Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.021%

Price spread now: Extended against Bybit+0.080%7-day average +0.005% · you sell dearer than you buy

Net, funding: paid 7d − costs−$32as in the Funding arb table

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

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

Long on Bybit Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.120%+$12 on $10k

Price spread, last 4 days (all we have)−0.071%−$7 · spread now +0.080%, 7d avg +0.005%

Together, before fees+0.049%+ Points / potential airdropExtended: Active · farm board+$5 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Extended is 0.075% dearer against Bybit than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of +0.005%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit PENGUUSDT	0.008802	0.0100	pay 0.0050% / 4h	2h 07m	$23.1M	$38.4M	75x
Short	Extended PENGU-USD	0.008809	0.0104	get 0.0013% / 1h	7m 32s	$185K	$941K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now +0.080%Rate

Funding earned: $0.84
Price spread: +0.080% → +0.005%: $7.47
Slippage, 4 orders: −$28.02
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$35.71
Costs to cover: 0.440%
Break-even: 304.6 days

Slippage from Bybit: live order book, 1 min ago; Extended: live order book, 61 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 Bybit live order book, 1 min ago	0.57 bp	10.9 bp −$11	24.1 bp −$241	doesn't fit	doesn't fit
Sell Extended live order book, 61 min ago	1.68 bp	10.6 bp −$11	45.8 bp −$458	doesn't fit	doesn't fit

PENGU on 33 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	0.008832	+0.341%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008820	+0.210%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.148%	$3K	$117K	5.5x	as long as short
Gate PENGU_USDT	+0.0086%	4h	0.008807	+0.057%	$3.4M	$15.6M	75x	as long as short
Lighter PENGU	+0.0096%	1h	0.008831	+0.329%	$314K	$709K	8x	as long as short
01 Exchange PENGUUSD	+0.0096%	1h	0.008813	+0.125%	$202	$64	5x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008828	+0.295%	$19K	$161K	20x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008820	+0.204%	$876K	$999K	—	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008812	+0.114%	$8.2M	$14.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008830	+0.315%	$141K	$520K	20x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica PENGU	+0.0100%	1h	0.008825	+0.261%	$155K	$245K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008810	+0.086%	$37.5M	$157.9M	75x	as long as short
Bybit PENGUUSDTlong	+0.0100%	4h	0.008802	long leg	$23.1M	$38.4M	75x
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008806	+0.045%	$7.5M	$47.3M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008810	+0.091%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008815	+0.148%	$11.9M	$12.9M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008812	+0.114%	$4.7M	$9.1M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008812	+0.114%	$8.3M	$12.6M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008814	+0.136%	—	$3.6M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008833	+0.352%	$303K	$297K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008793	−0.100%	$463K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008793	−0.102%	$80K	$244K	50x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008806	+0.051%	$594K	$990K	5x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009023	+2.511%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008833	+0.352%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008839	+0.420%	$94K	$337K	25x	as long as short
Extended PENGU-USDshort	+0.0104%	1h	0.008809	+0.080%	$185K	$941K	10x
Aevo PENGU-PERP	+0.0104%	1h	0.008826	+0.273%	$204K	—	3x	as long as short
Kraken Futures PF_PENGUUSD	+0.0209%	1h	0.008838	+0.406%	$363K	$2.3M	50x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008814	+0.139%	$298	—	10x	as long as short
dYdX PENGU-USD	+0.0334%	1h	0.008815	+0.150%	$12K	$4K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0513% / S −0.0582%	1h	0.008820	+0.204%	$120K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1352%	1h	0.008967	+1.875%	$95K	$94K	50x	as long as short