Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0356%/8h= +39.0% APRpaid last 24h +0.054%

Price spread now: GRVT against Deribit−0.089%75s7-day average — · you buy dearer than you sell

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

Long on Deribit Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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

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

Funding pays, the price is against you. GRVT is 0.089% cheaper against Deribit than usual: you would sell low and buy high (spread −0.089% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$9 on $10k: about 20 hours of funding at the current rate (+$11 a day). The two prices were read 75 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit PENDLE_USDC-PERPETUAL	2.4729	−0.0275	get 0.0034% / 1h	53m 42s	$25K	$14K	10x
Short	GRVT PENDLE_USDT_Perp	2.4707	0.0081	get 0.0081% / 8h	4h 53m	$412K	$1.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT against Deribit. 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 DeribitbpFee GRVTbpOrdersPrice spread, now −0.089%Rate

Funding earned: $74.85
Price spread: −0.089% → 0.000%: −$8.9
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: $49.95
Costs to cover: 0.160%
Break-even: 2.3 days

Slippage unknown: Deribit: no order-book sample; GRVT: live order book, 5 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 Deribit no order-book sample	—	—	—	—	—
Sell GRVT live order book, 5 min ago	2.64 bp	7.5 bp −$8	14.7 bp −$147	doesn't fit	doesn't fit

Deribit: 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	−0.4334%	1h	2.4430	−1.209%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUALlong	−0.0275%	1h	2.4729	long leg	$25K	$14K	10x
BloFin PENDLE-USDT	−0.0088%	8h	2.4722	−0.028%	$1.3M	$654K	75x	as long as short
MEXC PENDLE_USDT	−0.0067%	8h	2.4703	−0.105%	$17.3M	$1.9M	125x	as long as short
Binance PENDLEUSDT	−0.0067%	8h	2.4701	−0.113%	$26.3M	$43.9M	75x	as long as short
Extended PENDLE-USD	−0.0064%	1h	2.4676	−0.213%	$161K	$570K	10x	as long as short
Aster PENDLEUSDT	−0.0038%	8h	2.4711	−0.071%	$47K	$178K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0035%	8h	2.4712	−0.069%	$19K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4740	+0.043%	$10K	—	5x	as long as short
Gate PENDLE_USDT	+0.0003%	8h	2.4730	+0.004%	$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	+0.0030%	8h	2.4746	+0.068%	$564K	$1.8M	—	as long as short
Reya PENDLERUSDPERP	+0.0062%	1h	2.4725	−0.018%	$3K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4708	−0.085%	$26K	—	3x	as long as short
GRVT PENDLE_USDT_Perpshort	+0.0081%	8h	2.4707	−0.089%	$412K	$1.8M	10x
Lighter PENDLE	+0.0096%	1h	2.4710	−0.077%	$527K	$414K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4687	−0.170%	$35K	$13K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4688	−0.166%	$14.7M	$12.3M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4710	−0.077%	$3.1M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4731	+0.008%	$875K	$580K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4681	−0.194%	$3.7M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4712	−0.069%	—	$8.6M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4652	−0.310%	$24K	$376K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4657	−0.291%	$75K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4742	+0.053%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4710	−0.077%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4725	−0.018%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0229%	1h	2.4752	+0.092%	$12.6M	$6.1M	5x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0608%	1h	2.4760	+0.125%	$147K	$493K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0682%	1h	2.4760	+0.125%	$356K	$478K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1176%	1h	2.4719	−0.040%	$115K	$278K	20x	as long as short