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 +0.001%

Price spread now: Bitget against Lighter−0.023%7-day average +0.001% · you buy dearer than you sell

Net, funding: paid 7d − costs−$44as in the Funding arb table

Net, price: spread back to 7d avg − costs−$48as in the Price arb table

costs, in and out, $10k−$450.454% of the position

Long on Lighter Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.011%+$1 on $10k

Price spread, last 4 days (all we have)+0.094%+$9 · spread now −0.023%, 7d avg +0.001%

Together, before fees+0.105%+ Points / potential airdropLighter: Season 3 · farm board+$11 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: Bitget is 0.024% cheaper against Lighter than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of +0.001%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PENGU	0.008684	0.0096	pay 0.0012% / 1h	15m 31s	$297K	$723K	8x
Short	Bitget PENGUUSDT	0.008682	0.0100	get 0.0050% / 4h	2h 15m	$8.2M	$12.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.023%Rate

Funding earned: $0.84
Price spread: −0.023% → +0.001%: −$2.36
Slippage, 4 orders: −$33.43
Fee Lighter: 0 bp × 2 orders: $0
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$46.95
Costs to cover: 0.454%
Break-even: 398.2 days

Slippage from Lighter: live order book, 4 min ago; Bitget: live order book, 3 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, 4 min ago	2.30 bp	12.0 bp −$12	82.3 bp −$823	doesn't fit	doesn't fit
Sell Bitget live order book, 3 min ago	0.57 bp	12.8 bp −$13	26.8 bp −$268	70.9 bp −$7,086	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	0.008681	−0.029%	$385K	$2.1M	50x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0326%	1h	0.008678	−0.069%	$19K	$9K	10x	as long as short
Gate PENGU_USDT	−0.0260%	4h	0.008675	−0.104%	$3.4M	$15.4M	75x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	+0.357%	$3K	$81K	5.5x	as long as short
Backpack PENGU_USDC_PERP	−0.0005%	1h	0.008675	−0.104%	$309K	$314K	10x	as long as short
dYdX PENGU-USD	0.0000%	1h	0.008685	+0.009%	$11K	$4K	5x	as long as short
01 Exchange PENGUUSD	0.0000%	1h	0.008678	−0.069%	$199	$59	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008681	−0.029%	$33K	—	150x	as long as short
Bybit PENGUUSDT	+0.0040%	4h	0.008668	−0.184%	$22.5M	$36.0M	75x	as long as short
Lighter PENGUlong	+0.0096%	1h	0.008684	long leg	$297K	$723K	8x

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado PENGU-PERP	+0.0100%	1h	0.008681	−0.029%	$674K	$756K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008683	−0.012%	$8.7M	$15.2M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008681	−0.034%	$172K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008684	0.000%	$146K	$236K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008678	−0.069%	$35.9M	$151.2M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008676	−0.092%	$7.7M	$46.4M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008680	−0.046%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008677	−0.081%	$12.8M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008678	−0.069%	$4.7M	$8.7M	75x	as long as short
Bitget PENGUUSDTshort	+0.0100%	4h	0.008682	−0.023%	$8.2M	$12.5M	75x
BingX PENGU-USDT	+0.0100%	4h	0.008676	−0.092%	—	$3.9M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008709	+0.288%	$799K	$714K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008682	−0.019%	$454K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008689	+0.058%	$79K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008679	−0.058%	$23K	$186K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008887	+2.338%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008676	−0.092%	$990	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008703	+0.219%	$91K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008676	−0.088%	$179K	$682K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008675	−0.104%	$200K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008675	−0.101%	$293	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008685	+0.012%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0502% / S −0.0703%	1h	0.008681	−0.035%	$112K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008728	+0.507%	$94K	$97K	50x	as long as short