Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0240%/8h= −26.3% APRpaid last 24h −0.072%

Price spread now: Arcus against BloFin−0.281%95s7-day average — · you buy dearer than you sell

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

Long on BloFin Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Arcus is 0.281% cheaper against BloFin than usual: you would sell low and buy high (−$28 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 95 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin PENGU-USDT	0.008905	0.0340	pay 0.0170% / 4h	3h 11m	$1.5M	$4.1M	75x
Short	Arcus PENGU-USD	0.008880	0.0100	get 0.0013% / 1h	11m 35s	$19K	$25K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus against BloFin. 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 BloFinbpFee ArcusbpOrdersPrice spread, now −0.281%Rate

Funding earned: −$50.4
Price spread: −0.281% → 0.000%: −$28.07
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: −$94.97
Costs to cover: 0.165%
Break-even: never at this rate

Slippage unknown: BloFin: live order book, 2 min ago; Arcus: 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 BloFin live order book, 2 min ago	0.56 bp	7.8 bp −$8	12.5 bp −$125	38.5 bp −$3,846	doesn't fit
Sell Arcus no order-book sample	—	—	—	—	—

Arcus: 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
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008874	−0.348%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008874	−0.353%	$33K	—	150x	as long as short
Gate PENGU_USDT	+0.0008%	4h	0.008879	−0.292%	$3.3M	$16.5M	75x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−1.303%	$3K	$117K	5.5x	as long as short
dYdX PENGU-USD	+0.0061%	1h	0.008880	−0.285%	$12K	$5K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008890	−0.168%	$324K	$752K	8x	as long as short
01 Exchange PENGUUSD	+0.0096%	1h	0.008871	−0.382%	$203	$64	5x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008868	−0.415%	$595K	$1.1M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008889	−0.180%	$8.4M	$15.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008876	−0.323%	$137K	$644K	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica PENGU	+0.0100%	1h	0.008882	−0.258%	$136K	$273K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008872	−0.371%	$37.7M	$173.2M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008865	−0.449%	$23.5M	$41.2M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008867	−0.427%	$7.7M	$50.0M	50x	as long as short
Arcus PENGU-USDshort	+0.0100%	1h	0.008880	−0.281%	$19K	$25K	5x
MEXC PENGU_USDT	+0.0100%	4h	0.008883	−0.247%	$10.8M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008883	−0.247%	$4.9M	$9.5M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008873	−0.359%	$8.6M	$13.0M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008872	−0.371%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008872	−0.371%	$296K	$327K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008910	+0.055%	$930K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008904	−0.011%	$472K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008904	−0.011%	$81K	$251K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008874	−0.348%	$23K	$121K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009085	+2.021%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008874	−0.348%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008888	−0.191%	$92K	$378K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008876	−0.321%	$183K	$869K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008870	−0.393%	$205K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008867	−0.430%	$299	—	10x	as long as short
BloFin PENGU-USDTlong	+0.0340%	4h	0.008905	long leg	$1.5M	$4.1M	75x
GMX PENGU/USD [WBTC.b-USDC]	L +0.0501% / S −0.0415%	1h	0.008871	−0.382%	$126K	—	100x	as long as short
Kraken Futures PF_PENGUUSD	+0.0616%	1h	0.008880	−0.278%	$325K	$2.4M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2704%	1h	0.008954	+0.550%	$94K	$59K	50x	as long as short