Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0779%/8h= +85.3% APRpaid last 24h +0.014%

Price spread now: Coinbase International against GRVT−0.036%7-day average +0.104% · you buy dearer than you sell

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

Long on GRVT Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.067%+$7 on $10k

Price spread, last 3 days (all we have)+0.169%+$17 · spread now −0.036%, 7d avg +0.104%

Together, before fees+0.236%+ Points / potential airdropGRVT: Active · farm board+$24 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.140% cheaper against GRVT than usual: you would sell low and buy high (spread −0.036% now, against its 7-day average of +0.104%). If the spread goes back, that is −$14 on $10k: about 14 hours of funding at the current rate (+$23 a day). At the pace of the last 7 days (+0.067% in total) that is about 15 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.067% in total (about 3.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT PENDLE_USDT_Perp	2.5089	−0.0147	get 0.0147% / 8h	6h 55m	$420K	$1.6M	10x
Short	Coinbase International PENDLE-PERP-INTX	2.5080	0.0632	get 0.0079% / 1h	55m 14s	$144K	$464K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against GRVT. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Coinbase InternationalbpOrdersPrice spread, now −0.036%Rate

Funding earned: $163.59
Price spread: −0.036% → +0.104%: −$13.99
Slippage, 4 orders: no order book: not counted
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $130.6
Costs to cover: 0.190%
Break-even: 1.4 days

Slippage unknown: GRVT: live order book, 3 min ago; Coinbase International: live order book, 13 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 GRVT live order book, 3 min ago	4.38 bp	20.1 bp −$20	5862.0 bp −$58.6K	doesn't fit	doesn't fit
Sell Coinbase International live order book, 13 min ago	11.82 bp	436.1 bp −$436	doesn't fit	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	−0.4742%	1h	2.4850	−0.953%	$2K	$54K	5.5x	as long as short
ApeX Omni PENDLEUSDT	−0.0934%	1h	2.5163	+0.295%	$77K	$237K	50x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0906%	1h	2.5049	−0.159%	$26K	$14K	10x	as long as short
Bybit PENDLEUSDT	−0.0176%	8h	2.5030	−0.235%	$15.3M	$12.0M	50x	as long as short
GRVT PENDLE_USDT_Perplong	−0.0147%	8h	2.5089	long leg	$420K	$1.6M	10x
Binance PENDLEUSDT	−0.0113%	8h	2.5069	−0.080%	$27.1M	$43.1M	75x	as long as short
Extended PENDLE-USD	−0.0112%	1h	2.5017	−0.285%	$163K	$565K	10x	as long as short
MEXC PENDLE_USDT	−0.0110%	8h	2.5046	−0.171%	$17.2M	$1.8M	125x	as long as short
BloFin PENDLE-USDT	−0.0093%	8h	2.5041	−0.191%	$1.3M	$652K	75x	as long as short
Variational Omni PENDLE	−0.0035%	8h	2.5006	−0.330%	$596K	$1.8M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_PENDLE_USDC	−0.0029%	8h	2.5033	−0.223%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5025	−0.256%	$11K	—	5x	as long as short
Aster PENDLEUSDT	+0.0013%	8h	2.5028	−0.244%	$50K	$181K	10x	as long as short
Gate PENDLE_USDT	+0.0037%	8h	2.5000	−0.355%	$779K	$1.2M	75x	as long as short
Reya PENDLERUSDPERP	+0.0053%	1h	2.4989	−0.398%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0056%	1h	2.5030	−0.236%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5029	−0.239%	$533K	$414K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4999	−0.360%	$35K	$16K	10x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5040	−0.195%	$3.2M	$6.1M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5059	−0.120%	$851K	$591K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5034	−0.219%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4988	−0.403%	—	$33.8M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5136	+0.189%	$25K	$380K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5021	−0.271%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5041	−0.191%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0158% / S −0.0256%	1h	2.5013	−0.301%	$7K	—	100x	as long as short
Hyperliquid PENDLE	+0.0207%	1h	2.5045	−0.175%	$12.9M	$6.4M	5x	as long as short
Backpack PENDLE_USDC_PERP	+0.0247%	1h	2.5052	−0.147%	$351K	$485K	15x	as long as short
Coinbase International PENDLE-PERP-INTXshort	+0.0632%	1h	2.5080	−0.036%	$144K	$464K	25x
Kraken Futures PF_PENDLEUSD	+0.0868%	1h	2.5100	+0.045%	$117K	$290K	20x	as long as short