PENDLE

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0041%/8h= +4.5% APRnext payment +$0.41 per $10,000 · paid last 24h −0.028%

Price spread now: Bybit against GRVT+0.209%90s7-day average +0.028% · you sell dearer than you buy

Net, funding: paid 7d − costs−$63as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$510.510% of the position

Long on GRVT Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.119%−$12 on $10k

Price spread, last 7 days−0.469%−$47 · spread now +0.209%, 7d avg +0.028%

Together, before fees−0.588%+ Points / potential airdropGRVT: Active · farm board−$59 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Bybit is 0.181% dearer against GRVT than usual: you sell high and buy low: +$18 more if the spread goes back to its 7-day average of +0.028%. Mind the row above: over the last 7 days funding on this pair cost −0.119%, so the current rate has only just turned in your favour. The two prices were read 90 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	GRVT PENDLE_USDT_Perp	2.4892	0.0059	pay 0.0059% / 8h	5h 20m	$416K	$1.8M	10x
Short	Bybit PENDLEUSDT	2.4944	0.0100	get 0.0100% / 8h	5h 20m	$15.0M	$12.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.209%Rate

Funding earned: $8.61
Price spread: +0.209% → +0.028%: $18.13
Slippage, 4 orders: −$31
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$24.26
Costs to cover: 0.510%
Break-even: 26.7 days

Slippage from GRVT: live order book, 3 min ago; Bybit: 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 GRVT live order book, 3 min ago	1.81 bp	6.7 bp −$7	20.5 bp −$205	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	2.01 bp	13.7 bp −$14	46.6 bp −$466	285.8 bp −$28.6K	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	−0.4938%	1h	2.4520	−1.494%	$2K	$54K	5.5x	as long as short
BloFin PENDLE-USDT	−0.0102%	8h	2.4951	+0.237%	$1.3M	$650K	75x	as long as short
MEXC PENDLE_USDT	−0.0084%	8h	2.4952	+0.241%	$17.4M	$1.9M	125x	as long as short
Binance PENDLEUSDT	−0.0081%	8h	2.4954	+0.251%	$26.7M	$43.5M	75x	as long as short
Extended PENDLE-USD	−0.0080%	1h	2.4940	+0.192%	$162K	$570K	10x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0070%	1h	2.4957	+0.261%	$26K	$14K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0035%	8h	2.4962	+0.281%	$19K	$15K	10x	as long as short
Aster PENDLEUSDT	−0.0030%	8h	2.4960	+0.275%	$47K	$177K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4955	+0.253%	$10K	—	5x	as long as short
Variational Omni PENDLE	+0.0011%	8h	2.4945	+0.214%	$561K	$1.8M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate PENDLE_USDT	+0.0029%	8h	2.4960	+0.273%	$723K	$1.1M	75x	as long as short
Aevo PENDLE-PERP	+0.0056%	1h	2.4949	+0.230%	$26K	—	3x	as long as short
GRVT PENDLE_USDT_Perplong	+0.0059%	8h	2.4892	long leg	$416K	$1.8M	10x
Reya PENDLERUSDPERP	+0.0060%	1h	2.4953	+0.246%	$4K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4956	+0.257%	$533K	$418K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4960	+0.273%	$35K	$15K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5000	+0.434%	$12.7M	$6.0M	5x	as long as short
Bybit PENDLEUSDTshort	+0.0100%	8h	2.4944	+0.209%	$15.0M	$12.2M	50x
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4960	+0.273%	$3.2M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4972	+0.321%	$852K	$573K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4959	+0.269%	$3.7M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4951	+0.237%	—	$33.6M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4819	−0.292%	$25K	$377K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4856	−0.145%	$76K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4987	+0.382%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4954	+0.249%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0158% / S −0.0257%	1h	2.4962	+0.281%	$7K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0552%	1h	2.4990	+0.394%	$148K	$493K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0724%	1h	2.4998	+0.426%	$361K	$488K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0749%	1h	2.5021	+0.517%	$116K	$280K	20x	as long as short