Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.017%

Price spread now: Nado against GRVT+0.029%7-day average +0.029% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$45as in the Price arb table

costs, in and out, $10k−$450.448% of the position

Long on GRVT Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.051%−$5 on $10k

Price spread, last 4 days (all we have)+0.628%+$63 · spread now +0.029%, 7d avg +0.029%

Together, before fees+0.578%+ Points / potential airdropGRVT: Active · Nado: Active · farm board+$58 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT PENGU_USDT_Perp	0.008793	0.0100	pay 0.0050% / 4h	2h 05m	$463K	$2.1M	10x
Short	Nado PENGU-PERP	0.008796	0.0100	get 0.0012% / 1h	5m 31s	$593K	$989K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now +0.029%Rate

Funding earned: $0
Price spread: +0.029% → +0.029%: $0.03
Slippage, 4 orders: −$28.76
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$44.73
Costs to cover: 0.448%
Break-even: never at this rate

Slippage from GRVT: live order book, 3 min ago; Nado: live order book, 63 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, 3 min ago	3.40 bp	9.0 bp −$9	15.5 bp −$155	doesn't fit	doesn't fit
Sell Nado live order book, 63 min ago	1.12 bp	7.2 bp −$7	48.8 bp −$488	doesn't fit	doesn't fit

PENGU on 33 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	0.0000%	1h	0.008821	+0.316%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008820	+0.304%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.048%	$3K	$117K	5.5x	as long as short
Gate PENGU_USDT	+0.0094%	4h	0.008796	+0.032%	$3.4M	$15.6M	75x	as long as short
Lighter PENGU	+0.0096%	1h	0.008807	+0.157%	$313K	$709K	8x	as long as short
01 Exchange PENGUUSD	+0.0096%	1h	0.008797	+0.043%	$201	$64	5x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008822	+0.327%	$19K	$161K	20x	as long as short
Nado PENGU-PERPshort	+0.0100%	1h	0.008796	+0.029%	$593K	$989K	5x
Hyperliquid PENGU	+0.0100%	1h	0.008803	+0.111%	$8.2M	$14.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008802	+0.105%	$138K	$521K	20x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica PENGU	+0.0100%	1h	0.008802	+0.100%	$155K	$245K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008798	+0.055%	$37.4M	$157.8M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008795	+0.020%	$23.1M	$38.2M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008802	+0.100%	$7.5M	$47.2M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008800	+0.077%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008801	+0.089%	$11.9M	$12.9M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008808	+0.168%	$4.7M	$9.1M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008801	+0.089%	$8.3M	$12.5M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008803	+0.111%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008804	+0.123%	$302K	$296K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008813	+0.225%	$876K	$987K	—	as long as short
GRVT PENGU_USDT_Perplong	+0.0100%	4h	0.008793	long leg	$463K	$2.1M	10x
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008824	+0.350%	$80K	$243K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009034	+2.738%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008815	+0.248%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008843	+0.566%	$94K	$337K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008794	+0.008%	$185K	$941K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008815	+0.248%	$204K	—	3x	as long as short
Kraken Futures PF_PENGUUSD	+0.0210%	1h	0.008826	+0.369%	$362K	$2.3M	50x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008801	+0.090%	$297	—	10x	as long as short
dYdX PENGU-USD	+0.0334%	1h	0.008803	+0.114%	$12K	$4K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0513% / S −0.0582%	1h	0.008819	+0.293%	$120K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1352%	1h	0.008967	+1.976%	$95K	$94K	50x	as long as short