Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.054%

Price spread now: OKX against Deribit+0.411%56s7-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 OKX

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

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and OKX is 0.411% dearer against Deribit than usual: you sell high and buy low: +$41 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 56 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	0.008758	0	get 0.0000% / 1h	22m 25s	$17K	$12K	10x
Short	OKX PENGU-USDT-SWAP	0.008794	0.0100	get 0.0050% / 4h	2h 22m	$7.5M	$50.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.411%Rate

Funding earned: $21
Price spread: +0.411% → 0.000%: $41.11
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: $45.11
Costs to cover: 0.170%
Break-even: from the start

Slippage unknown: Deribit: no order-book sample; OKX: live order book, 1 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 OKX live order book, 1 min ago	0.57 bp	15.6 bp −$16	34.4 bp −$344	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
Deribit PENGU_USDC-PERPETUALlong	0.0000%	1h	0.008758	long leg	$17K	$12K	10x
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008786	+0.324%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.354%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008770	+0.137%	$318K	$750K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008787	+0.328%	$589K	$1.1M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008791	+0.377%	$8.0M	$15.0M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008787	+0.330%	$120K	$667K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008770	+0.137%	$133K	$274K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008789	+0.350%	$37.1M	$177.2M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008783	+0.285%	$23.3M	$41.9M	75x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX PENGU-USDT-SWAPshort	+0.0100%	4h	0.008794	+0.411%	$7.5M	$50.9M	50x
Arcus PENGU-USD	+0.0100%	1h	0.008780	+0.251%	$18K	$26K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.008781	+0.263%	$3.3M	$16.6M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008786	+0.320%	$10.4M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008780	+0.251%	$4.9M	$9.7M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008790	+0.365%	$8.4M	$13.4M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008781	+0.263%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008759	+0.011%	$289K	$338K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008742	−0.182%	$913K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008765	+0.080%	$458K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008750	−0.091%	$79K	$251K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008791	+0.377%	$23K	$174K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008960	+2.306%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008757	−0.011%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008765	+0.080%	$91K	$392K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008779	+0.236%	$181K	$876K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008749	−0.103%	$202K	—	3x	as long as short
01 Exchange PENGUUSD	+0.0176%	1h	0.008784	+0.297%	$201	$64	5x	as long as short
dYdX PENGU-USD	+0.0187%	1h	0.008764	+0.071%	$12K	$6K	5x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.008785	+0.311%	$297	—	10x	as long as short
Kraken Futures PF_PENGUUSD	+0.0322%	1h	0.008761	+0.035%	$319K	$2.4M	50x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008757	−0.011%	$1.5M	$4.4M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0501% / S −0.0466%	1h	0.008783	+0.285%	$122K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1752%	1h	0.008825	+0.765%	$78K	$76K	50x	as long as short