Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0139%/8h= +15.2% APRpaid last 24h +0.060%

Price spread now: Reya against Bybit+0.006%7-day average — · you sell dearer than you buy

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

Long on Bybit Short on Reya

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropReya: Active · farm boardneeds both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: +$4 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit PENGUUSDT	0.008663	0.0100	pay 0.0050% / 4h	49m 23s	$22.9M	$39.0M	75x
Short	Reya PENGURUSDPERP	0.008663	0.0239	get 0.0030% / 1h	49m 23s	$293	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now +0.006%Rate

Funding earned: $29.16
Price spread: +0.006% → 0.000%: $0.57
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Reya: 3 bp × 2 orders: −$6
Net: $12.73
Costs to cover: 0.170%
Break-even: 3.9 days

Slippage unknown: Bybit: live order book, 4 min ago; Reya: 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, 4 min ago	0.57 bp	11.8 bp −$12	24.7 bp −$247	doesn't fit	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

Reya: 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
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008667	+0.046%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008669	+0.065%	$32K	—	150x	as long as short
Gate PENGU_USDT	+0.0016%	4h	0.008666	+0.035%	$3.3M	$15.6M	75x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+1.454%	$3K	$117K	5.5x	as long as short
01 Exchange PENGUUSD	+0.0040%	1h	0.008673	+0.115%	$198	$64	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008686	+0.265%	$309K	$712K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008667	+0.046%	$23K	$130K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008672	+0.110%	$582K	$1.0M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008671	+0.092%	$8.1M	$14.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008676	+0.150%	$120K	$579K	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	0.008680	+0.196%	$153K	$241K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008669	+0.074%	$36.1M	$161.3M	75x	as long as short
Bybit PENGUUSDTlong	+0.0100%	4h	0.008663	long leg	$22.9M	$39.0M	75x
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008664	+0.012%	$7.2M	$46.3M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008670	+0.081%	$19K	$23K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008670	+0.081%	$11.0M	$12.3M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008669	+0.069%	$4.8M	$9.1M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008667	+0.046%	$8.1M	$12.3M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008666	+0.035%	—	$3.6M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008679	+0.185%	$296K	$293K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008695	+0.369%	$864K	$985K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008741	+0.904%	$459K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008704	+0.473%	$79K	$243K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008882	+2.528%	$2K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008686	+0.265%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008703	+0.462%	$91K	$372K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008661	−0.021%	$183K	$942K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008661	−0.023%	$200K	—	3x	as long as short
Reya PENGURUSDPERPshort	+0.0239%	1h	0.008663	+0.006%	$293	—	10x
BloFin PENGU-USDT	+0.0340%	4h	0.008698	+0.404%	$1.5M	$3.5M	75x	as long as short
Kraken Futures PF_PENGUUSD	+0.0369%	1h	0.008677	+0.158%	$340K	$2.4M	50x	as long as short
dYdX PENGU-USD	+0.0399%	1h	0.008675	+0.138%	$11K	$5K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0493% / S −0.0419%	1h	0.008667	+0.046%	$123K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2928%	1h	0.008967	+3.509%	$95K	$61K	50x	as long as short