Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.002%

Price spread now: Orderly against Extended+0.153%7-day average +0.034% · you sell dearer than you buy

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

Long on Extended Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.002%$0 on $10k

Price spread, last 3 days (all we have)−0.061%−$6 · spread now +0.153%, 7d avg +0.034%

Together, before fees−0.063%+ Points / potential airdropExtended: Active · farm board−$6 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: Orderly is 0.120% dearer against Extended than usual: you sell high and buy low, +$12 on $10k if it goes back to its 7-day average of +0.034%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended PENGU-USD	0.008643	0.0104	pay 0.0013% / 1h	51m 37s	$177K	$681K	10x
Short	Orderly PERP_PENGU_USDC	0.008656	0.0100	get 0.0050% / 4h	2h 51m	$21K	$185K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.153%Rate

Funding earned: −$0.84
Price spread: +0.153% → +0.034%: $11.97
Slippage, 4 orders: no order book: not counted
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Orderly: 3 bp × 2 orders: −$6
Net: $0.13
Costs to cover: 0.110%
Break-even: from the start

Slippage unknown: Extended: live order book, 36 min ago; Orderly: no order-book sample. 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 Extended live order book, 36 min ago	1.71 bp	10.9 bp −$11	82.2 bp −$822	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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	0.008655	+0.142%	$383K	$2.1M	50x	as long as short
Gate PENGU_USDT	−0.0372%	4h	0.008643	+0.003%	$3.4M	$15.3M	75x	as long as short
Bybit PENGUUSDT	−0.0368%	4h	0.008642	−0.009%	$22.6M	$35.7M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0327%	1h	0.008656	+0.153%	$19K	$9K	10x	as long as short
Backpack PENGU_USDC_PERP	−0.0266%	1h	0.008651	+0.096%	$309K	$318K	10x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	+0.836%	$3K	$81K	5.5x	as long as short
dYdX PENGU-USD	0.0000%	1h	0.008659	+0.188%	$11K	$4K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008659	+0.187%	$33K	—	150x	as long as short
Lighter PENGU	+0.0096%	1h	0.008650	+0.084%	$293K	$718K	8x	as long as short
Nado PENGU-PERP	+0.0098%	1h	0.008643	+0.006%	$670K	$759K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid PENGU	+0.0100%	1h	0.008658	+0.177%	$8.7M	$15.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008658	+0.178%	$171K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008646	+0.038%	$142K	$232K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008644	+0.019%	$35.7M	$150.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008642	−0.009%	$7.7M	$46.4M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008650	+0.084%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008646	+0.038%	$12.7M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008652	+0.107%	$4.8M	$8.6M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008654	+0.130%	$8.2M	$12.5M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008647	+0.049%	—	$4.0M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008676	+0.390%	$795K	$712K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008682	+0.450%	$454K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008677	+0.396%	$79K	$254K	50x	as long as short
Orderly PERP_PENGU_USDCshort	+0.0100%	4h	0.008656	+0.153%	$21K	$185K	20x
SunX PENGU-USDT	+0.0100%	4h	0.008858	+2.491%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008653	+0.119%	$979	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008674	+0.362%	$91K	$248K	25x	as long as short
Extended PENGU-USDlong	+0.0104%	1h	0.008643	long leg	$177K	$681K	10x
01 Exchange PENGUUSD	+0.0104%	1h	0.008642	−0.009%	$198	$59	5x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008652	+0.107%	$200K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008645	+0.030%	$292	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008648	+0.061%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0489% / S −0.0675%	1h	0.008659	+0.188%	$108K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008903	+3.011%	$94K	$97K	50x	as long as short