Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.020%

Price spread now: GRVT against edgeX+0.083%7-day average −0.001% · you sell dearer than you buy

Net, funding: paid 7d − costs−$46as in the Funding arb table

Net, price: spread back to 7d avg − costs−$30as in the Price arb table

costs, in and out, $10k−$380.382% of the position

Long on edgeX Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days−0.081%−$8 on $10k

Price spread, last 3 days (all we have)−0.080%−$8 · spread now +0.083%, 7d avg −0.001%

Together, before fees−0.161%+ Points / potential airdropedgeX: Active · GRVT: Active · farm board−$16 on $10k · with fees, hour by hour

The price spread pays, funding is against you. GRVT is 0.084% dearer against edgeX than usual: you sell high and buy low (spread +0.083% now, against its 7-day average of −0.001%): +$8 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 5.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX PENDLEUSDC	2.5204	0.0100	pay 0.0050% / 4h	33m 46s	$25K	$396K	10x
Short	GRVT PENDLE_USDT_Perp	2.5225	0.0050	get 0.0050% / 8h	33m 46s	$418K	$1.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT against edgeX. 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 edgeXbpFee GRVTbpOrdersPrice spread, now +0.083%Rate

Funding earned: −$10.5
Price spread: +0.083% → −0.001%: $8.4
Slippage, 4 orders: −$20.24
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$40.34
Costs to cover: 0.382%
Break-even: never at this rate

Slippage from edgeX: live order book, 45 min ago; GRVT: live order book, 5 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 edgeX live order book, 45 min ago	1.21 bp	6.2 bp −$6	37.7 bp −$377	doesn't fit	doesn't fit
Sell GRVT live order book, 5 min ago	1.59 bp	9.7 bp −$10	27.5 bp −$275	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	−0.5000%	1h	2.4940	−1.046%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0424%	1h	2.5217	+0.053%	$30K	$10K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0090%	1h	2.5215	+0.045%	$77K	$239K	50x	as long as short
BloFin PENDLE-USDT	−0.0054%	8h	2.5198	−0.023%	$1.3M	$752K	75x	as long as short
Binance PENDLEUSDT	−0.0027%	8h	2.5211	+0.029%	$27.3M	$41.9M	75x	as long as short
MEXC PENDLE_USDT	−0.0026%	8h	2.5206	+0.009%	$17.1M	$1.9M	125x	as long as short
Extended PENDLE-USD	−0.0024%	1h	2.5190	−0.053%	$166K	$528K	10x	as long as short
Orderly PERP_PENDLE_USDC	0.0000%	8h	2.5213	+0.037%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5242	+0.151%	$11K	—	5x	as long as short
Variational Omni PENDLE	+0.0043%	8h	2.5187	−0.066%	$594K	$1.9M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya PENDLERUSDPERP	+0.0045%	1h	2.5207	+0.015%	$4K	—	15x	as long as short
GRVT PENDLE_USDT_Perpshort	+0.0050%	8h	2.5225	+0.083%	$418K	$1.6M	10x
Aevo PENDLE-PERP	+0.0072%	1h	2.5210	+0.027%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5219	+0.061%	$531K	$415K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5212	+0.034%	$35K	$18K	10x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5238	+0.137%	$46K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5191	−0.050%	$15.5M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5200	−0.015%	$3.2M	$6.1M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5200	−0.015%	$783K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5245	+0.164%	$893K	$600K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5209	+0.021%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5213	+0.037%	—	$35.7M	—	as long as short
edgeX PENDLEUSDClong	+0.0100%	4h	2.5204	long leg	$25K	$396K	10x
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5238	+0.136%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5218	+0.057%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5230	+0.106%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0237%	1h	2.5276	+0.287%	$12.7M	$6.1M	5x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0594%	1h	2.5266	+0.247%	$120K	$299K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.5340	+0.541%	$141K	$458K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0817%	1h	2.5256	+0.208%	$329K	$491K	15x	as long as short