Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0035%/8h= +3.9% APRpaid last 24h +0.374%

Price spread now: dYdX against GRVT+0.113%50s7-day average — · you sell dearer than you buy

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

Long on GRVT Short on dYdX

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

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and dYdX is 0.113% dearer against GRVT than usual: you sell high and buy low: +$11 more if the spread goes back to zero (this spread has no 7-day history yet). 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	GRVT PENGU_USDT_Perp	0.008788	0.0100	pay 0.0050% / 4h	1h 22m	$460K	$2.3M	10x
Short	dYdX PENGU-USD	0.008798	0.0135	get 0.0017% / 1h	22m 46s	$12K	$4K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX against GRVT. 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 GRVTbpFee dYdXbpOrdersPrice spread, now +0.113%Rate

Funding earned: $7.41
Price spread: +0.113% → 0.000%: $11.31
Slippage, 4 orders: no order book: not counted
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$0.28
Costs to cover: 0.190%
Break-even: 7.3 days

Slippage unknown: GRVT: live order book, 1 min ago; dYdX: 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 GRVT live order book, 1 min ago	1.14 bp	16.4 bp −$16	28.7 bp −$287	doesn't fit	doesn't fit
Sell dYdX no order-book sample	—	—	—	—	—

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	−0.0606%	1h	0.008803	+0.163%	$369K	$2.2M	50x	as long as short
Gate PENGU_USDT	−0.0300%	4h	0.008785	−0.040%	$3.4M	$15.6M	75x	as long as short
Bybit PENGUUSDT	−0.0149%	4h	0.008791	+0.029%	$22.9M	$36.4M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0091%	1h	0.008793	+0.051%	$19K	$9K	10x	as long as short
01 Exchange PENGUUSD	−0.0080%	1h	0.008803	+0.165%	$201	$59	5x	as long as short
Variational Omni PENGU	+0.0001%	4h	0.008766	−0.251%	$801K	$802K	—	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008795	+0.074%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.006%	$3K	$117K	5.5x	as long as short
Nado PENGU-PERP	+0.0095%	1h	0.008793	+0.057%	$685K	$759K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008795	+0.074%	$309K	$736K	8x	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	0.008798	+0.108%	$8.7M	$15.0M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008796	+0.085%	$189K	$466K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008790	+0.017%	$151K	$238K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008798	+0.108%	$36.6M	$152.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008798	+0.108%	$7.7M	$47.2M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008800	+0.131%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008789	+0.006%	$12.7M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008793	+0.051%	$4.8M	$8.9M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008793	+0.051%	$8.4M	$12.6M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008788	−0.005%	—	$3.9M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008790	+0.017%	$314K	$309K	10x	as long as short
GRVT PENGU_USDT_Perplong	+0.0100%	4h	0.008788	long leg	$460K	$2.3M	10x
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008792	+0.040%	$80K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008793	+0.051%	$23K	$186K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008996	+2.361%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008789	+0.006%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008815	+0.302%	$92K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008785	−0.036%	$181K	$682K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008786	−0.028%	$203K	$17K	3x	as long as short
dYdX PENGU-USDshort	+0.0135%	1h	0.008798	+0.113%	$12K	$4K	5x
Reya PENGURUSDPERP	+0.0237%	1h	0.008791	+0.029%	$297	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008786	−0.028%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0511% / S −0.0711%	1h	0.008794	+0.063%	$115K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2504%	1h	0.008945	+1.781%	$95K	$105K	50x	as long as short