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% APRpaid last 24h −0.020%

Price spread now: GRVT against OKX−0.167%91s7-day average +0.054% · you buy dearer than you sell

Net, funding: paid 7d − costs−$76as 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−$710.707% of the position

Long on OKX Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days−0.057%−$6 on $10k

Price spread, last 3 days (all we have)+1.014%+$101 · spread now −0.167%, 7d avg +0.054%

Together, before fees+0.956%+ Points / potential airdropGRVT: Active · farm board+$96 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 0.221% cheaper against OKX than usual: you would sell low and buy high, −$22 on $10k if it goes back to its 7-day average of +0.054%. The two prices were read 91 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	OKX PENDLE-USDT-SWAP	2.5180	0.0100	pay 0.0050% / 4h	2h 53m	$3.3M	$5.6M	50x
Short	GRVT PENDLE_USDT_Perp	2.5138	0.0100	get 0.0100% / 8h	2h 53m	$427K	$1.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT against OKX. 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 OKXbpFee GRVTbpOrdersPrice spread, now −0.167%Rate

Funding earned: $0
Price spread: −0.167% → +0.054%: −$22.11
Slippage, 4 orders: −$51.69
Fee OKX: 5 bp × 2 orders: −$10
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$92.8
Costs to cover: 0.707%
Break-even: never at this rate

Slippage from OKX: live order book, 4 min ago; GRVT: live order book, 4 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 OKX live order book, 4 min ago	3.97 bp	16.1 bp −$16	120.0 bp −$1,200	doesn't fit	doesn't fit
Sell GRVT live order book, 4 min ago	3.18 bp	13.0 bp −$13	23.4 bp −$234	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	2.4860	−1.271%	$2K	$7K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0430%	1h	2.5193	+0.051%	$159K	$259K	20x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0068%	1h	2.5166	−0.056%	$30K	$10K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5214	+0.137%	$11K	—	5x	as long as short
Variational Omni PENDLE	+0.0010%	8h	2.5125	−0.219%	$607K	$2.3M	—	as long as short
BloFin PENDLE-USDT	+0.0018%	8h	2.5219	+0.155%	$1.3M	$800K	75x	as long as short
Extended PENDLE-USD	+0.0032%	1h	2.5169	−0.043%	$165K	$524K	10x	as long as short
Reya PENDLERUSDPERP	+0.0033%	1h	2.5143	−0.145%	$4K	—	15x	as long as short
Orderly PERP_PENDLE_USDC	+0.0035%	8h	2.5174	−0.024%	$23K	$8K	10x	as long as short
MEXC PENDLE_USDT	+0.0035%	8h	2.5179	−0.004%	$16.9M	$2.2M	125x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance PENDLEUSDT	+0.0036%	8h	2.5181	+0.004%	$27.5M	$38.9M	75x	as long as short
Aster PENDLEUSDT	+0.0076%	8h	2.5180	0.000%	$41K	$177K	10x	as long as short
Aevo PENDLE-PERP	+0.0088%	1h	2.5163	−0.068%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5180	0.000%	$551K	$375K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5159	−0.083%	$35K	$22K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5225	+0.179%	$12.5M	$5.5M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5180	0.000%	$15.6M	$12.3M	50x	as long as short
OKX PENDLE-USDT-SWAPlong	+0.0100%	4h	2.5180	long leg	$3.3M	$5.6M	50x
Gate PENDLE_USDT	+0.0100%	8h	2.5170	−0.040%	$850K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5194	+0.056%	$910K	$605K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5178	−0.008%	$3.8M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5181	+0.004%	—	$36.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5141	−0.156%	$25K	$411K	10x	as long as short
GRVT PENDLE_USDT_Perpshort	+0.0100%	8h	2.5138	−0.167%	$427K	$1.6M	10x
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.5100	−0.318%	$77K	$239K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5150	−0.119%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5199	+0.075%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5173	−0.029%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5240	+0.238%	$118K	$438K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0764%	1h	2.5251	+0.282%	$366K	$466K	15x	as long as short