack Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days−0.762%−$76 on $10k

Price spread, last 4 days (all we have)−0.754%−$75 · spread now −0.292%, 7d avg −0.246%

Together, before fees−1.517%+ Points / potential airdropGRVT: Active · farm board−$152 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$19 a day on $10k at the current rate, and GRVT is 0.045% cheaper against Backpack than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.246%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack PENDLE_USDC_PERP	2.4748	0.0715	pay 0.0089% / 1h	57m 00s	$356K	$479K	15x
Short	GRVT PENDLE_USDT_Perp	2.4676	0.0074	get 0.0074% / 8h	4h 57m	$412K	$1.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT against Backpack. 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 BackpackbpFee GRVTbpOrdersPrice spread, now −0.292%Rate

Funding earned: −$134.67
Price spread: −0.292% → −0.246%: −$4.53
Slippage, 4 orders: −$22.72
Fee Backpack: 5 bp × 2 orders: −$10
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$180.92
Costs to cover: 0.417%
Break-even: never at this rate

Slippage from Backpack: live order book, 2 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 Backpack live order book, 2 min ago	1.62 bp	9.8 bp −$10	27.0 bp −$270	doesn't fit	doesn't fit
Sell GRVT live order book, 1 min ago	2.64 bp	7.5 bp −$8	14.7 bp −$147	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	−0.4334%	1h	2.4430	−1.285%	$2K	$54K	5.5x	as long as short
Binance PENDLEUSDT	−0.0073%	8h	2.4710	−0.155%	$26.3M	$43.9M	75x	as long as short
Extended PENDLE-USD	−0.0072%	1h	2.4667	−0.327%	$161K	$570K	10x	as long as short
MEXC PENDLE_USDT	−0.0072%	8h	2.4682	−0.267%	$17.3M	$1.9M	125x	as long as short
BloFin PENDLE-USDT	−0.0066%	8h	2.4680	−0.275%	$1.3M	$653K	75x	as long as short
Aster PENDLEUSDT	−0.0042%	8h	2.4690	−0.234%	$47K	$178K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0035%	8h	2.4683	−0.263%	$19K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4657	−0.366%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4686	−0.251%	$25K	$14K	10x	as long as short
Gate PENDLE_USDT	+0.0002%	8h	2.4670	−0.315%	$718K	$1.1M	75x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni PENDLE	+0.0024%	8h	2.4655	−0.376%	$563K	$1.8M	—	as long as short
Reya PENDLERUSDPERP	+0.0062%	1h	2.4671	−0.312%	$3K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4672	−0.309%	$26K	—	3x	as long as short
GRVT PENDLE_USDT_Perpshort	+0.0074%	8h	2.4676	−0.292%	$412K	$1.8M	10x
Lighter PENDLE	+0.0096%	1h	2.4681	−0.271%	$527K	$413K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4633	−0.463%	$34K	$13K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4700	−0.194%	$14.7M	$12.4M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4730	−0.073%	$3.1M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4687	−0.246%	$835K	$573K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4704	−0.178%	$3.7M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4687	−0.246%	—	$8.6M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4669	−0.317%	$24K	$379K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4682	−0.267%	$75K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4692	−0.226%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4674	−0.299%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4676	−0.290%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0411%	1h	2.4749	+0.004%	$12.6M	$6.1M	5x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0608%	1h	2.4680	−0.275%	$146K	$491K	25x	as long as short
Backpack PENDLE_USDC_PERPlong	+0.0715%	1h	2.4748	long leg	$356K	$479K	15x
Kraken Futures PF_PENDLEUSD	+0.1176%	1h	2.4737	−0.043%	$115K	$278K	20x	as long as short