PENGU

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0340%/8h= −37.2% APRnext payment −$1.70 per $10,000 · paid last 24h −0.072%

Price spread now: Bybit against BloFin−0.125%62s7-day average −0.063% · you buy dearer than you sell

Net, funding: paid 7d − costs−$99as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$410.410% of the position

Long on BloFin Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.583%−$58 on $10k

Price spread, last 3 days (all we have)−0.027%−$3 · spread now −0.125%, 7d avg −0.063%

Together, before fees−0.610%−$61 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and Bybit is 0.063% cheaper against BloFin than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.063%). Swap the legs. The two prices were read 62 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	0.008767	0.0340	pay 0.0170% / 4h	1h 54m	$1.5M	$2.7M	75x
Short	Bybit PENGUUSDT	0.008756	0	get 0.0000% / 4h	1h 54m	$22.8M	$36.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.125%Rate

Funding earned: −$71.4
Price spread: −0.125% → −0.063%: −$6.27
Slippage, 4 orders: −$17.95
Fee BloFin: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$118.63
Costs to cover: 0.410%
Break-even: never at this rate

Slippage from BloFin: live order book, 4 min ago; Bybit: live order book, 5 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 BloFin live order book, 4 min ago	2.88 bp	10.6 bp −$11	19.0 bp −$190	46.1 bp −$4,612	doesn't fit
Sell Bybit live order book, 5 min ago	0.58 bp	10.2 bp −$10	22.9 bp −$229	121.1 bp −$12.1K	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	−0.0608%	1h	0.008766	−0.016%	$387K	$2.2M	50x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0548%	1h	0.008769	+0.023%	$19K	$9K	10x	as long as short
Gate PENGU_USDT	−0.0276%	4h	0.008769	+0.023%	$3.4M	$15.4M	75x	as long as short
01 Exchange PENGUUSD	−0.0088%	1h	0.008780	+0.148%	$201	$59	5x	as long as short
Nado PENGU-PERP	−0.0014%	1h	0.008776	+0.108%	$681K	$757K	5x	as long as short
Bybit PENGUUSDTshort	0.0000%	4h	0.008756	−0.125%	$22.8M	$36.0M	75x
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008773	+0.064%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008715	−0.593%	$3K	$81K	5.5x	as long as short
dYdX PENGU-USD	+0.0037%	1h	0.008775	+0.095%	$12K	$4K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008762	−0.057%	$299K	$726K	8x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid PENGU	+0.0100%	1h	0.008779	+0.137%	$8.7M	$15.0M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008778	+0.122%	$173K	$449K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008778	+0.125%	$148K	$236K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008758	−0.101%	$36.2M	$151.5M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008758	−0.103%	$7.7M	$46.8M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008780	+0.148%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008758	−0.103%	$13.1M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008780	+0.148%	$4.8M	$8.8M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008767	0.000%	$8.4M	$12.6M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008760	−0.080%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008772	+0.057%	$313K	$310K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008727	−0.459%	$805K	$726K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008715	−0.597%	$456K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008706	−0.696%	$79K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008772	+0.057%	$23K	$186K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008980	+2.430%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008762	−0.057%	$996	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008790	+0.262%	$92K	$250K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008759	−0.096%	$180K	$682K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008760	−0.080%	$202K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008773	+0.069%	$296	—	10x	as long as short
BloFin PENGU-USDTlong	+0.0340%	4h	0.008767	long leg	$1.5M	$2.7M	75x
GMX PENGU/USD [WBTC.b-USDC]	L +0.0506% / S −0.0703%	1h	0.008772	+0.057%	$113K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2504%	1h	0.008716	−0.582%	$92K	$99K	50x	as long as short