Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.019%

Price spread now: Orderly against Bybit+0.044%7-day average +0.038% · you sell dearer than you buy

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

Long on Bybit Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days+0.115%+$12 on $10k

Price spread, last 4 days (all we have)+0.006%+$1 · spread now +0.044%, 7d avg +0.038%

Together, before fees+0.122%+$12 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit PENGUUSDT	0.008990	0.0100	pay 0.0050% / 4h	3h 32m	$23.9M	$40.9M	75x
Short	Orderly PERP_PENGU_USDC	0.008994	0.0100	get 0.0050% / 4h	3h 32m	$24K	$101K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.044%Rate

Funding earned: $0
Price spread: +0.044% → +0.038%: $0.66
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$16.34
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 1 min ago; Orderly: 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, 1 min ago	0.56 bp	11.6 bp −$12	23.8 bp −$238	106.0 bp −$10.6K	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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
Gate PENGU_USDT	−0.0030%	4h	0.008989	−0.011%	$3.4M	$16.4M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008973	−0.189%	$19K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008995	+0.058%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−2.236%	$3K	$117K	5.5x	as long as short
dYdX PENGU-USD	+0.0041%	1h	0.008959	−0.341%	$12K	$5K	5x	as long as short
01 Exchange PENGUUSD	+0.0080%	1h	0.008992	+0.022%	$206	$64	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008972	−0.200%	$327K	$751K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008993	+0.039%	$603K	$1.0M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008996	+0.067%	$8.5M	$14.8M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008994	+0.048%	$139K	$640K	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica PENGU	+0.0100%	1h	0.008967	−0.256%	$137K	$272K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008997	+0.076%	$38.5M	$171.5M	75x	as long as short
Bybit PENGUUSDTlong	+0.0100%	4h	0.008990	long leg	$23.9M	$40.9M	75x
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008986	−0.044%	$7.8M	$50.3M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008980	−0.111%	$19K	$25K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009000	+0.111%	$11.1M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008989	−0.011%	$5.0M	$9.4M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008996	+0.067%	$8.8M	$12.9M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008981	−0.100%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008957	−0.367%	$299K	$327K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008981	−0.101%	$937K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008984	−0.067%	$468K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009012	+0.245%	$82K	$251K	50x	as long as short
Orderly PERP_PENGU_USDCshort	+0.0100%	4h	0.008994	+0.044%	$24K	$101K	20x
SunX PENGU-USDT	+0.0100%	4h	0.009189	+2.214%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008964	−0.289%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008982	−0.089%	$93K	$379K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008967	−0.251%	$186K	$939K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008991	+0.011%	$208K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008991	+0.009%	$304	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008962	−0.311%	$1.6M	$4.2M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0505% / S −0.0415%	1h	0.008997	+0.078%	$128K	—	100x	as long as short
Kraken Futures PF_PENGUUSD	+0.0610%	1h	0.008970	−0.223%	$351K	$2.4M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2704%	1h	0.009010	+0.222%	$95K	$62K	50x	as long as short