Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.031%

Price spread now: GRVT against Hyperliquid+0.061%65s7-day average −0.092% · you sell dearer than you buy

Net, funding: paid 7d − costs−$65as 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−$550.552% of the position

Long on Hyperliquid Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days−0.095%−$9 on $10k

Price spread, last 3 days (all we have)+0.398%+$40 · spread now +0.061%, 7d avg −0.092%

Together, before fees+0.304%+ Points / potential airdropHyperliquid: Season 2 · GRVT: Active · farm board+$30 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: GRVT is 0.153% dearer against Hyperliquid than usual: you sell high and buy low, +$15 on $10k if it goes back to its 7-day average of −0.092%. The two prices were read 65 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	Hyperliquid PENDLE	2.5251	0.0100	pay 0.0013% / 1h	18m 21s	$12.4M	$5.6M	5x
Short	GRVT PENDLE_USDT_Perp	2.5266	0.0100	get 0.0100% / 8h	2h 18m	$426K	$1.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT against Hyperliquid. 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 HyperliquidbpFee GRVTbpOrdersPrice spread, now +0.061%Rate

Funding earned: $0
Price spread: +0.061% → −0.092%: $15.31
Slippage, 4 orders: −$37.24
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$39.93
Costs to cover: 0.552%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 4 min ago; GRVT: live order book, 5 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 Hyperliquid live order book, 4 min ago	2.37 bp	13.3 bp −$13	doesn't fit	doesn't fit	doesn't fit
Sell GRVT live order book, 5 min ago	1.58 bp	11.5 bp −$11	23.1 bp −$231	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	2.5210	−0.162%	$49K	$30K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0428%	1h	2.5279	+0.112%	$150K	$279K	20x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0344%	1h	2.5220	−0.123%	$30K	$10K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5229	−0.085%	$11K	—	5x	as long as short
Orderly PERP_PENDLE_USDC	+0.0034%	8h	2.5218	−0.131%	$25K	$11K	10x	as long as short
Reya PENDLERUSDPERP	+0.0036%	1h	2.5219	−0.125%	$4K	—	15x	as long as short
Extended PENDLE-USD	+0.0048%	1h	2.5207	−0.175%	$166K	$524K	10x	as long as short
Binance PENDLEUSDT	+0.0049%	8h	2.5207	−0.175%	$27.4M	$39.3M	75x	as long as short
MEXC PENDLE_USDT	+0.0051%	8h	2.5207	−0.174%	$17.0M	$2.3M	125x	as long as short
Variational Omni PENDLE	+0.0053%	8h	2.5229	−0.089%	$621K	$2.3M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin PENDLE-USDT	+0.0069%	8h	2.5221	−0.119%	$1.3M	$747K	75x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5220	−0.123%	$548K	$396K	5x	as long as short
Aevo PENDLE-PERP	+0.0096%	1h	2.5216	−0.139%	$26K	—	3x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5208	−0.169%	$35K	$22K	10x	as long as short
Hyperliquid PENDLElong	+0.0100%	1h	2.5251	long leg	$12.4M	$5.6M	5x
Aster PENDLEUSDT	+0.0100%	8h	2.5217	−0.137%	$41K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5200	−0.202%	$15.6M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5220	−0.123%	$3.3M	$5.7M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5230	−0.083%	$842K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5240	−0.044%	$918K	$611K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5223	−0.111%	$3.7M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5219	−0.127%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5246	−0.020%	$25K	$411K	10x	as long as short
GRVT PENDLE_USDT_Perpshort	+0.0100%	8h	2.5266	+0.061%	$426K	$1.6M	10x
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.5236	−0.059%	$77K	$240K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5235	−0.063%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5226	−0.099%	$1K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5229	−0.088%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5360	+0.432%	$117K	$428K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0844%	1h	2.5274	+0.091%	$365K	$464K	15x	as long as short