Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0340%/8h= +37.2% APRpaid last 24h +0.132%

Price spread now: BloFin against Deribit−0.011%7-day average — · you buy dearer than you sell

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

Long on Deribit Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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

Together, before fees—needs 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: +$10 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit PENGU_USDC-PERPETUAL	0.008759	0	get 0.0000% / 1h	4m 23s	$18K	$10K	10x
Short	BloFin PENGU-USDT	0.008758	0.0340	get 0.0170% / 4h	4m 23s	$1.5M	$2.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Deribit. 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 DeribitbpFee BloFinbpOrdersPrice spread, now −0.011%Rate

Funding earned: $71.4
Price spread: −0.011% → 0.000%: −$1.14
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: $51.26
Costs to cover: 0.190%
Break-even: 2.0 days

Slippage unknown: Deribit: no order-book sample; BloFin: live order book, 4 min ago. 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 Deribit no order-book sample	—	—	—	—	—
Sell BloFin live order book, 4 min ago	0.57 bp	12.2 bp −$12	17.8 bp −$178	43.8 bp −$4,381	doesn't fit

Deribit: 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
Kraken Futures PF_PENGUUSD	−0.0341%	1h	0.008769	+0.116%	$368K	$2.3M	50x	as long as short
Bybit PENGUUSDT	−0.0313%	4h	0.008774	+0.171%	$22.9M	$37.1M	75x	as long as short
Variational Omni PENGU	−0.0306%	4h	0.008729	−0.339%	$863K	$927K	—	as long as short
Gate PENGU_USDT	−0.0298%	4h	0.008776	+0.194%	$3.4M	$15.7M	75x	as long as short
01 Exchange PENGUUSD	−0.0264%	1h	0.008777	+0.206%	$201	$59	5x	as long as short
Backpack PENGU_USDC_PERP	−0.0163%	1h	0.008761	+0.023%	$308K	$315K	10x	as long as short
Injective PENGU/USDC PERP	−0.0114%	1h	0.008789	+0.343%	$3K	$117K	5.5x	as long as short
Nado PENGU-PERP	−0.0014%	1h	0.008779	+0.228%	$698K	$778K	5x	as long as short
Deribit PENGU_USDC-PERPETUALlong	0.0000%	1h	0.008759	long leg	$18K	$10K	10x
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008780	+0.244%	$33K	—	150x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX PENGU-USD	+0.0027%	1h	0.008771	+0.134%	$12K	$4K	5x	as long as short
GRVT PENGU_USDT_Perp	+0.0082%	4h	0.008733	−0.301%	$457K	$2.1M	10x	as long as short
Lighter PENGU	+0.0096%	1h	0.008775	+0.183%	$307K	$741K	8x	as long as short
OKX PENGU-USDT-SWAP	+0.0098%	4h	0.008773	+0.160%	$7.5M	$47.2M	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008779	+0.228%	$23K	$186K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008779	+0.228%	$8.4M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008782	+0.257%	$188K	$474K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008775	+0.183%	$151K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008777	+0.207%	$36.5M	$155.3M	75x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008780	+0.240%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008778	+0.217%	$12.4M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008780	+0.240%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008781	+0.251%	$8.4M	$12.7M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008766	+0.080%	—	$2.3M	—	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008741	−0.206%	$80K	$254K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008963	+2.329%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008761	+0.023%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008776	+0.194%	$92K	$262K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008774	+0.175%	$180K	$622K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008772	+0.148%	$203K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008776	+0.193%	$296	—	10x	as long as short
BloFin PENGU-USDTshort	+0.0340%	4h	0.008758	−0.011%	$1.5M	$2.8M	75x
GMX PENGU/USD [WBTC.b-USDC]	L +0.0496% / S −0.0683%	1h	0.008757	−0.023%	$111K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2688%	1h	0.008768	+0.103%	$93K	$103K	50x	as long as short