Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0102%/8h= +11.2% APRpaid last 24h +0.009%

Price spread now: GRVT against Extended+0.353%7-day average −0.033% · you sell dearer than you buy

Net, funding: paid 7d − costs−$62as in the Funding arb table

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$620.623% of the position

Long on Extended Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days+0.008%+$1 on $10k

Price spread, last 4 days (all we have)−0.462%−$46 · spread now +0.353%, 7d avg −0.033%

Together, before fees−0.454%+ Points / potential airdropExtended: Active · GRVT: Active · farm board−$45 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and GRVT is 0.386% dearer against Extended than usual: you sell high and buy low: +$39 more if the spread goes back to its 7-day average of −0.033%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended PENDLE-USD	2.4384	−0.0008	get 0.0001% / 1h	40m 53s	$157K	$579K	10x
Short	GRVT PENDLE_USDT_Perp	2.4470	0.0094	get 0.0094% / 8h	2h 40m	$405K	$2.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT against Extended. 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 ExtendedbpFee GRVTbpOrdersPrice spread, now +0.353%Rate

Funding earned: $21.42
Price spread: +0.353% → −0.033%: $38.57
Slippage, 4 orders: −$48.32
Fee Extended: 2.5 bp × 2 orders: −$5
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$2.32
Costs to cover: 0.623%
Break-even: 7.8 days

Slippage from Extended: live order book, 7 min ago; GRVT: live order book, 3 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 Extended live order book, 7 min ago	1.02 bp	14.7 bp −$15	153.1 bp −$1,531	doesn't fit	doesn't fit
Sell GRVT live order book, 3 min ago	1.64 bp	13.8 bp −$14	24.2 bp −$242	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	−0.3926%	1h	2.4240	−0.590%	$2K	$54K	5.5x	as long as short
Gate PENDLE_USDT	−0.0053%	8h	2.4380	−0.016%	$716K	$1.1M	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0035%	8h	2.4427	+0.177%	$19K	$15K	10x	as long as short
Extended PENDLE-USDlong	−0.0008%	1h	2.4384	long leg	$157K	$579K	10x
Binance PENDLEUSDT	−0.0007%	8h	2.4408	+0.099%	$25.7M	$44.3M	75x	as long as short
MEXC PENDLE_USDT	−0.0006%	8h	2.4400	+0.066%	$17.3M	$2.0M	125x	as long as short
BloFin PENDLE-USDT	−0.0003%	8h	2.4420	+0.148%	$1.1M	$599K	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4466	+0.338%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4431	+0.193%	$24K	$15K	10x	as long as short
Reya PENDLERUSDPERP	+0.0073%	1h	2.4435	+0.209%	$3K	—	15x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PENDLE-PERP	+0.0080%	1h	2.4420	+0.148%	$26K	—	3x	as long as short
Aster PENDLEUSDT	+0.0092%	8h	2.4419	+0.144%	$46K	$171K	10x	as long as short
GRVT PENDLE_USDT_Perpshort	+0.0094%	8h	2.4470	+0.353%	$405K	$2.1M	10x
Lighter PENDLE	+0.0096%	1h	2.4433	+0.201%	$515K	$415K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4419	+0.146%	$34K	$9K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4449	+0.265%	$12.6M	$6.1M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4390	+0.025%	$14.3M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4410	+0.107%	$3.1M	$6.4M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4405	+0.086%	$859K	$554K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4396	+0.050%	$3.6M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4394	+0.041%	—	$8.4M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4411	+0.111%	$548K	$1.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4457	+0.299%	$24K	$373K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4466	+0.337%	$74K	$233K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4459	+0.308%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4423	+0.160%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4427	+0.178%	$5K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0529%	1h	2.4452	+0.279%	$352K	$402K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.4530	+0.599%	$154K	$520K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1192%	1h	2.4469	+0.348%	$115K	$263K	20x	as long as short