Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0240%/8h= −26.3% APRpaid last 24h −0.072%

Price spread now: Pacifica against BloFin−0.311%94s7-day average +0.001% · you buy dearer than you sell

Net, funding: paid 7d − costs−$90as 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−$430.434% of the position

Long on BloFin Short on Pacifica

What this pair did over the last

the charts below follow

Funding, last 7 days−0.464%−$46 on $10k

Price spread, last 3 days (all we have)+0.210%+$21 · spread now −0.311%, 7d avg +0.001%

Together, before fees−0.254%+ Points / potential airdropPacifica: Active · farm board−$25 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Pacifica is 0.312% cheaper against BloFin than usual: you would sell low and buy high (−$31 if the spread goes back to its 7-day average of +0.001%). Swap the legs. The two prices were read 94 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	0.008675	0.0340	pay 0.0170% / 4h	2h 53m	$1.5M	$2.6M	75x
Short	Pacifica PENGU	0.008648	0.0100	get 0.0013% / 1h	53m 24s	$142K	$232K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Pacifica 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 PacificabpOrdersPrice spread, now −0.311%Rate

Funding earned: −$50.4
Price spread: −0.311% → +0.001%: −$31.19
Slippage, 4 orders: −$23.39
Fee BloFin: 6 bp × 2 orders: −$12
Fee Pacifica: 4 bp × 2 orders: −$8
Net: −$124.98
Costs to cover: 0.434%
Break-even: never at this rate

Slippage from BloFin: live order book, 5 min ago; Pacifica: live order book, 34 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	1.73 bp	12.6 bp −$13	21.1 bp −$211	56.4 bp −$5,643	doesn't fit
Sell Pacifica live order book, 34 min ago	1.71 bp	10.8 bp −$11	doesn't fit	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
Kraken Futures PF_PENGUUSD	−0.0553%	1h	0.008649	−0.300%	$383K	$2.1M	50x	as long as short
Bybit PENGUUSDT	−0.0352%	4h	0.008648	−0.311%	$22.7M	$35.7M	75x	as long as short
Backpack PENGU_USDC_PERP	−0.0344%	1h	0.008642	−0.380%	$309K	$318K	10x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0328%	1h	0.008640	−0.403%	$19K	$9K	10x	as long as short
Gate PENGU_USDT	−0.0318%	4h	0.008657	−0.207%	$3.4M	$15.3M	75x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	+0.461%	$3K	$81K	5.5x	as long as short
dYdX PENGU-USD	0.0000%	1h	0.008650	−0.288%	$11K	$4K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008664	−0.123%	$33K	—	150x	as long as short
Lighter PENGU	+0.0096%	1h	0.008645	−0.346%	$293K	$718K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008662	−0.144%	$672K	$759K	5x	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	0.008667	−0.092%	$8.7M	$15.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008664	−0.124%	$171K	$448K	20x	as long as short
Pacifica PENGUshort	+0.0100%	1h	0.008648	−0.311%	$142K	$232K	5x
Binance PENGUUSDT	+0.0100%	4h	0.008661	−0.158%	$35.8M	$150.8M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008652	−0.265%	$7.7M	$46.4M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008660	−0.173%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008662	−0.150%	$12.7M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008664	−0.127%	$4.7M	$8.6M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008666	−0.104%	$8.1M	$12.4M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008662	−0.150%	—	$4.0M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008676	+0.017%	$795K	$712K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008682	+0.076%	$454K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008677	+0.023%	$79K	$254K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008655	−0.231%	$21K	$185K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008835	+1.844%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008641	−0.392%	$981	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008659	−0.184%	$90K	$248K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008652	−0.269%	$177K	$681K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008651	−0.277%	$200K	$17K	3x	as long as short
01 Exchange PENGUUSD	+0.0120%	1h	0.008679	+0.046%	$199	$59	5x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008662	−0.149%	$292	—	10x	as long as short
BloFin PENGU-USDTlong	+0.0340%	4h	0.008675	long leg	$1.5M	$2.6M	75x
GMX PENGU/USD [WBTC.b-USDC]	L +0.0489% / S −0.0675%	1h	0.008663	−0.138%	$108K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008903	+2.628%	$94K	$97K	50x	as long as short