Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.017%

Price spread now: Nado against Bybit+0.078%7-day average +0.049% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$410.409% of the position

Long on Bybit Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.030%−$3 on $10k

Price spread, last 4 days (all we have)+0.398%+$40 · spread now +0.078%, 7d avg +0.049%

Together, before fees+0.367%+ Points / potential airdropNado: Active · farm board+$37 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: Nado is 0.029% dearer against Bybit than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of +0.049%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit PENGUUSDT	0.008931	0.0100	pay 0.0050% / 4h	1m 10s	$23.6M	$39.9M	75x
Short	Nado PENGU-PERP	0.008938	0.0100	get 0.0012% / 1h	1m 10s	$600K	$1.0M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now +0.078%Rate

Funding earned: $0
Price spread: +0.078% → +0.049%: $2.92
Slippage, 4 orders: −$22.94
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$38.02
Costs to cover: 0.409%
Break-even: never at this rate

Slippage from Bybit: live order book, 3 min ago; Nado: live order book, 2 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, 3 min ago	0.56 bp	11.5 bp −$11	24.6 bp −$246	doesn't fit	doesn't fit
Sell Nado live order book, 2 min ago	1.68 bp	7.8 bp −$8	31.5 bp −$315	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
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008934	+0.034%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008932	+0.012%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−1.590%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008941	+0.112%	$318K	$720K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008933	+0.022%	$24K	$91K	20x	as long as short
Nado PENGU-PERPshort	+0.0100%	1h	0.008938	+0.078%	$600K	$1.0M	5x
Hyperliquid PENGU	+0.0100%	1h	0.008939	+0.090%	$8.3M	$14.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008936	+0.055%	$128K	$599K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008946	+0.168%	$157K	$243K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008936	+0.056%	$38.0M	$166.3M	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	0.008931	long leg	$23.6M	$39.9M	75x
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008929	−0.022%	$7.6M	$48.5M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008950	+0.213%	$19K	$24K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.008935	+0.045%	$3.4M	$15.9M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008934	+0.034%	$10.9M	$12.4M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008934	+0.034%	$4.9M	$9.3M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008942	+0.123%	$8.7M	$12.7M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008935	+0.045%	—	$3.5M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008935	+0.045%	$297K	$326K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008928	−0.034%	$931K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008928	−0.037%	$476K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008929	−0.022%	$81K	$242K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009149	+2.441%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008932	+0.011%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008971	+0.448%	$93K	$377K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008929	−0.017%	$184K	$943K	10x	as long as short
01 Exchange PENGUUSD	+0.0104%	1h	0.008947	+0.179%	$205	$64	5x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008926	−0.056%	$206K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008935	+0.041%	$302	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008954	+0.258%	$1.5M	$3.8M	75x	as long as short
Kraken Futures PF_PENGUUSD	+0.0358%	1h	0.008944	+0.147%	$350K	$2.4M	50x	as long as short
dYdX PENGU-USD	+0.0419%	1h	0.008938	+0.081%	$12K	$5K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0512% / S −0.0572%	1h	0.008932	+0.011%	$120K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2928%	1h	0.008962	+0.347%	$95K	$60K	50x	as long as short