Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.019%

Price spread now: Orderly against GRVT−0.295%70s7-day average +0.022% · you buy dearer than you sell

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

Long on GRVT Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days+0.063%+$6 on $10k

Price spread, last 3 days (all we have)+0.424%+$42 · spread now −0.295%, 7d avg +0.022%

Together, before fees+0.487%+ Points / potential airdropGRVT: Active · farm board+$49 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 0.317% cheaper against GRVT than usual: you would sell low and buy high, −$32 on $10k if it goes back to its 7-day average of +0.022%. The two prices were read 70 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	0.008682	0.0100	pay 0.0050% / 4h	2h 52m	$454K	$2.4M	10x
Short	Orderly PERP_PENGU_USDC	0.008656	0.0100	get 0.0050% / 4h	2h 52m	$21K	$185K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.295%Rate

Funding earned: $0
Price spread: −0.295% → +0.022%: −$31.74
Slippage, 4 orders: no order book: not counted
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$46.74
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: GRVT: live order book, 1 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 GRVT live order book, 1 min ago	2.31 bp	17.3 bp −$17	24.7 bp −$247	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	0.008658	−0.277%	$383K	$2.1M	50x	as long as short
Bybit PENGUUSDT	−0.0368%	4h	0.008648	−0.387%	$22.7M	$35.7M	75x	as long as short
Gate PENGU_USDT	−0.0336%	4h	0.008643	−0.445%	$3.4M	$15.3M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0327%	1h	0.008656	−0.295%	$19K	$9K	10x	as long as short
Backpack PENGU_USDC_PERP	−0.0261%	1h	0.008656	−0.295%	$309K	$318K	10x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	+0.384%	$3K	$81K	5.5x	as long as short
dYdX PENGU-USD	0.0000%	1h	0.008655	−0.307%	$11K	$4K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008659	−0.262%	$33K	—	150x	as long as short
Lighter PENGU	+0.0096%	1h	0.008643	−0.445%	$293K	$718K	8x	as long as short
Nado PENGU-PERP	+0.0098%	1h	0.008643	−0.442%	$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	0.008653	−0.330%	$8.7M	$15.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008651	−0.352%	$171K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008645	−0.422%	$142K	$232K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008652	−0.341%	$35.8M	$150.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008652	−0.341%	$7.7M	$46.5M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008640	−0.479%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008650	−0.364%	$12.7M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008645	−0.422%	$4.7M	$8.6M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008650	−0.364%	$8.1M	$12.4M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008640	−0.479%	—	$2.3M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008676	−0.060%	$795K	$712K	—	as long as short
GRVT PENGU_USDT_Perplong	+0.0100%	4h	0.008682	long leg	$454K	$2.4M	10x
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008677	−0.053%	$79K	$254K	50x	as long as short
Orderly PERP_PENGU_USDCshort	+0.0100%	4h	0.008656	−0.295%	$21K	$185K	20x
SunX PENGU-USDT	+0.0100%	4h	0.008862	+2.078%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008653	−0.330%	$979	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008679	−0.030%	$91K	$248K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008640	−0.482%	$177K	$681K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008652	−0.341%	$200K	$17K	3x	as long as short
01 Exchange PENGUUSD	+0.0160%	1h	0.008638	−0.503%	$198	$59	5x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008645	−0.418%	$292	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008648	−0.387%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0489% / S −0.0675%	1h	0.008659	−0.261%	$108K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008903	+2.550%	$94K	$97K	50x	as long as short