PENGU

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0444%/8h= +48.6% APRnext payment +$2.22 per $10,000 · paid last 24h −0.020%

Price spread now: GRVT against Bybit−0.104%7-day average +0.047% · you buy dearer than you sell

Net, funding: paid 7d − costs−$48as in the Funding arb table

Net, price: spread back to 7d avg − costs−$67as in the Price arb table

costs, in and out, $10k−$520.515% of the position

Long on Bybit Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days+0.034%+$3 on $10k

Price spread, last 7 days+0.115%+$12 · spread now −0.104%, 7d avg +0.047%

Together, before fees+0.149%+ Points / potential airdropGRVT: Active · farm board+$15 on $10k · with fees, hour by hour

Funding pays, the price is against you. GRVT is 0.150% cheaper against Bybit than usual: you would sell low and buy high (spread −0.104% now, against its 7-day average of +0.047%). If the spread goes back, that is −$15 on $10k: about 27 hours of funding at the current rate (+$13 a day). At the pace of the last 7 days (+0.034% in total) that is about 31 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.034% in total (about 1.8% a year). A funding rate is set anew for every payment; at this rate the next one is about +$2.22 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit PENGUUSDT	0.008684	−0.0344	get 0.0172% / 4h	2h 55m	$22.8M	$35.6M	75x
Short	GRVT PENGU_USDT_Perp	0.008675	0.0100	get 0.0050% / 4h	2h 55m	$454K	$2.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now −0.104%Rate

Funding earned: $93.2
Price spread: −0.104% → +0.047%: −$15.04
Slippage, 4 orders: −$31.55
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: $26.61
Costs to cover: 0.515%
Break-even: 5.0 days

Slippage from Bybit: live order book, 4 min ago; GRVT: live order book, 3 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, 4 min ago	0.58 bp	10.0 bp −$10	25.0 bp −$250	89.4 bp −$8,939	doesn't fit
Sell GRVT live order book, 3 min ago	2.88 bp	7.4 bp −$7	14.1 bp −$141	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	−0.0550%	1h	0.008697	+0.154%	$385K	$2.1M	50x	as long as short
Backpack PENGU_USDC_PERP	−0.0355%	1h	0.008687	+0.035%	$311K	$318K	10x	as long as short
Bybit PENGUUSDTlong	−0.0344%	4h	0.008684	long leg	$22.8M	$35.6M	75x
Gate PENGU_USDT	−0.0302%	4h	0.008683	−0.012%	$3.4M	$15.3M	75x	as long as short
01 Exchange PENGUUSD	−0.0120%	1h	0.008679	−0.058%	$199	$59	5x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	+0.357%	$3K	$81K	5.5x	as long as short
dYdX PENGU-USD	0.0000%	1h	0.008684	0.000%	$11K	$4K	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008695	+0.127%	$21K	$8K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008694	+0.116%	$33K	—	150x	as long as short
Nado PENGU-PERP	+0.0088%	1h	0.008679	−0.052%	$674K	$758K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter PENGU	+0.0096%	1h	0.008693	+0.104%	$295K	$718K	8x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008693	+0.104%	$8.7M	$15.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008690	+0.065%	$171K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008674	−0.115%	$143K	$232K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008694	+0.111%	$36.0M	$150.7M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008686	+0.023%	$7.7M	$46.6M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008680	−0.046%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008691	+0.081%	$12.8M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008692	+0.092%	$4.8M	$8.6M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008689	+0.058%	$8.1M	$12.4M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008687	+0.035%	—	$4.0M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008676	−0.087%	$795K	$712K	—	as long as short
GRVT PENGU_USDT_Perpshort	+0.0100%	4h	0.008675	−0.104%	$454K	$2.4M	10x
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008677	−0.081%	$79K	$254K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008696	+0.138%	$21K	$185K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008879	+2.246%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008691	+0.081%	$981	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008688	+0.046%	$91K	$248K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008690	+0.069%	$178K	$681K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008690	+0.069%	$201K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008685	+0.009%	$293	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008675	−0.104%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0489% / S −0.0675%	1h	0.008693	+0.104%	$109K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008903	+2.522%	$94K	$97K	50x	as long as short