Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0246%/8h= −26.9% APRpaid last 24h −0.354%

Price spread now: Bybit against dYdX−0.179%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 Bybit

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 −$7 a day on $10k at the current rate, and Bybit is 0.179% cheaper against dYdX than usual: you would sell low and buy high (−$18 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	0.008649	0	get 0.0000% / 1h	39m 07s	$11K	$4K	5x
Short	Bybit PENGUUSDT	0.008634	−0.0246	pay 0.0123% / 4h	2h 39m	$22.5M	$35.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.179%Rate

Funding earned: −$51.63
Price spread: −0.179% → 0.000%: −$17.9
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$90.53
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: dYdX: no order-book sample; Bybit: 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 Bybit live order book, 5 min ago	0.58 bp	12.6 bp −$13	27.7 bp −$277	127.9 bp −$12.8K	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
Kraken Futures PF_PENGUUSD	−0.0553%	1h	0.008644	−0.059%	$383K	$2.1M	50x	as long as short
Gate PENGU_USDT	−0.0390%	4h	0.008635	−0.167%	$3.4M	$15.3M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0328%	1h	0.008644	−0.063%	$19K	$9K	10x	as long as short
Bybit PENGUUSDTshort	−0.0246%	4h	0.008634	−0.179%	$22.5M	$35.8M	75x
Backpack PENGU_USDC_PERP	−0.0166%	1h	0.008638	−0.133%	$308K	$315K	10x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	+0.757%	$3K	$81K	5.5x	as long as short
dYdX PENGU-USDlong	0.0000%	1h	0.008649	long leg	$11K	$4K	5x
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008645	−0.051%	$33K	—	150x	as long as short
01 Exchange PENGUUSD	+0.0016%	1h	0.008636	−0.156%	$198	$59	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008641	−0.098%	$293K	$719K	8x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado PENGU-PERP	+0.0100%	1h	0.008634	−0.173%	$670K	$758K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008648	−0.017%	$8.7M	$15.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008645	−0.051%	$171K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008642	−0.086%	$142K	$232K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008641	−0.102%	$35.7M	$150.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008639	−0.121%	$7.6M	$46.2M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008640	−0.110%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008639	−0.121%	$12.7M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008638	−0.133%	$4.7M	$8.7M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008641	−0.098%	$8.2M	$12.5M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008626	−0.271%	—	$2.3M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008661	+0.128%	$794K	$713K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008663	+0.159%	$453K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008667	+0.203%	$79K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008645	−0.052%	$21K	$184K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008851	+2.330%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008639	−0.121%	$978	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008659	+0.110%	$90K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008640	−0.104%	$177K	$681K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008641	−0.098%	$200K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008642	−0.089%	$292	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008644	−0.063%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0489% / S −0.0675%	1h	0.008645	−0.052%	$108K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008903	+2.931%	$94K	$97K	50x	as long as short