Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.4906%/8h= −537.2% APRpaid last 24h −0.328%

Price spread now: Injective against GRVT+0.105%7-day average — · you sell dearer than you buy

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

Long on GRVT Short on Injective

What this pair did over the last

the charts below follow

Funding, last 4 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

The price spread pays, funding is against you. Injective is 0.105% dearer against GRVT than usual: you sell high and buy low (spread +0.105% now, against zero (this spread has no 7-day history yet)): +$11 on $10k if it goes back. Holding the pair costs −$147 a day in funding at the current rate, which eats that in about 2 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT PENDLE_USDT_Perp	2.5173	0.0100	pay 0.0100% / 8h	2h 14m	$425K	$1.6M	10x
Short	Injective PENDLE/USDC PERP	2.5200	−0.4806	pay 0.0601% / 1h	14m 22s	$2K	$53K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now +0.105%Rate

Funding earned: −$1,030.3
Price spread: +0.105% → 0.000%: $10.53
Slippage, 4 orders: no order book: not counted
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$1,028.78
Costs to cover: 0.090%
Break-even: from the start

Slippage unknown: GRVT: live order book, 4 min ago; Injective: 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, 4 min ago	1.59 bp	30.5 bp −$30	52209.7 bp −$522.1K	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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 PERPshort	−0.4806%	1h	2.5200	+0.105%	$2K	$53K	5.5x
Kraken Futures PF_PENDLEUSD	−0.0430%	1h	2.5172	−0.006%	$150K	$277K	20x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0307%	1h	2.5126	−0.189%	$30K	$10K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5138	−0.142%	$11K	—	5x	as long as short
BloFin PENDLE-USDT	+0.0031%	8h	2.5104	−0.276%	$1.3M	$739K	75x	as long as short
Orderly PERP_PENDLE_USDC	+0.0034%	8h	2.5182	+0.034%	$25K	$11K	10x	as long as short
Reya PENDLERUSDPERP	+0.0037%	1h	2.5174	+0.003%	$4K	—	15x	as long as short
Binance PENDLEUSDT	+0.0044%	8h	2.5171	−0.010%	$27.3M	$39.2M	75x	as long as short
MEXC PENDLE_USDT	+0.0044%	8h	2.5157	−0.065%	$17.0M	$2.3M	125x	as long as short
Extended PENDLE-USD	+0.0048%	1h	2.5125	−0.191%	$165K	$524K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni PENDLE	+0.0055%	8h	2.5174	+0.002%	$619K	$2.1M	—	as long as short
ApeX Omni PENDLEUSDT	+0.0075%	1h	2.5188	+0.058%	$77K	$239K	50x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5113	−0.240%	$545K	$396K	5x	as long as short
Aevo PENDLE-PERP	+0.0096%	1h	2.5171	−0.010%	$26K	—	3x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5090	−0.331%	$35K	$22K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5197	+0.093%	$12.3M	$5.6M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5138	−0.140%	$41K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5153	−0.081%	$15.6M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5200	+0.105%	$3.3M	$5.7M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5160	−0.054%	$840K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5172	−0.006%	$918K	$599K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5160	−0.054%	$3.7M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5163	−0.042%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5193	+0.077%	$25K	$412K	10x	as long as short
GRVT PENDLE_USDT_Perplong	+0.0100%	8h	2.5173	long leg	$425K	$1.6M	10x
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5185	+0.046%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5137	−0.145%	$1K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5186	+0.050%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5170	−0.014%	$116K	$418K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0845%	1h	2.5163	−0.042%	$364K	$460K	15x	as long as short