Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0443%/8h= −48.5% APRpaid last 24h −0.295%

Price spread now: Bitget against dYdX−0.098%7-day average — · you buy dearer than you sell

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

Long on dYdX Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 6 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 against this trade now: funding costs −$13 a day on $10k at the current rate, and Bitget is 0.098% cheaper against dYdX than usual: you would sell low and buy high (−$10 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX PENGU-USD	0.009031	0.0543	pay 0.0068% / 1h	59m 02s	$12K	$6K	5x
Short	Bitget PENGUUSDT	0.009022	0.0100	get 0.0050% / 4h	59m 02s	$8.7M	$13.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against dYdX. 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 dYdXbpFee BitgetbpOrdersPrice spread, now −0.098%Rate

Funding earned: −$93.11
Price spread: −0.098% → 0.000%: −$9.83
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$124.93
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: dYdX: no order-book sample; Bitget: live order book, 5 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 dYdX no order-book sample	—	—	—	—	—
Sell Bitget live order book, 5 min ago	1.10 bp	13.8 bp −$14	31.1 bp −$311	doesn't fit	doesn't fit

dYdX: 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	0.009032	+0.012%	$1K	$29K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009028	−0.036%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−2.678%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.009034	+0.035%	$324K	$769K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009027	−0.043%	$637K	$1.1M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.009027	−0.043%	$9.0M	$16.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009026	−0.054%	$142K	$716K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009029	−0.021%	$136K	$264K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009021	−0.109%	$39.3M	$190.2M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.009013	−0.198%	$24.2M	$44.6M	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-SWAP	+0.0100%	4h	0.009015	−0.176%	$8.0M	$54.7M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.009030	−0.010%	$18K	$25K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.009016	−0.165%	$3.6M	$17.4M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009024	−0.076%	$10.9M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009023	−0.087%	$5.0M	$10.2M	75x	as long as short
Bitget PENGUUSDTshort	+0.0100%	4h	0.009022	−0.098%	$8.7M	$13.9M	75x
BingX PENGU-USDT	+0.0100%	4h	0.009020	−0.120%	—	$3.8M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009018	−0.143%	$295K	$368K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.009035	+0.045%	$921K	$1.1M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009042	+0.128%	$474K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009045	+0.156%	$79K	$252K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009031	+0.001%	$23K	$250K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009250	+2.426%	$3K	$2.2M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009029	−0.021%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009043	+0.134%	$93K	$404K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009026	−0.054%	$185K	$523K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009023	−0.087%	$208K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.009026	−0.052%	$305	—	10x	as long as short
01 Exchange PENGUUSD	+0.0304%	1h	0.009034	+0.035%	$207	$60	5x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009035	+0.046%	$1.6M	$4.9M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0442% / S −0.0368%	1h	0.009027	−0.043%	$106K	—	100x	as long as short
Kraken Futures PF_PENGUUSD	+0.0540%	1h	0.009035	+0.040%	$337K	$2.5M	50x	as long as short
dYdX PENGU-USDlong	+0.0543%	1h	0.009031	long leg	$12K	$6K	5x
Coinbase International PENGU-PERP-INTX	+0.1928%	1h	0.009135	+1.153%	$80K	$70K	50x	as long as short