Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0010%/8h= +1.1% APRpaid last 24h +0.022%

Price spread now: Extended against GRVT−0.168%72s7-day average −0.076% · you buy dearer than you sell

Net, funding: paid 7d − costs−$59as 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−$620.615% of the position

Long on GRVT Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.021%+$2 on $10k

Price spread, last 3 days (all we have)−0.157%−$16 · spread now −0.168%, 7d avg −0.076%

Together, before fees−0.137%+ Points / potential airdropGRVT: Active · Extended: Active · farm board−$14 on $10k · with fees, hour by hour

Funding pays, the price is against you. Extended is 0.092% cheaper against GRVT than usual: you would sell low and buy high (spread −0.168% now, against its 7-day average of −0.076%). If the spread goes back, that is −$9 on $10k: about 31 days of funding at the current rate ($0 a day). The two prices were read 72 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	2.5295	−0.0098	get 0.0098% / 8h	7h 20m	$419K	$1.6M	10x
Short	Extended PENDLE-USD	2.5253	−0.0088	pay 0.0011% / 1h	20m 08s	$165K	$570K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.168%Rate

Funding earned: $2.1
Price spread: −0.168% → −0.076%: −$9.17
Slippage, 4 orders: −$47.51
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$68.58
Costs to cover: 0.615%
Break-even: 235.6 days

Slippage from GRVT: live order book, 3 min ago; Extended: live order book, 53 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	1.58 bp	17.6 bp −$18	9323.8 bp −$93.2K	doesn't fit	doesn't fit
Sell Extended live order book, 53 min ago	1.19 bp	14.9 bp −$15	93.7 bp −$937	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	−0.4643%	1h	2.4970	−1.285%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0541%	1h	2.5262	−0.130%	$26K	$14K	10x	as long as short
GRVT PENDLE_USDT_Perplong	−0.0098%	8h	2.5295	long leg	$419K	$1.6M	10x
Binance PENDLEUSDT	−0.0090%	8h	2.5253	−0.166%	$27.3M	$42.6M	75x	as long as short
MEXC PENDLE_USDT	−0.0090%	8h	2.5259	−0.142%	$17.1M	$1.9M	125x	as long as short
Extended PENDLE-USDshort	−0.0088%	1h	2.5253	−0.168%	$165K	$570K	10x
BloFin PENDLE-USDT	−0.0079%	8h	2.5271	−0.095%	$1.3M	$685K	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0022%	8h	2.5264	−0.122%	$20K	$16K	10x	as long as short
Bybit PENDLEUSDT	−0.0017%	8h	2.5247	−0.189%	$15.5M	$11.9M	50x	as long as short
ApeX Omni PENDLEUSDT	−0.0006%	1h	2.5283	−0.047%	$77K	$238K	50x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX PENDLE-USD	0.0000%	1h	2.5271	−0.095%	$11K	—	5x	as long as short
Variational Omni PENDLE	+0.0002%	8h	2.5241	−0.214%	$608K	$1.8M	—	as long as short
Reya PENDLERUSDPERP	+0.0051%	1h	2.5265	−0.120%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0056%	1h	2.5260	−0.137%	$26K	—	3x	as long as short
Aster PENDLEUSDT	+0.0056%	8h	2.5293	−0.009%	$47K	$178K	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5265	−0.118%	$537K	$418K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5255	−0.159%	$35K	$18K	10x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5240	−0.217%	$3.2M	$6.1M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5300	+0.020%	$785K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5282	−0.051%	$888K	$586K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5308	+0.052%	$3.9M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5296	+0.004%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5283	−0.047%	$25K	$381K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5273	−0.087%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5261	−0.134%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0203% / S −0.0382%	1h	2.5279	−0.063%	$7K	—	100x	as long as short
Hyperliquid PENDLE	+0.0375%	1h	2.5356	+0.241%	$13.0M	$6.4M	5x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0615%	1h	2.5315	+0.078%	$118K	$293K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0728%	1h	2.5410	+0.455%	$141K	$444K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0868%	1h	2.5335	+0.158%	$355K	$490K	15x	as long as short