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 +0.021%

Price spread now: Extended against GRVT−0.321%52s7-day average −0.033% · you buy dearer than you sell

Net, funding: paid 7d − costs−$45as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$520.518% of the position

Long on GRVT Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.064%+$6 on $10k

Price spread, last 4 days (all we have)−1.234%−$123 · spread now −0.321%, 7d avg −0.033%

Together, before fees−1.170%+ Points / potential airdropGRVT: Active · Extended: Active · farm board−$117 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: Extended is 0.288% cheaper against GRVT than usual: you would sell low and buy high, −$29 on $10k if it goes back to its 7-day average of −0.033%. The two prices were read 52 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	0.008703	0.0100	pay 0.0050% / 4h	2h 56m	$455K	$2.4M	10x
Short	Extended PENGU-USD	0.008675	0.0104	get 0.0013% / 1h	56m 24s	$178K	$681K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.321%Rate

Funding earned: $0.84
Price spread: −0.321% → −0.033%: −$28.81
Slippage, 4 orders: −$37.78
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$79.75
Costs to cover: 0.518%
Break-even: 671.5 days

Slippage from GRVT: live order book, 2 min ago; Extended: live order book, 31 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 GRVT live order book, 2 min ago	2.88 bp	22.5 bp −$23	62.9 bp −$629	doesn't fit	doesn't fit
Sell Extended live order book, 31 min ago	1.71 bp	10.9 bp −$11	56.4 bp −$564	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
Kraken Futures PF_PENGUUSD	−0.0551%	1h	0.008679	−0.278%	$384K	$2.1M	50x	as long as short
Backpack PENGU_USDC_PERP	−0.0426%	1h	0.008673	−0.345%	$310K	$322K	10x	as long as short
Bybit PENGUUSDT	−0.0361%	4h	0.008663	−0.460%	$22.7M	$35.6M	75x	as long as short
Gate PENGU_USDT	−0.0308%	4h	0.008674	−0.333%	$3.4M	$15.3M	75x	as long as short
01 Exchange PENGUUSD	−0.0136%	1h	0.008676	−0.310%	$198	$59	5x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	+0.138%	$3K	$81K	5.5x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0096%	1h	0.008674	−0.333%	$21K	$8K	10x	as long as short
dYdX PENGU-USD	0.0000%	1h	0.008691	−0.138%	$11K	$4K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008678	−0.290%	$33K	—	150x	as long as short
Lighter PENGU	+0.0096%	1h	0.008683	−0.230%	$294K	$718K	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	0.008671	−0.362%	$674K	$760K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008679	−0.276%	$8.7M	$15.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008687	−0.180%	$171K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008684	−0.218%	$143K	$232K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008671	−0.372%	$35.9M	$150.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008671	−0.368%	$7.7M	$46.5M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008670	−0.379%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008671	−0.368%	$12.8M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008672	−0.356%	$4.8M	$8.6M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008674	−0.333%	$8.1M	$12.4M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008661	−0.483%	—	$2.3M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008738	+0.398%	$802K	$708K	—	as long as short
GRVT PENGU_USDT_Perplong	+0.0100%	4h	0.008703	long leg	$455K	$2.4M	10x
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008712	+0.103%	$79K	$254K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008673	−0.345%	$21K	$185K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008878	+2.011%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008671	−0.368%	$980	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008698	−0.057%	$91K	$248K	25x	as long as short
Extended PENGU-USDshort	+0.0104%	1h	0.008675	−0.321%	$178K	$681K	10x
Aevo PENGU-PERP	+0.0104%	1h	0.008671	−0.368%	$200K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008670	−0.376%	$293	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008662	−0.471%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0489% / S −0.0675%	1h	0.008674	−0.333%	$109K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008903	+2.298%	$94K	$97K	50x	as long as short