Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0247%/8h= −27.0% APRpaid last 24h −0.025%

Price spread now: GRVT against Polymarket Perps+0.272%7-day average — · you sell dearer than you buy

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

Long on Polymarket Perps Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days+0.065%+$7 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropGRVT: Active · farm boardneeds both histories

The price spread pays, funding is against you. GRVT is 0.272% dearer against Polymarket Perps than usual: you sell high and buy low (spread +0.272% now, against zero (this spread has no 7-day history yet)): +$27 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 3.7 days. Mind the row above: over the last 7 days funding on this pair paid +0.065%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.065% in total (about 3.4% 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	Polymarket Perps PENDLE-USD	2.5021	0.0100	pay 0.0013% / 1h	54m 53s	$16K	$20K	5x
Short	GRVT PENDLE_USDT_Perp	2.5089	−0.0147	pay 0.0147% / 8h	6h 54m	$420K	$1.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT against Polymarket Perps. 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 Polymarket PerpsbpFee GRVTbpOrdersPrice spread, now +0.272%Rate

Funding earned: −$51.87
Price spread: +0.272% → 0.000%: $27.18
Slippage, 4 orders: no order book: not counted
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$41.69
Costs to cover: 0.170%
Break-even: from the start

Slippage unknown: Polymarket Perps: no order-book sample; GRVT: live order book, 3 min ago. 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 Polymarket Perps no order-book sample	—	—	—	—	—
Sell GRVT live order book, 3 min ago	4.38 bp	18.6 bp −$19	doesn't fit	doesn't fit	doesn't fit

Polymarket Perps: 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	−0.4742%	1h	2.4850	−0.683%	$2K	$54K	5.5x	as long as short
ApeX Omni PENDLEUSDT	−0.0934%	1h	2.5163	+0.568%	$77K	$237K	50x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0906%	1h	2.5049	+0.112%	$26K	$14K	10x	as long as short
Bybit PENDLEUSDT	−0.0176%	8h	2.5021	0.000%	$15.3M	$12.0M	50x	as long as short
GRVT PENDLE_USDT_Perpshort	−0.0147%	8h	2.5089	+0.272%	$420K	$1.6M	10x
Binance PENDLEUSDT	−0.0113%	8h	2.5038	+0.068%	$27.1M	$43.1M	75x	as long as short
Extended PENDLE-USD	−0.0112%	1h	2.5016	−0.020%	$163K	$565K	10x	as long as short
MEXC PENDLE_USDT	−0.0110%	8h	2.5031	+0.040%	$17.2M	$1.8M	125x	as long as short
BloFin PENDLE-USDT	−0.0093%	8h	2.5041	+0.080%	$1.3M	$652K	75x	as long as short
Variational Omni PENDLE	−0.0035%	8h	2.5006	−0.059%	$596K	$1.8M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_PENDLE_USDC	−0.0029%	8h	2.5033	+0.048%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5025	+0.015%	$11K	—	5x	as long as short
Aster PENDLEUSDT	+0.0013%	8h	2.5061	+0.159%	$50K	$181K	10x	as long as short
Gate PENDLE_USDT	+0.0037%	8h	2.5040	+0.076%	$783K	$1.2M	75x	as long as short
Reya PENDLERUSDPERP	+0.0053%	1h	2.4989	−0.128%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0056%	1h	2.5030	+0.035%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5029	+0.032%	$533K	$414K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4999	−0.089%	$35K	$16K	10x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5020	−0.004%	$3.2M	$6.1M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5059	+0.152%	$851K	$591K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5016	−0.020%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5046	+0.100%	—	$33.8M	—	as long as short
Backpack PENDLE_USDC_PERP	+0.0100%	1h	2.5087	+0.264%	$352K	$485K	15x	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5136	+0.461%	$25K	$380K	10x	as long as short
Polymarket Perps PENDLE-USDlong	+0.0100%	1h	2.5021	long leg	$16K	$20K	5x
SunX PENDLE-USDT	+0.0100%	8h	2.5041	+0.080%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0158% / S −0.0256%	1h	2.5013	−0.030%	$7K	—	100x	as long as short
Hyperliquid PENDLE	+0.0215%	1h	2.5097	+0.304%	$12.9M	$6.4M	5x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0632%	1h	2.5080	+0.236%	$144K	$464K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0868%	1h	2.5100	+0.317%	$117K	$290K	20x	as long as short