Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0016%/8h= −1.8% APRpaid last 24h −0.019%

Price spread now: GRVT against Lighter+0.047%7-day average −0.012% · you sell dearer than you buy

Net, funding: paid 7d − costs−$58as in the Funding arb table

Net, price: spread back to 7d avg − costs−$47as in the Price arb table

costs, in and out, $10k−$530.527% of the position

Long on Lighter Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days−0.054%−$5 on $10k

Price spread, last 3 days (all we have)+0.334%+$33 · spread now +0.047%, 7d avg −0.012%

Together, before fees+0.281%+ Points / potential airdropLighter: Season 3 · GRVT: Active · farm board+$28 on $10k · with fees, hour by hour

The price spread pays, funding is against you. GRVT is 0.060% dearer against Lighter than usual: you sell high and buy low (spread +0.047% now, against its 7-day average of −0.012%): +$6 on $10k if it goes back. Holding the pair costs $0 a day in funding at the current rate, which eats that in about 12 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PENDLE	2.4933	0.0096	pay 0.0012% / 1h	23m 26s	$525K	$423K	5x
Short	GRVT PENDLE_USDT_Perp	2.4945	0.0080	get 0.0080% / 8h	1h 23m	$414K	$1.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT against Lighter. 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 LighterbpFee GRVTbpOrdersPrice spread, now +0.047%Rate

Funding earned: −$3.36
Price spread: +0.047% → −0.012%: $5.96
Slippage, 4 orders: −$43.71
Fee Lighter: 0 bp × 2 orders: $0
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$50.11
Costs to cover: 0.527%
Break-even: never at this rate

Slippage from Lighter: live order book, 52 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 Lighter live order book, 52 min ago	10.75 bp	14.5 bp −$15	67.4 bp −$674	doesn't fit	doesn't fit
Sell GRVT live order book, 5 min ago	1.81 bp	7.1 bp −$7	14.3 bp −$143	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	−0.3656%	1h	2.4770	−0.654%	$2K	$53K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0311%	1h	2.4942	+0.036%	$29K	$10K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0050%	1h	2.4903	−0.120%	$76K	$239K	50x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4968	+0.142%	$10K	—	5x	as long as short
MEXC PENDLE_USDT	+0.0004%	8h	2.4935	+0.008%	$16.9M	$2.1M	125x	as long as short
Binance PENDLEUSDT	+0.0005%	8h	2.4927	−0.024%	$26.9M	$40.8M	75x	as long as short
Extended PENDLE-USD	+0.0008%	1h	2.4916	−0.068%	$164K	$526K	10x	as long as short
Orderly PERP_PENDLE_USDC	+0.0020%	8h	2.4931	−0.008%	$20K	$16K	10x	as long as short
BloFin PENDLE-USDT	+0.0033%	8h	2.4888	−0.180%	$1.3M	$736K	75x	as long as short
Reya PENDLERUSDPERP	+0.0041%	1h	2.4936	+0.011%	$4K	—	15x	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	+0.0064%	8h	2.4887	−0.185%	$550K	$2.0M	—	as long as short
GRVT PENDLE_USDT_Perpshort	+0.0080%	8h	2.4945	+0.047%	$414K	$1.6M	10x
Aevo PENDLE-PERP	+0.0080%	1h	2.4931	−0.008%	$26K	—	3x	as long as short
Lighter PENDLElong	+0.0096%	1h	2.4933	long leg	$525K	$423K	5x
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4925	−0.032%	$35K	$20K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4980	+0.189%	$12.3M	$5.9M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4932	−0.003%	$44K	$176K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4930	−0.012%	$15.4M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4960	+0.108%	$3.2M	$5.9M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.4920	−0.052%	$782K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4955	+0.088%	$891K	$614K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4919	−0.056%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4926	−0.028%	—	$36.2M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4884	−0.196%	$25K	$396K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4974	+0.164%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4954	+0.084%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.4954	+0.084%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.4980	+0.189%	$138K	$461K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0674%	1h	2.4981	+0.193%	$353K	$474K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0754%	1h	2.4992	+0.235%	$120K	$304K	20x	as long as short