Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0041%/8h= +4.5% APRpaid last 24h +0.009%

Price spread now: edgeX against GRVT+0.195%7-day average +0.086% · you sell dearer than you buy

Net, funding: paid 7d − costs−$40as in the Funding arb table

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$470.465% of the position

Long on GRVT Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.069%+$7 on $10k

Price spread, last 4 days (all we have)−0.228%−$23 · spread now +0.195%, 7d avg +0.086%

Together, before fees−0.159%+ Points / potential airdropGRVT: Active · edgeX: Active · farm board−$16 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 edgeX is 0.109% dearer against GRVT than usual: you sell high and buy low: +$11 more if the spread goes back to its 7-day average of +0.086%.

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 17m	$416K	$1.8M	10x
Short	edgeX PENDLEUSDC	2.4941	0.0100	get 0.0050% / 4h	1h 17m	$25K	$378K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now +0.195%Rate

Funding earned: $8.61
Price spread: +0.195% → +0.086%: $10.9
Slippage, 4 orders: −$28.54
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$27.02
Costs to cover: 0.465%
Break-even: 29.0 days

Slippage from GRVT: live order book, 1 min ago; edgeX: live order book, 46 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, 1 min ago	3.19 bp	15.9 bp −$16	232.7 bp −$2,327	doesn't fit	doesn't fit
Sell edgeX live order book, 46 min ago	2.39 bp	7.3 bp −$7	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	−0.4938%	1h	2.4520	−1.494%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0109%	1h	2.5047	+0.623%	$26K	$14K	10x	as long as short
Binance PENDLEUSDT	−0.0075%	8h	2.5094	+0.810%	$26.8M	$43.5M	75x	as long as short
MEXC PENDLE_USDT	−0.0075%	8h	2.5096	+0.820%	$17.5M	$1.9M	125x	as long as short
Extended PENDLE-USD	−0.0072%	1h	2.5091	+0.799%	$163K	$570K	10x	as long as short
BloFin PENDLE-USDT	−0.0054%	8h	2.5058	+0.667%	$1.3M	$653K	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0035%	8h	2.5057	+0.663%	$20K	$15K	10x	as long as short
Aster PENDLEUSDT	−0.0021%	8h	2.5081	+0.758%	$48K	$177K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5100	+0.837%	$11K	—	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	+0.0045%	8h	2.5060	+0.675%	$726K	$1.1M	75x	as long as short
GRVT PENDLE_USDT_Perplong	+0.0059%	8h	2.4892	long leg	$416K	$1.8M	10x
Reya PENDLERUSDPERP	+0.0060%	1h	2.5076	+0.741%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.5039	+0.591%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5100	+0.836%	$536K	$418K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5082	+0.761%	$35K	$15K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5123	+0.928%	$12.8M	$6.0M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5090	+0.795%	$15.0M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5120	+0.916%	$3.2M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5087	+0.783%	$856K	$573K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5089	+0.791%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5094	+0.812%	—	$33.5M	—	as long as short
edgeX PENDLEUSDCshort	+0.0100%	4h	2.4941	+0.195%	$25K	$378K	10x
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4958	+0.265%	$76K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5102	+0.844%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5031	+0.558%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0158% / S −0.0257%	1h	2.5060	+0.675%	$7K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0552%	1h	2.5120	+0.916%	$148K	$496K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0747%	1h	2.5079	+0.751%	$117K	$280K	20x	as long as short
Backpack PENDLE_USDC_PERP	+0.0759%	1h	2.5093	+0.807%	$363K	$488K	15x	as long as short