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 +0.019%

Price spread now: Lighter against GRVT+0.129%48s7-day average +0.058% · you sell dearer than you buy

Net, funding: paid 7d − costs−$49as 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−$570.566% of the position

Long on GRVT Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.074%+$7 on $10k

Price spread, last 4 days (all we have)−0.438%−$44 · spread now +0.129%, 7d avg +0.058%

Together, before fees−0.364%+ Points / potential airdropGRVT: Active · Lighter: Season 3 · farm board−$36 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: Lighter is 0.071% dearer against GRVT than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of +0.058%. The two prices were read 48 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	0.008654	0.0100	pay 0.0050% / 4h	2h 46m	$453K	$2.4M	10x
Short	Lighter PENGU	0.008665	0.0096	get 0.0012% / 1h	46m 31s	$294K	$719K	8x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.129%Rate

Funding earned: −$0.84
Price spread: +0.129% → +0.058%: $7.07
Slippage, 4 orders: −$47.61
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Lighter: 0 bp × 2 orders: $0
Net: −$50.37
Costs to cover: 0.566%
Break-even: never at this rate

Slippage from GRVT: live order book, 2 min ago; Lighter: live order book, 38 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	1.73 bp	16.5 bp −$17	28.8 bp −$288	doesn't fit	doesn't fit
Sell Lighter live order book, 38 min ago	4.58 bp	8.1 bp −$8	68.0 bp −$680	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	−0.0552%	1h	0.008667	+0.149%	$384K	$2.1M	50x	as long as short
Bybit PENGUUSDT	−0.0345%	4h	0.008658	+0.048%	$22.6M	$35.7M	75x	as long as short
Gate PENGU_USDT	−0.0344%	4h	0.008662	+0.094%	$3.4M	$15.3M	75x	as long as short
Backpack PENGU_USDC_PERP	−0.0244%	1h	0.008665	+0.129%	$309K	$315K	10x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	+0.707%	$3K	$81K	5.5x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0096%	1h	0.008674	+0.233%	$19K	$9K	10x	as long as short
dYdX PENGU-USD	0.0000%	1h	0.008668	+0.164%	$11K	$4K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008674	+0.229%	$33K	—	150x	as long as short
01 Exchange PENGUUSD	+0.0032%	1h	0.008673	+0.222%	$198	$59	5x	as long as short
ApeX Omni PENGUUSDT	+0.0054%	1h	0.008649	−0.056%	$79K	$254K	50x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter PENGUshort	+0.0096%	1h	0.008665	+0.129%	$294K	$719K	8x
Hyperliquid PENGU	+0.0100%	1h	0.008674	+0.233%	$8.7M	$15.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008672	+0.207%	$171K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008666	+0.141%	$142K	$232K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008667	+0.153%	$35.8M	$150.8M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008660	+0.071%	$7.7M	$46.4M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008670	+0.187%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008666	+0.141%	$12.8M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008666	+0.141%	$4.7M	$8.6M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008670	+0.187%	$8.2M	$12.5M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008665	+0.129%	—	$4.0M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008646	−0.096%	$794K	$712K	—	as long as short
GRVT PENGU_USDT_Perplong	+0.0100%	4h	0.008654	long leg	$453K	$2.4M	10x
Nado PENGU-PERP	+0.0100%	1h	0.008664	+0.118%	$672K	$758K	5x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008673	+0.222%	$21K	$184K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008879	+2.602%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008666	+0.141%	$977	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008683	+0.337%	$91K	$248K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008664	+0.115%	$177K	$681K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008670	+0.187%	$200K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008669	+0.180%	$293	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008660	+0.071%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0490% / S −0.0675%	1h	0.008674	+0.233%	$109K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008903	+2.879%	$94K	$97K	50x	as long as short