Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0065%/8h= +7.1% APRpaid last 24h −0.375%

Price spread now: GRVT against dYdX−0.060%50s7-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 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

Funding pays, the price is against you. GRVT is 0.060% cheaper against dYdX than usual: you would sell low and buy high (spread −0.060% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$6 on $10k: about 3.1 days of funding at the current rate (+$2 a day). The two prices were read 50 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	0.008738	0.0017	pay 0.0002% / 1h	6m 33s	$12K	$4K	5x
Short	GRVT PENGU_USDT_Perp	0.008733	0.0082	get 0.0041% / 4h	6m 33s	$457K	$2.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT against dYdX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 GRVTbpOrdersPrice spread, now −0.060%Rate

Funding earned: $13.55
Price spread: −0.060% → 0.000%: −$6.05
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$11.49
Costs to cover: 0.190%
Break-even: 12.9 days

Slippage unknown: dYdX: 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 dYdX no order-book sample	—	—	—	—	—
Sell GRVT live order book, 2 min ago	1.72 bp	14.4 bp −$14	42.1 bp −$421	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
Kraken Futures PF_PENGUUSD	−0.0342%	1h	0.008750	+0.136%	$367K	$2.3M	50x	as long as short
Bybit PENGUUSDT	−0.0321%	4h	0.008738	+0.001%	$22.8M	$37.0M	75x	as long as short
Variational Omni PENGU	−0.0310%	4h	0.008693	−0.511%	$859K	$927K	—	as long as short
Gate PENGU_USDT	−0.0302%	4h	0.008739	+0.013%	$3.4M	$15.7M	75x	as long as short
01 Exchange PENGUUSD	−0.0272%	1h	0.008745	+0.081%	$200	$59	5x	as long as short
Backpack PENGU_USDC_PERP	−0.0171%	1h	0.008743	+0.059%	$307K	$315K	10x	as long as short
Injective PENGU/USDC PERP	−0.0114%	1h	0.008789	+0.585%	$3K	$117K	5.5x	as long as short
Nado PENGU-PERP	−0.0019%	1h	0.008741	+0.030%	$694K	$777K	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008741	+0.036%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008741	+0.040%	$33K	—	150x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX PENGU-USDlong	+0.0017%	1h	0.008738	long leg	$12K	$4K	5x
GRVT PENGU_USDT_Perpshort	+0.0082%	4h	0.008733	−0.060%	$457K	$2.1M	10x
Lighter PENGU	+0.0096%	1h	0.008744	+0.070%	$306K	$741K	8x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008740	+0.024%	$7.5M	$47.0M	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008741	+0.036%	$23K	$186K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008743	+0.059%	$8.4M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008746	+0.096%	$187K	$474K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008744	+0.070%	$151K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008745	+0.081%	$36.2M	$155.1M	75x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008740	+0.024%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008742	+0.047%	$12.3M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008739	+0.013%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008747	+0.104%	$8.3M	$12.7M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008739	+0.013%	—	$3.9M	—	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008732	−0.067%	$80K	$254K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008948	+2.405%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008741	+0.036%	$999	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008755	+0.196%	$91K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008741	+0.039%	$179K	$622K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008740	+0.024%	$202K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008737	−0.014%	$295	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008744	+0.070%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0496% / S −0.0683%	1h	0.008741	+0.036%	$110K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2688%	1h	0.008768	+0.345%	$93K	$103K	50x	as long as short