Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0752%/8h= −82.3% APRpaid last 24h −0.029%

Price spread now: GRVT against Coinbase International−0.699%7-day average −0.108% · you buy dearer than you sell

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

Long on Coinbase International Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days−0.072%−$7 on $10k

Price spread, last 3 days (all we have)+0.577%+$58 · spread now −0.699%, 7d avg −0.108%

Together, before fees+0.505%+ Points / potential airdropGRVT: Active · farm board+$50 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$23 a day on $10k at the current rate, and GRVT is 0.591% cheaper against Coinbase International than usual: you would sell low and buy high (−$59 if the spread goes back to its 7-day average of −0.108%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.072% in total (about -3.8% 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	Coinbase International PENDLE-PERP-INTX	2.5260	0.0632	pay 0.0079% / 1h	9m 32s	$145K	$473K	25x
Short	GRVT PENDLE_USDT_Perp	2.5084	−0.0120	pay 0.0120% / 8h	6h 09m	$422K	$1.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT against Coinbase International. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Coinbase InternationalbpFee GRVTbpOrdersPrice spread, now −0.699%Rate

Funding earned: −$157.92
Price spread: −0.699% → −0.108%: −$59.1
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$236.02
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Coinbase International: live order book, 59 min ago; GRVT: live order book, 4 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 Coinbase International live order book, 59 min ago	11.82 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell GRVT live order book, 4 min ago	1.60 bp	11.4 bp −$11	17.8 bp −$178	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	−1.544%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0587%	1h	2.5077	−0.724%	$26K	$14K	10x	as long as short
Extended PENDLE-USD	−0.0136%	1h	2.5016	−0.964%	$163K	$570K	10x	as long as short
Binance PENDLEUSDT	−0.0133%	8h	2.5076	−0.728%	$27.0M	$43.4M	75x	as long as short
MEXC PENDLE_USDT	−0.0132%	8h	2.5070	−0.752%	$17.3M	$1.8M	125x	as long as short
GRVT PENDLE_USDT_Perpshort	−0.0120%	8h	2.5084	−0.699%	$422K	$1.7M	10x
ApeX Omni PENDLEUSDT	−0.0113%	1h	2.5065	−0.772%	$76K	$236K	50x	as long as short
Gate PENDLE_USDT	−0.0081%	8h	2.5050	−0.831%	$757K	$1.2M	75x	as long as short
Variational Omni PENDLE	−0.0044%	8h	2.5046	−0.849%	$612K	$1.8M	—	as long as short
Aster PENDLEUSDT	−0.0042%	8h	2.5072	−0.743%	$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	2.5045	−0.851%	$20K	$16K	10x	as long as short
Bybit PENDLEUSDT	−0.0014%	8h	2.5070	−0.752%	$15.2M	$12.0M	50x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5084	−0.697%	$11K	—	5x	as long as short
Aevo PENDLE-PERP	+0.0048%	1h	2.5048	−0.841%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0056%	1h	2.5066	−0.768%	$4K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5044	−0.855%	$533K	$416K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5034	−0.894%	$35K	$16K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5103	−0.622%	$12.9M	$6.3M	5x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5050	−0.831%	$3.2M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5055	−0.812%	$865K	$593K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5048	−0.839%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5081	−0.709%	—	$33.6M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5068	−0.760%	$25K	$378K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5084	−0.697%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5059	−0.796%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0158% / S −0.0256%	1h	2.5118	−0.560%	$7K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0393%	1h	2.5103	−0.622%	$352K	$481K	15x	as long as short
Coinbase International PENDLE-PERP-INTXlong	+0.0632%	1h	2.5260	long leg	$145K	$473K	25x
Kraken Futures PF_PENDLEUSD	+0.0868%	1h	2.5112	−0.584%	$117K	$289K	20x	as long as short