Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0244%/8h= +26.7% APRpaid last 24h +0.073%

Price spread now: BloFin against Lighter−0.023%7-day average −0.024% · you buy dearer than you sell

Net, funding: paid 7d − costs+$10as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$380.384% of the position

Long on Lighter Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.480%+$48 on $10k

Price spread, last 3 days (all we have)+0.013%+$1 · spread now −0.023%, 7d avg −0.024%

Together, before fees+0.493%+ Points / potential airdropLighter: Season 3 · farm board+$49 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.024%, so right now this pair is about funding alone: +$7 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PENGU	0.008795	0.0096	pay 0.0012% / 1h	38m 43s	$308K	$727K	8x
Short	BloFin PENGU-USDT	0.008793	0.0340	get 0.0170% / 4h	3h 38m	$1.5M	$2.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.023%Rate

Funding earned: $51.24
Price spread: −0.023% → −0.024%: $0.16
Slippage, 4 orders: −$26.37
Fee Lighter: 0 bp × 2 orders: $0
Fee BloFin: 6 bp × 2 orders: −$12
Net: $13.03
Costs to cover: 0.384%
Break-even: 5.2 days

Slippage from Lighter: live order book, 31 min ago; BloFin: live order book, 4 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, 31 min ago	3.44 bp	7.5 bp −$8	66.3 bp −$663	doesn't fit	doesn't fit
Sell BloFin live order book, 4 min ago	1.13 bp	10.8 bp −$11	21.0 bp −$210	58.2 bp −$5,817	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
Deribit PENGU_USDC-PERPETUAL	−0.0546%	1h	0.008786	−0.102%	$18K	$10K	10x	as long as short
Kraken Futures PF_PENGUUSD	−0.0393%	1h	0.008801	+0.065%	$368K	$2.3M	50x	as long as short
Gate PENGU_USDT	−0.0330%	4h	0.008790	−0.057%	$3.4M	$15.5M	75x	as long as short
Variational Omni PENGU	−0.0292%	4h	0.008826	+0.354%	$872K	$931K	—	as long as short
01 Exchange PENGUUSD	−0.0224%	1h	0.008801	+0.068%	$201	$59	5x	as long as short
Bybit PENGUUSDT	−0.0028%	4h	0.008796	+0.011%	$23.2M	$37.4M	75x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008800	+0.060%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.068%	$3K	$117K	5.5x	as long as short
Backpack PENGU_USDC_PERP	+0.0038%	1h	0.008785	−0.114%	$308K	$312K	10x	as long as short
dYdX PENGU-USD	+0.0055%	1h	0.008793	−0.026%	$12K	$4K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT PENGU_USDT_Perp	+0.0064%	4h	0.008824	+0.329%	$468K	$2.1M	10x	as long as short
Nado PENGU-PERP	+0.0075%	1h	0.008804	+0.108%	$698K	$772K	5x	as long as short
Lighter PENGUlong	+0.0096%	1h	0.008795	long leg	$308K	$727K	8x
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008794	−0.011%	$23K	$183K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008790	−0.057%	$8.2M	$15.6M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008798	+0.034%	$188K	$481K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008797	+0.023%	$152K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008801	+0.068%	$36.8M	$155.5M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008798	+0.034%	$7.6M	$47.3M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008820	+0.284%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008798	+0.034%	$12.3M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008800	+0.057%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008793	−0.023%	$8.4M	$12.7M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008779	−0.182%	—	$2.3M	—	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008829	+0.387%	$80K	$254K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008992	+2.240%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008786	−0.102%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008843	+0.546%	$91K	$295K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008798	+0.036%	$181K	$864K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008781	−0.159%	$203K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008798	+0.032%	$297	—	10x	as long as short
BloFin PENGU-USDTshort	+0.0340%	4h	0.008793	−0.023%	$1.5M	$2.8M	75x
GMX PENGU/USD [WBTC.b-USDC]	L +0.0515% / S −0.0720%	1h	0.008804	+0.102%	$116K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1648%	1h	0.008863	+0.773%	$94K	$103K	50x	as long as short