Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.020%

Price spread now: Bitget against GRVT+0.154%7-day average −0.041% · you sell dearer than you buy

Net, funding: paid 7d − costs−$70as in the Funding arb table

Net, price: spread back to 7d avg − costs−$53as in the Price arb table

costs, in and out, $10k−$730.728% of the position

Long on GRVT Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.033%+$3 on $10k

Price spread, last 3 days (all we have)−0.531%−$53 · spread now +0.154%, 7d avg −0.041%

Together, before fees−0.498%+ Points / potential airdropGRVT: Active · farm board−$50 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bitget is 0.196% dearer against GRVT than usual: you sell high and buy low, +$20 on $10k if it goes back to its 7-day average of −0.041%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT PENDLE_USDT_Perp	2.4989	0.0100	pay 0.0100% / 8h	1h 39m	$412K	$1.6M	10x
Short	Bitget PENDLEUSDT	2.5028	0.0100	get 0.0100% / 8h	1h 39m	$3.7M	$2.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against GRVT. 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 GRVTbpFee BitgetbpOrdersPrice spread, now +0.154%Rate

Funding earned: $0
Price spread: +0.154% → −0.041%: $19.57
Slippage, 4 orders: −$51.81
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$53.24
Costs to cover: 0.728%
Break-even: never at this rate

Slippage from GRVT: live order book, 4 min ago; Bitget: live order book, 4 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 GRVT live order book, 4 min ago	2.00 bp	15.3 bp −$15	6966.1 bp −$69.7K	doesn't fit	doesn't fit
Sell Bitget live order book, 4 min ago	4.40 bp	21.4 bp −$21	54.7 bp −$547	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	−0.3656%	1h	2.4770	−0.878%	$2K	$53K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0468%	1h	2.5044	+0.219%	$30K	$10K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5043	+0.216%	$11K	—	5x	as long as short
BloFin PENDLE-USDT	+0.0023%	8h	2.5012	+0.090%	$1.3M	$731K	75x	as long as short
Extended PENDLE-USD	+0.0024%	1h	2.5006	+0.067%	$164K	$526K	10x	as long as short
MEXC PENDLE_USDT	+0.0025%	8h	2.5030	+0.162%	$16.9M	$2.1M	125x	as long as short
Binance PENDLEUSDT	+0.0026%	8h	2.5033	+0.174%	$27.2M	$40.2M	75x	as long as short
Orderly PERP_PENDLE_USDC	+0.0026%	8h	2.5037	+0.190%	$20K	$16K	10x	as long as short
Reya PENDLERUSDPERP	+0.0039%	1h	2.5036	+0.185%	$4K	—	15x	as long as short
ApeX Omni PENDLEUSDT	+0.0060%	1h	2.5020	+0.122%	$76K	$240K	50x	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	+0.0065%	8h	2.5012	+0.091%	$553K	$2.0M	—	as long as short
Aevo PENDLE-PERP	+0.0088%	1h	2.5040	+0.203%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5037	+0.190%	$526K	$422K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5033	+0.175%	$35K	$20K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5067	+0.311%	$12.3M	$5.8M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5057	+0.269%	$42K	$175K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5030	+0.162%	$15.4M	$11.8M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5050	+0.243%	$3.2M	$5.8M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5040	+0.203%	$786K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5052	+0.251%	$894K	$623K	50x	as long as short
Bitget PENDLEUSDTshort	+0.0100%	8h	2.5028	+0.154%	$3.7M	$2.7M	75x
BingX PENDLE-USDT	+0.0100%	8h	2.5030	+0.162%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5004	+0.059%	$25K	$410K	10x	as long as short
GRVT PENDLE_USDT_Perplong	+0.0100%	8h	2.4989	long leg	$412K	$1.6M	10x
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5065	+0.303%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5053	+0.255%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5056	+0.265%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.5040	+0.203%	$139K	$461K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0751%	1h	2.5068	+0.314%	$147K	$278K	20x	as long as short
Backpack PENDLE_USDC_PERP	+0.0763%	1h	2.5079	+0.359%	$356K	$461K	15x	as long as short