Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: Aster against Lighter−0.038%7-day average −0.009% · you buy dearer than you sell

Net, funding: paid 7d − costs−$54as in the Funding arb table

Net, price: spread back to 7d avg − costs−$57as in the Price arb table

costs, in and out, $10k−$540.544% of the position

Long on Lighter Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days+0.007%+$1 on $10k

Price spread, last 4 days (all we have)+0.020%+$2 · spread now −0.038%, 7d avg −0.009%

Together, before fees+0.028%+ Points / potential airdropLighter: Season 3 · Aster: Stage 5 · farm board+$3 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: Aster is 0.029% cheaper against Lighter than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of −0.009%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PENGU	0.008811	0.0096	pay 0.0012% / 1h	32m 26s	$311K	$707K	8x
Short	Aster PENGUUSDT	0.008808	0.0100	get 0.0050% / 4h	2h 32m	$168K	$506K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Lighter. 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 LighterbpFee AsterbpOrdersPrice spread, now −0.038%Rate

Funding earned: $0.84
Price spread: −0.038% → −0.009%: −$2.93
Slippage, 4 orders: −$46.38
Fee Lighter: 0 bp × 2 orders: $0
Fee Aster: 4 bp × 2 orders: −$8
Net: −$56.48
Costs to cover: 0.544%
Break-even: 477.6 days

Slippage from Lighter: live order book, 32 min ago; Aster: live order book, 35 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 Lighter live order book, 32 min ago	3.92 bp	23.9 bp −$24	91.9 bp −$919	doesn't fit	doesn't fit
Sell Aster live order book, 35 min ago	4.47 bp	10.5 bp −$10	32.3 bp −$323	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
Variational Omni PENGU	−0.0010%	4h	0.008770	−0.464%	$872K	$1.0M	—	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008812	+0.011%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008809	−0.019%	$32K	—	150x	as long as short
Gate PENGU_USDT	+0.0016%	4h	0.008812	+0.011%	$3.4M	$15.5M	75x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.250%	$3K	$117K	5.5x	as long as short
01 Exchange PENGUUSD	+0.0072%	1h	0.008813	+0.023%	$202	$64	5x	as long as short
Lighter PENGUlong	+0.0096%	1h	0.008811	long leg	$311K	$707K	8x
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008810	−0.011%	$19K	$168K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008817	+0.068%	$594K	$991K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008817	+0.068%	$8.3M	$14.9M	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster PENGUUSDTshort	+0.0100%	4h	0.008808	−0.038%	$168K	$506K	20x
Pacifica PENGU	+0.0100%	1h	0.008804	−0.079%	$155K	$245K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008815	+0.044%	$37.6M	$157.6M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008803	−0.091%	$23.0M	$38.2M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008807	−0.045%	$7.5M	$47.8M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008810	−0.011%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008816	+0.057%	$12.0M	$12.9M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008816	+0.057%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008813	+0.023%	$8.3M	$12.7M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008801	−0.113%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008779	−0.363%	$301K	$318K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008804	−0.079%	$472K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008802	−0.102%	$80K	$248K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009025	+2.429%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008809	−0.023%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008802	−0.102%	$89K	$337K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008808	−0.031%	$181K	$939K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008804	−0.079%	$203K	—	3x	as long as short
Kraken Futures PF_PENGUUSD	+0.0210%	1h	0.008818	+0.075%	$363K	$2.3M	50x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008815	+0.040%	$298	—	10x	as long as short
dYdX PENGU-USD	+0.0239%	1h	0.008803	−0.095%	$12K	$4K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0513% / S −0.0708%	1h	0.008812	+0.011%	$115K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1352%	1h	0.008967	+1.771%	$95K	$100K	50x	as long as short