Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0047%/8h= −5.2% APRpaid last 24h −0.254%

Price spread now: BloFin against dYdX−0.169%92s7-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 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

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and BloFin is 0.169% cheaper against dYdX than usual: you would sell low and buy high (−$17 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 92 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	dYdX PENGU-USD	0.008685	0.0387	pay 0.0048% / 1h	47m 45s	$11K	$5K	5x
Short	BloFin PENGU-USDT	0.008670	0.0340	get 0.0170% / 4h	47m 45s	$1.5M	$3.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.169%Rate

Funding earned: −$9.92
Price spread: −0.169% → 0.000%: −$16.95
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$48.87
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: dYdX: no order-book sample; BloFin: live order book, 6 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 BloFin live order book, 6 min ago	1.72 bp	9.0 bp −$9	10.9 bp −$109	37.4 bp −$3,741	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	0.008686	+0.015%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008686	+0.013%	$32K	—	150x	as long as short
Gate PENGU_USDT	+0.0016%	4h	0.008680	−0.054%	$3.3M	$15.6M	75x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+1.201%	$3K	$117K	5.5x	as long as short
01 Exchange PENGUUSD	+0.0040%	1h	0.008691	+0.072%	$199	$64	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008684	−0.008%	$309K	$712K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008686	+0.015%	$23K	$129K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008683	−0.014%	$583K	$1.0M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008682	−0.031%	$8.1M	$14.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008685	+0.003%	$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	0.008684	−0.008%	$153K	$241K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008683	−0.017%	$36.1M	$161.5M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008680	−0.054%	$22.9M	$39.1M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008681	−0.043%	$7.2M	$46.3M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008690	+0.061%	$19K	$23K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008683	−0.020%	$11.0M	$12.3M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008687	+0.026%	$4.8M	$9.2M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008680	−0.054%	$8.2M	$12.3M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008675	−0.112%	—	$3.6M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008683	−0.020%	$296K	$293K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008695	+0.118%	$864K	$985K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008741	+0.651%	$459K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008704	+0.222%	$79K	$243K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008902	+2.502%	$2K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008680	−0.054%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008691	+0.072%	$90K	$372K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008679	−0.064%	$179K	$946K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008682	−0.031%	$201K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008682	−0.032%	$293	—	10x	as long as short
BloFin PENGU-USDTshort	+0.0340%	4h	0.008670	−0.169%	$1.5M	$3.5M	75x
Kraken Futures PF_PENGUUSD	+0.0369%	1h	0.008686	+0.019%	$340K	$2.4M	50x	as long as short
dYdX PENGU-USDlong	+0.0387%	1h	0.008685	long leg	$11K	$5K	5x
GMX PENGU/USD [WBTC.b-USDC]	L +0.0494% / S −0.0419%	1h	0.008686	+0.015%	$123K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2928%	1h	0.008967	+3.250%	$95K	$61K	50x	as long as short