Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0168%/8h= −18.3% APRpaid last 24h −0.030%

Price spread now: Deribit against GRVT−0.128%75s7-day average — · you buy dearer than you sell

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

Long on GRVT Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropGRVT: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Deribit is 0.128% cheaper against GRVT than usual: you would sell low and buy high (−$13 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 75 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	2.5217	0.0100	pay 0.0100% / 8h	2h 57m	$426K	$1.6M	10x
Short	Deribit PENDLE_USDC-PERPETUAL	2.5185	−0.0068	pay 0.0008% / 1h	57m 54s	$30K	$11K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.128%Rate

Funding earned: −$35.19
Price spread: −0.128% → 0.000%: −$12.82
Slippage, 4 orders: no order book: not counted
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$64
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: GRVT: live order book, 5 min ago; Deribit: no order-book sample. 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, 5 min ago	0.99 bp	16.3 bp −$16	11093.8 bp −$110.9K	doesn't fit	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

Deribit: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.4806%	1h	2.5340	+0.486%	$2K	$7K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0430%	1h	2.5177	−0.161%	$159K	$254K	20x	as long as short
Deribit PENDLE_USDC-PERPETUALshort	−0.0068%	1h	2.5185	−0.128%	$30K	$11K	10x
dYdX PENDLE-USD	0.0000%	1h	2.5210	−0.029%	$11K	—	5x	as long as short
Variational Omni PENDLE	+0.0009%	8h	2.5225	+0.032%	$612K	$2.3M	—	as long as short
Reya PENDLERUSDPERP	+0.0033%	1h	2.5196	−0.086%	$4K	—	15x	as long as short
Orderly PERP_PENDLE_USDC	+0.0035%	8h	2.5193	−0.096%	$23K	$8K	10x	as long as short
MEXC PENDLE_USDT	+0.0037%	8h	2.5165	−0.207%	$16.9M	$2.2M	125x	as long as short
Binance PENDLEUSDT	+0.0038%	8h	2.5164	−0.210%	$27.5M	$38.6M	75x	as long as short
Extended PENDLE-USD	+0.0040%	1h	2.5166	−0.205%	$166K	$524K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin PENDLE-USDT	+0.0054%	8h	2.5226	+0.034%	$1.3M	$797K	75x	as long as short
ApeX Omni PENDLEUSDT	+0.0062%	1h	2.5220	+0.011%	$77K	$239K	50x	as long as short
Aster PENDLEUSDT	+0.0065%	8h	2.5188	−0.116%	$41K	$176K	10x	as long as short
Aevo PENDLE-PERP	+0.0088%	1h	2.5189	−0.113%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5180	−0.148%	$551K	$375K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5198	−0.077%	$35K	$24K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5217	−0.002%	$12.5M	$5.5M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5150	−0.267%	$15.6M	$12.3M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5180	−0.148%	$3.3M	$5.6M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5180	−0.148%	$851K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5194	−0.092%	$913K	$605K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5177	−0.160%	$3.8M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5173	−0.176%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5222	+0.018%	$25K	$415K	10x	as long as short
GRVT PENDLE_USDT_Perplong	+0.0100%	8h	2.5217	long leg	$426K	$1.6M	10x
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5227	+0.038%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5191	−0.104%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0275%	1h	2.5192	−0.099%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5240	+0.090%	$118K	$438K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0562%	1h	2.5222	+0.019%	$363K	$464K	15x	as long as short