Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0063%/8h= −6.8% APRpaid last 24h −0.017%

Price spread now: Reya against GRVT−0.021%7-day average — · you buy dearer than you sell

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

Long on GRVT Short on Reya

What this pair did over the last

the charts below follow

Funding, last 3 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 · Reya: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Reya is 0.021% cheaper against GRVT than usual: you would sell low and buy high (−$2 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

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	Reya PENDLERUSDPERP	2.5039	0.0037	get 0.0005% / 1h	2m 51s	$4K	—	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now −0.021%Rate

Funding earned: −$13.13
Price spread: −0.021% → 0.000%: −$2.1
Slippage, 4 orders: no order book: not counted
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Reya: 3 bp × 2 orders: −$6
Net: −$30.23
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: GRVT: live order book, just now; Reya: 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, just now	1.60 bp	9.7 bp −$10	162.6 bp −$1,626	doesn't fit	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

Reya: 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 PERP	−0.4806%	1h	2.4840	−0.815%	$2K	$53K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0431%	1h	2.5132	+0.352%	$149K	$275K	20x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0109%	1h	2.5061	+0.068%	$30K	$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	2.5061	+0.068%	$25K	$11K	10x	as long as short
Reya PENDLERUSDPERPshort	+0.0037%	1h	2.5039	−0.021%	$4K	—	15x
Extended PENDLE-USD	+0.0040%	1h	2.5025	−0.076%	$165K	$524K	10x	as long as short
MEXC PENDLE_USDT	+0.0041%	8h	2.5031	−0.052%	$16.9M	$2.3M	125x	as long as short
Binance PENDLEUSDT	+0.0041%	8h	2.5034	−0.040%	$27.2M	$39.5M	75x	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	2.5056	+0.048%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5067	+0.092%	$543K	$398K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5044	−0.001%	$35K	$22K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5066	+0.088%	$12.3M	$5.6M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5061	+0.069%	$41K	$172K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5030	−0.056%	$15.5M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5050	+0.024%	$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 PENDLEUSDTM	+0.0100%	8h	2.5033	−0.044%	$893K	$608K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5029	−0.060%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5041	−0.012%	—	$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	2.5058	+0.056%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5054	+0.040%	$1K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5046	+0.010%	$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