Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0427%/8h= +46.8% APRpaid last 24h +0.035%

Price spread now: GRVT against Deribit+0.296%75s7-day average — · you sell dearer than you buy

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

Long on Deribit Short on GRVT

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—+ Points / potential airdropGRVT: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$13 a day on $10k at the current rate, and GRVT is 0.296% dearer against Deribit than usual: you sell high and buy low: +$30 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 75 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit PENGU_USDC-PERPETUAL	0.008656	−0.0327	get 0.0041% / 1h	51m 50s	$19K	$9K	10x
Short	GRVT PENGU_USDT_Perp	0.008682	0.0100	get 0.0050% / 4h	2h 51m	$454K	$2.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now +0.296%Rate

Funding earned: $89.67
Price spread: +0.296% → 0.000%: $29.6
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: $103.27
Costs to cover: 0.160%
Break-even: from the start

Slippage unknown: Deribit: no order-book sample; GRVT: live order book, 2 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 GRVT live order book, 2 min ago	2.31 bp	15.5 bp −$16	42.1 bp −$421	doesn't fit	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	−0.0553%	1h	0.008655	−0.011%	$383K	$2.1M	50x	as long as short
Bybit PENGUUSDT	−0.0368%	4h	0.008646	−0.116%	$22.7M	$35.7M	75x	as long as short
Gate PENGU_USDT	−0.0336%	4h	0.008651	−0.058%	$3.4M	$15.3M	75x	as long as short
Deribit PENGU_USDC-PERPETUALlong	−0.0327%	1h	0.008656	long leg	$19K	$9K	10x
Backpack PENGU_USDC_PERP	−0.0266%	1h	0.008651	−0.058%	$309K	$318K	10x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	+0.682%	$3K	$81K	5.5x	as long as short
dYdX PENGU-USD	0.0000%	1h	0.008655	−0.012%	$11K	$4K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008659	+0.033%	$33K	—	150x	as long as short
Lighter PENGU	+0.0096%	1h	0.008654	−0.023%	$293K	$718K	8x	as long as short
Nado PENGU-PERP	+0.0098%	1h	0.008643	−0.147%	$670K	$759K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid PENGU	+0.0100%	1h	0.008658	+0.023%	$8.7M	$15.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008656	+0.003%	$171K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008645	−0.127%	$142K	$232K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008651	−0.055%	$35.8M	$150.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008650	−0.069%	$7.7M	$46.4M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008640	−0.185%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008651	−0.058%	$12.7M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008656	0.000%	$4.8M	$8.6M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008656	0.000%	$8.2M	$12.5M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008650	−0.069%	—	$4.0M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008676	+0.236%	$795K	$712K	—	as long as short
GRVT PENGU_USDT_Perpshort	+0.0100%	4h	0.008682	+0.296%	$454K	$2.4M	10x
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008677	+0.243%	$79K	$254K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008656	0.000%	$21K	$185K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008858	+2.334%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008653	−0.035%	$979	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008674	+0.208%	$91K	$248K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008652	−0.044%	$177K	$681K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008652	−0.046%	$200K	$17K	3x	as long as short
01 Exchange PENGUUSD	+0.0160%	1h	0.008638	−0.208%	$198	$59	5x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008645	−0.123%	$292	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008648	−0.092%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0489% / S −0.0675%	1h	0.008659	+0.035%	$108K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008903	+2.854%	$94K	$97K	50x	as long as short