Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.020%

Price spread now: KuCoin against GRVT−0.044%68s7-day average −0.003% · you buy dearer than you sell

Net, funding: paid 7d − costs−$116as 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−$1241.237% of the position

Long on GRVT Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.081%+$8 on $10k

Price spread, last 3 days (all we have)−0.356%−$36 · spread now −0.044%, 7d avg −0.003%

Together, before fees−0.274%+ Points / potential airdropGRVT: Active · farm board−$27 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: KuCoin is 0.041% cheaper against GRVT than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of −0.003%. The two prices were read 68 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	2.5044	0.0100	pay 0.0100% / 8h	2h 02m	$422K	$1.6M	10x
Short	KuCoin PENDLEUSDTM	2.5033	0.0100	get 0.0100% / 8h	2h 02m	$893K	$608K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.044%Rate

Funding earned: $0
Price spread: −0.044% → −0.003%: −$4.14
Slippage, 4 orders: −$102.7
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$127.83
Costs to cover: 1.237%
Break-even: never at this rate

Slippage from GRVT: live order book, 1 min ago; KuCoin: live order book, 12 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	1.60 bp	9.7 bp −$10	162.6 bp −$1,626	doesn't fit	doesn't fit
Sell KuCoin live order book, 12 min ago	8.16 bp	48.3 bp −$48	142.8 bp −$1,428	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	−0.4806%	1h	2.4840	−0.815%	$2K	$53K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0432%	1h	2.5032	−0.047%	$149K	$275K	20x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0109%	1h	2.5036	−0.032%	$29K	$10K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5075	+0.122%	$11K	—	5x	as long as short
BloFin PENDLE-USDT	+0.0013%	8h	2.5054	+0.040%	$1.3M	$738K	75x	as long as short
Orderly PERP_PENDLE_USDC	+0.0032%	8h	2.5028	−0.064%	$25K	$11K	10x	as long as short
Reya PENDLERUSDPERP	+0.0038%	1h	2.5024	−0.081%	$4K	—	15x	as long as short
Extended PENDLE-USD	+0.0040%	1h	2.5010	−0.137%	$165K	$524K	10x	as long as short
Binance PENDLEUSDT	+0.0040%	8h	2.5034	−0.040%	$27.2M	$39.5M	75x	as long as short
MEXC PENDLE_USDT	+0.0041%	8h	2.5037	−0.028%	$16.9M	$2.3M	125x	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	+0.0048%	8h	2.4994	−0.200%	$615K	$2.1M	—	as long as short
ApeX Omni PENDLEUSDT	+0.0066%	1h	2.5059	+0.060%	$76K	$240K	50x	as long as short
Aevo PENDLE-PERP	+0.0088%	1h	2.5012	−0.128%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5032	−0.048%	$542K	$399K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5035	−0.036%	$35K	$22K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5046	+0.008%	$12.3M	$5.6M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5036	−0.032%	$41K	$172K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5011	−0.132%	$15.5M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5040	−0.016%	$3.2M	$5.7M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5050	+0.024%	$854K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTMshort	+0.0100%	8h	2.5033	−0.044%	$893K	$608K	50x
Bitget PENDLEUSDT	+0.0100%	8h	2.5014	−0.120%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5031	−0.052%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5039	−0.018%	$25K	$411K	10x	as long as short
GRVT PENDLE_USDT_Perplong	+0.0100%	8h	2.5044	long leg	$422K	$1.6M	10x
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5056	+0.048%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5035	−0.036%	$1K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5037	−0.028%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5090	+0.184%	$116K	$417K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0814%	1h	2.5111	+0.268%	$362K	$460K	15x	as long as short