Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: Extended against Bitget−0.040%7-day average −0.094% · you buy dearer than you sell

Net, funding: paid 7d − costs−$47as in the Funding arb table

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$450.449% of the position

Long on Bitget Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days−0.020%−$2 on $10k

Price spread, last 4 days (all we have)−0.146%−$15 · spread now −0.040%, 7d avg −0.094%

Together, before fees−0.167%+ Points / potential airdropExtended: Active · farm board−$17 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: Extended is 0.053% dearer against Bitget than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of −0.094%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget PENGUUSDT	0.008688	0.0100	pay 0.0050% / 4h	2h 16m	$8.2M	$12.5M	75x
Short	Extended PENGU-USD	0.008685	0.0104	get 0.0013% / 1h	16m 59s	$179K	$682K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against Bitget. 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 BitgetbpFee ExtendedbpOrdersPrice spread, now −0.040%Rate

Funding earned: $0.84
Price spread: −0.040% → −0.094%: $5.33
Slippage, 4 orders: −$27.92
Fee Bitget: 6 bp × 2 orders: −$12
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$38.76
Costs to cover: 0.449%
Break-even: 330.0 days

Slippage from Bitget: live order book, 2 min ago; Extended: live order book, 6 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 Bitget live order book, 2 min ago	0.57 bp	12.3 bp −$12	21.7 bp −$217	61.1 bp −$6,109	doesn't fit
Sell Extended live order book, 6 min ago	0.57 bp	9.9 bp −$10	66.0 bp −$660	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
Kraken Futures PF_PENGUUSD	−0.0550%	1h	0.008692	+0.045%	$386K	$2.1M	50x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0440%	1h	0.008689	+0.012%	$19K	$9K	10x	as long as short
Gate PENGU_USDT	−0.0260%	4h	0.008678	−0.115%	$3.4M	$15.4M	75x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	+0.311%	$3K	$81K	5.5x	as long as short
dYdX PENGU-USD	0.0000%	1h	0.008692	+0.043%	$11K	$4K	5x	as long as short
Backpack PENGU_USDC_PERP	+0.0006%	1h	0.008682	−0.069%	$310K	$314K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008693	+0.057%	$33K	—	150x	as long as short
01 Exchange PENGUUSD	+0.0008%	1h	0.008693	+0.058%	$199	$59	5x	as long as short
Bybit PENGUUSDT	+0.0027%	4h	0.008675	−0.150%	$22.5M	$36.0M	75x	as long as short
Lighter PENGU	+0.0096%	1h	0.008682	−0.069%	$297K	$723K	8x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado PENGU-PERP	+0.0100%	1h	0.008687	−0.012%	$674K	$757K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008689	+0.012%	$8.7M	$15.2M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008688	+0.004%	$172K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008688	0.000%	$146K	$236K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008681	−0.081%	$35.9M	$151.2M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008681	−0.081%	$7.7M	$46.4M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008690	+0.023%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008685	−0.035%	$12.8M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008685	−0.035%	$4.7M	$8.7M	75x	as long as short
Bitget PENGUUSDTlong	+0.0100%	4h	0.008688	long leg	$8.2M	$12.5M	75x
BingX PENGU-USDC	+0.0100%	4h	0.008685	−0.035%	—	$2.3M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008709	+0.242%	$799K	$714K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008696	+0.093%	$455K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008718	+0.345%	$79K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008692	+0.046%	$23K	$184K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008899	+2.429%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008683	−0.058%	$988	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008716	+0.322%	$91K	$249K	25x	as long as short
Extended PENGU-USDshort	+0.0104%	1h	0.008685	−0.040%	$179K	$682K	10x
Aevo PENGU-PERP	+0.0104%	1h	0.008686	−0.023%	$201K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008688	−0.003%	$293	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008685	−0.035%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0502% / S −0.0703%	1h	0.008692	+0.046%	$112K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008728	+0.460%	$94K	$97K	50x	as long as short