Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Lighter against Aster−0.025%7-day average +0.010% · you buy dearer than you sell

Net, funding: paid 7d − costs−$52as in the Funding arb table

Net, price: spread back to 7d avg − costs−$55as in the Price arb table

costs, in and out, $10k−$520.516% of the position

Long on Aster Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.007%−$1 on $10k

Price spread, last 4 days (all we have)+0.039%+$4 · spread now −0.025%, 7d avg +0.010%

Together, before fees+0.032%+ Points / potential airdropAster: Stage 5 · Lighter: Season 3 · farm board+$3 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: Lighter is 0.035% cheaper against Aster than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of +0.010%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster PENGUUSDT	0.009068	0.0100	pay 0.0050% / 4h	1h 03m	$143K	$716K	20x
Short	Lighter PENGU	0.009066	0.0096	get 0.0012% / 1h	3m 40s	$325K	$772K	8x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Aster. 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 AsterbpFee LighterbpOrdersPrice spread, now −0.025%Rate

Funding earned: −$0.84
Price spread: −0.025% → +0.010%: −$3.48
Slippage, 4 orders: −$43.59
Fee Aster: 4 bp × 2 orders: −$8
Fee Lighter: 0 bp × 2 orders: $0
Net: −$55.92
Costs to cover: 0.516%
Break-even: never at this rate

Slippage from Aster: live order book, 39 min ago; Lighter: live order book, 36 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 Aster live order book, 39 min ago	5.51 bp	12.1 bp −$12	129.5 bp −$1,295	doesn't fit	doesn't fit
Sell Lighter live order book, 36 min ago	5.52 bp	10.1 bp −$10	77.1 bp −$771	doesn't fit	doesn't fit

PENGU on 34 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
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009052	−0.180%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−3.079%	$3K	$117K	5.5x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0081%	1h	0.009057	−0.124%	$1K	$29K	10x	as long as short
Lighter PENGUshort	+0.0096%	1h	0.009066	−0.025%	$325K	$772K	8x
Nado PENGU-PERP	+0.0100%	1h	0.009051	−0.190%	$638K	$1.1M	5x	as long as short
Aster PENGUUSDTlong	+0.0100%	4h	0.009068	long leg	$143K	$716K	20x
Pacifica PENGU	+0.0100%	1h	0.009061	−0.080%	$137K	$260K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009064	−0.047%	$39.5M	$189.9M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.009057	−0.124%	$24.3M	$44.6M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009058	−0.113%	$8.0M	$54.9M	50x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus PENGU-USD	+0.0100%	1h	0.009070	+0.020%	$18K	$25K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.009052	−0.179%	$3.7M	$17.6M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009064	−0.047%	$11.0M	$13.0M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009058	−0.113%	$5.0M	$10.2M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009062	−0.069%	$8.7M	$13.9M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.009055	−0.146%	—	$3.8M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009055	−0.146%	$296K	$368K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.009079	+0.118%	$925K	$1.1M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009042	−0.288%	$474K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009053	−0.168%	$79K	$252K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009054	−0.157%	$23K	$245K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009276	+2.291%	$3K	$2.2M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009055	−0.146%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009079	+0.119%	$94K	$404K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009054	−0.155%	$186K	$523K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009048	−0.223%	$209K	—	3x	as long as short
Hyperliquid PENGU	+0.0184%	1h	0.009068	−0.003%	$9.1M	$16.3M	5x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.009054	−0.152%	$306	—	10x	as long as short
01 Exchange PENGUUSD	+0.0328%	1h	0.009056	−0.135%	$207	$60	5x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009076	+0.086%	$1.6M	$4.9M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0443% / S −0.0368%	1h	0.009052	−0.179%	$107K	—	100x	as long as short
dYdX PENGU-USD	+0.0549%	1h	0.009059	−0.100%	$12K	$6K	5x	as long as short
Kraken Futures PF_PENGUUSD	+0.0673%	1h	0.009061	−0.084%	$336K	$2.5M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1664%	1h	0.009135	+0.736%	$80K	$70K	50x	as long as short