Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0244%/8h= −26.7% APRpaid last 24h −0.073%

Price spread now: Lighter against BloFin+0.035%7-day average +0.040% · you sell dearer than you buy

Net, funding: paid 7d − costs−$92as in the Funding arb table

Net, price: spread back to 7d avg − costs−$45as in the Price arb table

costs, in and out, $10k−$440.440% of the position

Long on BloFin Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.480%−$48 on $10k

Price spread, last 4 days (all we have)−0.041%−$4 · spread now +0.035%, 7d avg +0.040%

Together, before fees−0.521%+ Points / potential airdropLighter: Season 3 · farm board−$52 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.040%, so right now this pair is about funding alone: −$7 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin PENGU-USDT	0.008670	0.0340	pay 0.0170% / 4h	48m 48s	$1.5M	$3.5M	75x
Short	Lighter PENGU	0.008673	0.0096	get 0.0012% / 1h	48m 48s	$309K	$712K	8x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.035%Rate

Funding earned: −$51.24
Price spread: +0.035% → +0.040%: −$0.57
Slippage, 4 orders: −$32.03
Fee BloFin: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$95.83
Costs to cover: 0.440%
Break-even: never at this rate

Slippage from BloFin: live order book, 5 min ago; Lighter: 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 BloFin live order book, 5 min ago	1.72 bp	12.4 bp −$12	17.2 bp −$172	45.0 bp −$4,496	doesn't fit
Sell Lighter live order book, 6 min ago	4.57 bp	9.4 bp −$9	81.1 bp −$811	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
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008667	−0.035%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008669	−0.016%	$32K	—	150x	as long as short
Gate PENGU_USDT	+0.0016%	4h	0.008675	+0.058%	$3.3M	$15.6M	75x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+1.373%	$3K	$117K	5.5x	as long as short
01 Exchange PENGUUSD	+0.0040%	1h	0.008673	+0.035%	$198	$64	5x	as long as short
Lighter PENGUshort	+0.0096%	1h	0.008673	+0.035%	$309K	$712K	8x
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008667	−0.035%	$23K	$130K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008672	+0.029%	$582K	$1.0M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008680	+0.115%	$8.1M	$14.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008673	+0.034%	$120K	$579K	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	0.008680	+0.115%	$153K	$241K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008677	+0.086%	$36.1M	$161.3M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008675	+0.058%	$22.9M	$39.1M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008679	+0.104%	$7.2M	$46.4M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008670	0.000%	$19K	$23K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008677	+0.081%	$11.0M	$12.3M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008681	+0.127%	$4.8M	$9.1M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008679	+0.104%	$8.2M	$12.3M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008681	+0.127%	—	$3.6M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008667	−0.035%	$296K	$293K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008695	+0.288%	$864K	$985K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008741	+0.822%	$459K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008704	+0.392%	$79K	$243K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008882	+2.445%	$2K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008668	−0.023%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008697	+0.311%	$91K	$372K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008679	+0.105%	$179K	$946K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008661	−0.104%	$200K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008663	−0.075%	$293	—	10x	as long as short
BloFin PENGU-USDTlong	+0.0340%	4h	0.008670	long leg	$1.5M	$3.5M	75x
Kraken Futures PF_PENGUUSD	+0.0369%	1h	0.008677	+0.077%	$340K	$2.4M	50x	as long as short
dYdX PENGU-USD	+0.0399%	1h	0.008675	+0.057%	$11K	$5K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0493% / S −0.0419%	1h	0.008667	−0.035%	$123K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2928%	1h	0.008967	+3.426%	$95K	$61K	50x	as long as short