Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.021%

Price spread now: Bybit against Extended+0.095%7-day average −0.003% · you sell dearer than you buy

Net, funding: paid 7d − costs−$56as in the Funding arb table

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$440.439% of the position

Long on Extended Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.122%−$12 on $10k

Price spread, last 4 days (all we have)−0.077%−$8 · spread now +0.095%, 7d avg −0.003%

Together, before fees−0.199%+ Points / potential airdropExtended: Active · farm board−$20 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.098% dearer against Extended than usual: you sell high and buy low, +$10 on $10k if it goes back to its 7-day average of −0.003%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended PENGU-USD	0.008726	0.0104	pay 0.0013% / 1h	44m 03s	$182K	$941K	10x
Short	Bybit PENGUUSDT	0.008734	0.0100	get 0.0050% / 4h	1h 44m	$23.3M	$38.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Extended. 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 ExtendedbpFee BybitbpOrdersPrice spread, now +0.095%Rate

Funding earned: −$0.84
Price spread: +0.095% → −0.003%: $9.79
Slippage, 4 orders: −$27.87
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$34.92
Costs to cover: 0.439%
Break-even: never at this rate

Slippage from Extended: live order book, 19 min ago; Bybit: live order book, 5 min ago.

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 Extended live order book, 19 min ago	1.70 bp	10.9 bp −$11	100.0 bp −$1,000	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	0.57 bp	12.4 bp −$12	25.7 bp −$257	doesn't fit	doesn't fit

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	−0.0094%	1h	0.008728	+0.027%	$18K	$10K	10x	as long as short
01 Exchange PENGUUSD	−0.0008%	1h	0.008713	−0.145%	$199	$64	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008723	−0.032%	$32K	—	150x	as long as short
Gate PENGU_USDT	+0.0018%	4h	0.008729	+0.038%	$3.4M	$15.6M	75x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.726%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008729	+0.038%	$310K	$709K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008725	−0.008%	$23K	$165K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008717	−0.094%	$587K	$1.0M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008731	+0.061%	$8.1M	$14.6M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008725	−0.003%	$131K	$574K	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	0.008715	−0.122%	$153K	$243K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008731	+0.061%	$36.6M	$159.4M	75x	as long as short
Bybit PENGUUSDTshort	+0.0100%	4h	0.008734	+0.095%	$23.3M	$38.6M	75x
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008738	+0.141%	$7.5M	$46.3M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008720	−0.065%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008730	+0.049%	$11.5M	$12.3M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008723	−0.031%	$4.8M	$9.1M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008734	+0.095%	$8.2M	$12.4M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008727	+0.015%	—	$3.6M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008727	+0.015%	$299K	$275K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008701	−0.283%	$863K	$986K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008688	−0.429%	$455K	$2.0M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008708	−0.203%	$79K	$243K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008928	+2.319%	$2K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008725	−0.008%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008743	+0.198%	$91K	$348K	25x	as long as short
Extended PENGU-USDlong	+0.0104%	1h	0.008726	long leg	$182K	$941K	10x
Aevo PENGU-PERP	+0.0104%	1h	0.008721	−0.054%	$201K	—	3x	as long as short
dYdX PENGU-USD	+0.0220%	1h	0.008713	−0.140%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008721	−0.052%	$294	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008710	−0.180%	$1.5M	$3.3M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0510% / S −0.0582%	1h	0.008723	−0.031%	$119K	—	100x	as long as short
Kraken Futures PF_PENGUUSD	+0.0652%	1h	0.008730	+0.054%	$357K	$2.3M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2296%	1h	0.008967	+2.766%	$95K	$94K	50x	as long as short