Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0111%/8h= −12.1% APRpaid last 24h +0.264%

Price spread now: dYdX against BloFin−0.048%92s7-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 dYdX

What this pair did over the last

the charts below follow

Funding, last 5 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 −$3 a day on $10k at the current rate, and dYdX is 0.048% cheaper against BloFin than usual: you would sell low and buy high (−$5 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 92 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	0.008773	0.0340	pay 0.0170% / 4h	1h 13m	$1.5M	$3.5M	75x
Short	dYdX PENGU-USD	0.008769	0.0229	get 0.0029% / 1h	13m 25s	$12K	$4K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now −0.048%Rate

Funding earned: −$23.3
Price spread: −0.048% → 0.000%: −$4.85
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$50.15
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: BloFin: live order book, 5 min ago; dYdX: 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, 5 min ago	4.56 bp	12.6 bp −$13	18.8 bp −$188	43.5 bp −$4,349	doesn't fit
Sell dYdX no order-book sample	—	—	—	—	—

dYdX: 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
01 Exchange PENGUUSD	−0.0040%	1h	0.008764	−0.103%	$201	$64	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008763	−0.114%	$18K	$10K	10x	as long as short
Gate PENGU_USDT	+0.0004%	4h	0.008762	−0.125%	$3.3M	$15.7M	75x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008759	−0.160%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.182%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008765	−0.091%	$312K	$712K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008753	−0.228%	$23K	$163K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008769	−0.046%	$8.2M	$14.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008771	−0.022%	$121K	$579K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008768	−0.057%	$154K	$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	0.008757	−0.181%	$36.5M	$160.6M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008751	−0.251%	$23.2M	$38.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008748	−0.285%	$7.3M	$46.5M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008770	−0.034%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008762	−0.125%	$11.3M	$12.4M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008760	−0.148%	$4.8M	$9.1M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008755	−0.205%	$8.3M	$12.4M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008760	−0.148%	—	$3.6M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008764	−0.103%	$299K	$293K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008785	+0.134%	$873K	$985K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008782	+0.101%	$458K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008782	+0.103%	$80K	$243K	50x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008767	−0.068%	$587K	$1.0M	5x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008981	+2.371%	$3K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008760	−0.148%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008783	+0.114%	$92K	$354K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008763	−0.117%	$185K	$945K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008747	−0.296%	$202K	—	3x	as long as short
dYdX PENGU-USDshort	+0.0229%	1h	0.008769	−0.048%	$12K	$4K	5x
Reya PENGURUSDPERP	+0.0239%	1h	0.008759	−0.158%	$296	—	10x	as long as short
BloFin PENGU-USDTlong	+0.0340%	4h	0.008773	long leg	$1.5M	$3.5M	75x
GMX PENGU/USD [WBTC.b-USDC]	L +0.0555% / S −0.0662%	1h	0.008758	−0.171%	$132K	—	100x	as long as short
Kraken Futures PF_PENGUUSD	+0.0649%	1h	0.008771	−0.022%	$352K	$2.3M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2296%	1h	0.008967	+2.211%	$95K	$90K	50x	as long as short