Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0319%/8h= +34.9% APRpaid last 24h +0.346%

Price spread now: dYdX against Bybit−0.132%7-day average — · you buy dearer than you sell

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

Long on Bybit 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

Funding pays, the price is against you. dYdX is 0.132% cheaper against Bybit than usual: you would sell low and buy high (spread −0.132% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$13 on $10k: about 33 hours of funding at the current rate (+$10 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit PENGUUSDT	0.008950	0.0100	pay 0.0050% / 4h	1m 39s	$23.7M	$39.9M	75x
Short	dYdX PENGU-USD	0.008938	0.0419	get 0.0052% / 1h	1m 39s	$12K	$5K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX against Bybit. 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 BybitbpFee dYdXbpOrdersPrice spread, now −0.132%Rate

Funding earned: $66.94
Price spread: −0.132% → 0.000%: −$13.19
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee dYdX: 5 bp × 2 orders: −$10
Net: $32.75
Costs to cover: 0.210%
Break-even: 3.6 days

Slippage unknown: Bybit: live order book, 2 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 Bybit live order book, 2 min ago	0.56 bp	11.5 bp −$11	24.6 bp −$246	doesn't fit	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
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008938	−0.134%	$19K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008939	−0.127%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−1.799%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008952	+0.022%	$319K	$720K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008939	−0.123%	$24K	$92K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008940	−0.106%	$601K	$1.0M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008945	−0.056%	$8.3M	$14.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008932	−0.205%	$127K	$599K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008946	−0.045%	$157K	$243K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008946	−0.046%	$38.1M	$166.2M	75x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit PENGUUSDTlong	+0.0100%	4h	0.008950	long leg	$23.7M	$39.9M	75x
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008954	+0.045%	$7.6M	$48.6M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008950	0.000%	$19K	$24K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.008948	−0.022%	$3.4M	$15.9M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008946	−0.045%	$10.9M	$12.4M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008945	−0.056%	$4.9M	$9.2M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008955	+0.056%	$8.7M	$12.7M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008945	−0.056%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008936	−0.156%	$297K	$326K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008853	−1.084%	$922K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008865	−0.954%	$473K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008876	−0.827%	$80K	$242K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009150	+2.235%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008935	−0.168%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008957	+0.078%	$93K	$377K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008945	−0.056%	$184K	$943K	10x	as long as short
01 Exchange PENGUUSD	+0.0104%	1h	0.008947	−0.034%	$205	$64	5x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008930	−0.223%	$206K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008936	−0.160%	$302	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008926	−0.268%	$1.5M	$3.8M	75x	as long as short
Kraken Futures PF_PENGUUSD	+0.0358%	1h	0.008943	−0.076%	$350K	$2.4M	50x	as long as short
dYdX PENGU-USDshort	+0.0419%	1h	0.008938	−0.132%	$12K	$5K	5x
GMX PENGU/USD [WBTC.b-USDC]	L +0.0512% / S −0.0572%	1h	0.008938	−0.134%	$120K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2928%	1h	0.008962	+0.134%	$95K	$63K	50x	as long as short