Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0582%/8h= −63.7% APRpaid last 24h −0.352%

Price spread now: GRVT against Kraken Futures−0.348%7-day average −0.159% · you buy dearer than you sell

Net, funding: paid 7d − costs−$193as in the Funding arb table

Net, price: spread back to 7d avg − costs−$185as in the Price arb table

costs, in and out, $10k−$1661.659% of the position

Long on Kraken Futures Short on GRVT

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)+0.343%+$34 · spread now −0.348%, 7d avg −0.159%

Together, before fees+0.072%+ Points / potential airdropGRVT: Active · farm board+$7 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$17 a day on $10k at the current rate, and GRVT is 0.188% cheaper against Kraken Futures than usual: you would sell low and buy high (−$19 if the spread goes back to its 7-day average of −0.159%). Swap the legs.

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	Kraken Futures PF_PENDLEUSD	2.5196	0.0596	pay 0.0074% / 1h	2m 46s	$119K	$298K	20x
Short	GRVT PENDLE_USDT_Perp	2.5109	0.0014	get 0.0014% / 8h	2m 46s	$425K	$1.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT against Kraken Futures. 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 Kraken FuturesbpFee GRVTbpOrdersPrice spread, now −0.348%Rate

Funding earned: −$122.17
Price spread: −0.348% → −0.159%: −$18.83
Slippage, 4 orders: −$146.88
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$306.88
Costs to cover: 1.659%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 10 min ago; GRVT: live order book, just now.

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 Kraken Futures live order book, 10 min ago	13.91 bp	83.1 bp −$83	doesn't fit	doesn't fit	doesn't fit
Sell GRVT live order book, just now	1.79 bp	13.0 bp −$13	27.0 bp −$270	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	−1.018%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0266%	1h	2.5170	−0.105%	$28K	$11K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0087%	1h	2.5118	−0.311%	$77K	$239K	50x	as long as short
BloFin PENDLE-USDT	−0.0076%	8h	2.5132	−0.256%	$1.3M	$708K	75x	as long as short
Extended PENDLE-USD	−0.0072%	1h	2.5109	−0.347%	$165K	$528K	10x	as long as short
MEXC PENDLE_USDT	−0.0072%	8h	2.5114	−0.327%	$17.0M	$1.9M	125x	as long as short
Binance PENDLEUSDT	−0.0071%	8h	2.5111	−0.341%	$27.1M	$42.3M	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0010%	8h	2.5160	−0.145%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5143	−0.211%	$11K	—	5x	as long as short
GRVT PENDLE_USDT_Perpshort	+0.0014%	8h	2.5109	−0.348%	$425K	$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	−0.476%	$596K	$1.9M	—	as long as short
Reya PENDLERUSDPERP	+0.0047%	1h	2.5151	−0.179%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.5148	−0.194%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5125	−0.284%	$530K	$416K	5x	as long as short
Aster PENDLEUSDT	+0.0099%	8h	2.5124	−0.287%	$47K	$178K	10x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5144	−0.209%	$35K	$18K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5102	−0.375%	$15.5M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5090	−0.423%	$3.2M	$6.0M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5130	−0.264%	$775K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5135	−0.244%	$883K	$600K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5129	−0.268%	$3.7M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5134	−0.248%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5130	−0.266%	$25K	$382K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5185	−0.046%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5158	−0.153%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5167	−0.117%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0277%	1h	2.5165	−0.125%	$12.8M	$6.2M	5x	as long as short
Kraken Futures PF_PENDLEUSDlong	+0.0596%	1h	2.5196	long leg	$119K	$298K	20x
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.5340	+0.570%	$141K	$449K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0694%	1h	2.5185	−0.046%	$331K	$489K	15x	as long as short