Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0579%/8h= +63.4% APRpaid last 24h +0.352%

Price spread now: Kraken Futures against GRVT+0.154%75s7-day average +0.159% · you sell dearer than you buy

Net, funding: paid 7d − costs−$132as 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−$1591.586% of the position

Long on GRVT Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.270%+$27 on $10k

Price spread, last 3 days (all we have)−0.149%−$15 · spread now +0.154%, 7d avg +0.159%

Together, before fees+0.122%+ Points / potential airdropGRVT: Active · farm board+$12 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.159%, so right now this pair is about funding alone: +$17 a day on $10k at the current rate. The two prices were read 75 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.270% in total (about 14.1% 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	2.5177	0.0016	pay 0.0016% / 8h	4m 01s	$417K	$1.6M	10x
Short	Kraken Futures PF_PENDLEUSD	2.5216	0.0595	get 0.0074% / 1h	4m 01s	$119K	$298K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.154%Rate

Funding earned: $121.65
Price spread: +0.154% → +0.159%: −$0.55
Slippage, 4 orders: −$139.58
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$37.48
Costs to cover: 1.586%
Break-even: 9.2 days

Slippage from GRVT: live order book, 4 min ago; Kraken Futures: live order book, 9 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, 4 min ago	1.79 bp	14.6 bp −$15	35.6 bp −$356	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 9 min ago	13.91 bp	50.3 bp −$50	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	−0.5000%	1h	2.4940	−0.941%	$2K	$54K	5.5x	as long as short
ApeX Omni PENDLEUSDT	−0.0090%	1h	2.5119	−0.230%	$77K	$239K	50x	as long as short
Binance PENDLEUSDT	−0.0074%	8h	2.5166	−0.044%	$27.2M	$42.3M	75x	as long as short
MEXC PENDLE_USDT	−0.0073%	8h	2.5168	−0.036%	$17.1M	$1.9M	125x	as long as short
Extended PENDLE-USD	−0.0072%	1h	2.5156	−0.083%	$165K	$528K	10x	as long as short
BloFin PENDLE-USDT	−0.0055%	8h	2.5103	−0.294%	$1.3M	$707K	75x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0028%	1h	2.5181	+0.016%	$28K	$11K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0010%	8h	2.5167	−0.040%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5143	−0.134%	$11K	—	5x	as long as short
GRVT PENDLE_USDT_Perplong	+0.0016%	8h	2.5177	long leg	$417K	$1.6M	10x

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni PENDLE	+0.0021%	8h	2.5077	−0.399%	$596K	$1.9M	—	as long as short
Reya PENDLERUSDPERP	+0.0047%	1h	2.5157	−0.078%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.5158	−0.076%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5165	−0.048%	$530K	$416K	5x	as long as short
Aster PENDLEUSDT	+0.0098%	8h	2.5147	−0.117%	$47K	$178K	10x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5142	−0.139%	$35K	$18K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5160	−0.068%	$15.5M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5150	−0.107%	$3.2M	$6.0M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5110	−0.266%	$775K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5149	−0.111%	$884K	$600K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5141	−0.143%	$3.7M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5143	−0.135%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5130	−0.189%	$25K	$382K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5178	+0.004%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5171	−0.024%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5182	+0.021%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0289%	1h	2.5204	+0.107%	$12.8M	$6.2M	5x	as long as short
Kraken Futures PF_PENDLEUSDshort	+0.0595%	1h	2.5216	+0.154%	$119K	$298K	20x
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.5340	+0.647%	$141K	$449K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0683%	1h	2.5213	+0.143%	$331K	$489K	15x	as long as short