Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0139%/8h= +15.2% APRpaid last 24h +0.040%

Price spread now: Reya against Bitget−0.402%7-day average — · you buy dearer than you sell

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

Long on Bitget Short on Reya

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 · farm boardneeds both histories

Funding pays, the price is against you. Reya is 0.402% cheaper against Bitget than usual: you would sell low and buy high (spread −0.402% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$40 on $10k: about 9.6 days of funding at the current rate (+$4 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget PENGUUSDT	0.008904	0.0100	pay 0.0050% / 4h	3m 50s	$8.7M	$12.7M	75x
Short	Reya PENGURUSDPERP	0.008868	0.0239	get 0.0030% / 1h	3m 50s	$299	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now −0.402%Rate

Funding earned: $29.21
Price spread: −0.402% → 0.000%: −$40.19
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Reya: 3 bp × 2 orders: −$6
Net: −$28.98
Costs to cover: 0.180%
Break-even: 13.9 days

Slippage unknown: Bitget: live order book, 5 min ago; Reya: no order-book sample. 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 Bitget live order book, 5 min ago	0.56 bp	9.8 bp −$10	30.2 bp −$302	doesn't fit	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

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.

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	0.008872	−0.362%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−1.292%	$3K	$117K	5.5x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0088%	1h	0.008881	−0.258%	$18K	$10K	10x	as long as short
Lighter PENGU	+0.0096%	1h	0.008905	+0.011%	$317K	$720K	8x	as long as short
Gate PENGU_USDT	+0.0096%	4h	0.008900	−0.045%	$3.4M	$15.9M	75x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008877	−0.303%	$23K	$94K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008869	−0.387%	$596K	$1.0M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008901	−0.034%	$8.3M	$14.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008904	0.000%	$127K	$599K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008860	−0.494%	$156K	$243K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance PENGUUSDT	+0.0100%	4h	0.008905	+0.007%	$37.9M	$166.1M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008893	−0.124%	$23.5M	$39.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008903	−0.011%	$7.5M	$48.3M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008870	−0.382%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008905	+0.011%	$10.9M	$12.4M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008901	−0.034%	$4.8M	$9.3M	75x	as long as short
Bitget PENGUUSDTlong	+0.0100%	4h	0.008904	long leg	$8.7M	$12.7M	75x
BingX PENGU-USDT	+0.0100%	4h	0.008897	−0.079%	—	$3.5M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008892	−0.135%	$296K	$326K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008853	−0.573%	$922K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008865	−0.443%	$473K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008865	−0.438%	$80K	$242K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009090	+2.089%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008882	−0.247%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008902	−0.022%	$92K	$377K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008896	−0.085%	$183K	$943K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008872	−0.359%	$205K	—	3x	as long as short
01 Exchange PENGUUSD	+0.0112%	1h	0.008859	−0.505%	$203	$64	5x	as long as short
Reya PENGURUSDPERPshort	+0.0239%	1h	0.008868	−0.402%	$299	—	10x
BloFin PENGU-USDT	+0.0340%	4h	0.008877	−0.303%	$1.5M	$3.7M	75x	as long as short
Kraken Futures PF_PENGUUSD	+0.0360%	1h	0.008896	−0.087%	$349K	$2.4M	50x	as long as short
dYdX PENGU-USD	+0.0431%	1h	0.008896	−0.093%	$12K	$5K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0510% / S −0.0572%	1h	0.008874	−0.337%	$119K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2928%	1h	0.008962	+0.651%	$95K	$63K	50x	as long as short