Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0001%/8h= −0.1% APRpaid last 24h +0.014%

Price spread now: GRVT against Reya−0.222%7-day average — · you buy dearer than you sell

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

Long on Reya Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

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

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: GRVT is 0.222% cheaper against Reya than usual: you would sell low and buy high, −$22 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya PENDLERUSDPERP	2.5244	0.0045	pay 0.0006% / 1h	27m 24s	$4K	—	15x
Short	GRVT PENDLE_USDT_Perp	2.5188	0.0044	get 0.0044% / 8h	27m 24s	$417K	$1.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT against Reya. 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 ReyabpFee GRVTbpOrdersPrice spread, now −0.222%Rate

Funding earned: −$0.24
Price spread: −0.222% → 0.000%: −$22.21
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$37.45
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; GRVT: live order book, 1 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 Reya no order-book sample	—	—	—	—	—
Sell GRVT live order book, 1 min ago	1.78 bp	13.8 bp −$14	doesn't fit	doesn't fit	doesn't fit

Reya: 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	−0.5000%	1h	2.4940	−1.204%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0146%	1h	2.5246	+0.008%	$30K	$10K	10x	as long as short
BloFin PENDLE-USDT	−0.0046%	8h	2.5256	+0.048%	$1.3M	$754K	75x	as long as short
ApeX Omni PENDLEUSDT	−0.0040%	1h	2.5239	−0.020%	$77K	$239K	50x	as long as short
Binance PENDLEUSDT	−0.0032%	8h	2.5242	−0.008%	$27.3M	$42.1M	75x	as long as short
Extended PENDLE-USD	−0.0032%	1h	2.5236	−0.033%	$166K	$528K	10x	as long as short
MEXC PENDLE_USDT	−0.0032%	8h	2.5249	+0.020%	$17.1M	$1.9M	125x	as long as short
Orderly PERP_PENDLE_USDC	−0.0003%	8h	2.5237	−0.027%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5268	+0.095%	$11K	—	5x	as long as short
Variational Omni PENDLE	+0.0040%	8h	2.5182	−0.245%	$594K	$1.9M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT PENDLE_USDT_Perpshort	+0.0044%	8h	2.5188	−0.222%	$417K	$1.6M	10x
Reya PENDLERUSDPERPlong	+0.0045%	1h	2.5244	long leg	$4K	—	15x
Aevo PENDLE-PERP	+0.0072%	1h	2.5243	−0.004%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5264	+0.079%	$532K	$416K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5246	+0.007%	$35K	$18K	10x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5269	+0.099%	$46K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5220	−0.095%	$15.5M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5220	−0.095%	$3.2M	$6.0M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5240	−0.016%	$784K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5268	+0.095%	$895K	$605K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5225	−0.075%	$3.7M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5230	−0.055%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5231	−0.051%	$25K	$381K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5270	+0.103%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5229	−0.059%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5238	−0.023%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0315%	1h	2.5297	+0.210%	$12.8M	$6.2M	5x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0592%	1h	2.5341	+0.384%	$120K	$299K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.5340	+0.381%	$141K	$458K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0790%	1h	2.5324	+0.317%	$334K	$492K	15x	as long as short