Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0082%/8h= +9.0% APRpaid last 24h −0.001%

Price spread now: Lighter against Bybit−0.102%7-day average +0.094% · you buy dearer than you sell

Net, funding: paid 7d − costs−$35as in the Funding arb table

Net, price: spread back to 7d avg − costs−$65as in the Price arb table

costs, in and out, $10k−$450.454% of the position

Long on Bybit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.108%+$11 on $10k

Price spread, last 4 days (all we have)+0.237%+$24 · spread now −0.102%, 7d avg +0.094%

Together, before fees+0.345%+ Points / potential airdropLighter: Season 3 · farm board+$34 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.196% cheaper against Bybit than usual: you would sell low and buy high (spread −0.102% now, against its 7-day average of +0.094%). If the spread goes back, that is −$20 on $10k: about 8.0 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit PENGUUSDT	0.008784	0.0014	pay 0.0007% / 4h	1h 52m	$22.8M	$36.0M	75x
Short	Lighter PENGU	0.008775	0.0096	get 0.0012% / 1h	52m 29s	$300K	$726K	8x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now −0.102%Rate

Funding earned: $17.19
Price spread: −0.102% → +0.094%: −$19.62
Slippage, 4 orders: −$34.41
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Lighter: 0 bp × 2 orders: $0
Net: −$47.85
Costs to cover: 0.454%
Break-even: 26.5 days

Slippage from Bybit: live order book, 1 min ago; Lighter: live order book, 27 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	13.9 bp −$14	29.8 bp −$298	118.6 bp −$11.9K	doesn't fit
Sell Lighter live order book, 27 min ago	2.30 bp	8.3 bp −$8	60.5 bp −$605	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	−0.0608%	1h	0.008773	−0.130%	$388K	$2.2M	50x	as long as short
Gate PENGU_USDT	−0.0272%	4h	0.008766	−0.205%	$3.4M	$15.4M	75x	as long as short
01 Exchange PENGUUSD	−0.0096%	1h	0.008791	+0.080%	$201	$59	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0092%	1h	0.008769	−0.171%	$19K	$9K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008767	−0.190%	$33K	—	150x	as long as short
Bybit PENGUUSDTlong	+0.0014%	4h	0.008784	long leg	$22.8M	$36.0M	75x
dYdX PENGU-USD	+0.0027%	1h	0.008768	−0.181%	$12K	$4K	5x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008715	−0.786%	$3K	$81K	5.5x	as long as short
Nado PENGU-PERP	+0.0035%	1h	0.008786	+0.020%	$680K	$758K	5x	as long as short
Lighter PENGUshort	+0.0096%	1h	0.008775	−0.102%	$300K	$726K	8x

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid PENGU	+0.0100%	1h	0.008773	−0.125%	$8.7M	$15.0M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008779	−0.057%	$174K	$449K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008772	−0.137%	$148K	$236K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008790	+0.068%	$36.3M	$151.6M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008789	+0.057%	$7.8M	$47.0M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008780	−0.046%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008772	−0.137%	$13.1M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008769	−0.171%	$4.8M	$8.8M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008780	−0.046%	$8.4M	$12.6M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008771	−0.148%	—	$3.9M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008761	−0.262%	$312K	$310K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008727	−0.652%	$805K	$726K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008769	−0.170%	$459K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008777	−0.080%	$80K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008771	−0.148%	$23K	$186K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008977	+2.197%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008766	−0.205%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008780	−0.046%	$92K	$250K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008773	−0.124%	$180K	$682K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008765	−0.216%	$202K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008763	−0.239%	$296	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008769	−0.171%	$1.5M	$2.7M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0506% / S −0.0703%	1h	0.008769	−0.171%	$113K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2504%	1h	0.008788	+0.046%	$92K	$100K	50x	as long as short