Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.019%

Price spread now: Bybit against Lighter−0.068%7-day average −0.095% · you buy dearer than you sell

Net, funding: paid 7d − costs−$75as in the Funding arb table

Net, price: spread back to 7d avg − costs−$59as in the Price arb table

costs, in and out, $10k−$620.621% of the position

Long on Lighter Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.125%−$12 on $10k

Price spread, last 4 days (all we have)−0.048%−$5 · spread now −0.068%, 7d avg −0.095%

Together, before fees−0.172%+ Points / potential airdropLighter: Season 3 · farm board−$17 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: Bybit is 0.026% dearer against Lighter than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of −0.095%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PENGU	0.008784	0.0096	pay 0.0012% / 1h	17m 21s	$313K	$712K	8x
Short	Bybit PENGUUSDT	0.008778	0.0100	get 0.0050% / 4h	1h 17m	$23.3M	$38.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.068%Rate

Funding earned: $0.84
Price spread: −0.068% → −0.095%: $2.64
Slippage, 4 orders: −$51.13
Fee Lighter: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$58.65
Costs to cover: 0.621%
Break-even: 495.7 days

Slippage from Lighter: live order book, 42 min ago; Bybit: live order book, 1 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, 42 min ago	3.41 bp	22.8 bp −$23	97.9 bp −$979	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	0.57 bp	11.2 bp −$11	25.2 bp −$252	121.2 bp −$12.1K	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
01 Exchange PENGUUSD	−0.0040%	1h	0.008772	−0.137%	$201	$64	5x	as long as short
Gate PENGU_USDT	0.0000%	4h	0.008771	−0.148%	$3.3M	$15.7M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008779	−0.057%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008776	−0.093%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.057%	$3K	$117K	5.5x	as long as short
Lighter PENGUlong	+0.0096%	1h	0.008784	long leg	$313K	$712K	8x
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008779	−0.057%	$23K	$165K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008769	−0.176%	$587K	$1.0M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008772	−0.137%	$8.2M	$14.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008774	−0.119%	$121K	$578K	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica PENGU	+0.0100%	1h	0.008776	−0.091%	$154K	$243K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008781	−0.034%	$36.7M	$160.5M	75x	as long as short
Bybit PENGUUSDTshort	+0.0100%	4h	0.008778	−0.068%	$23.3M	$38.9M	75x
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008775	−0.102%	$7.4M	$46.7M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008770	−0.159%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008771	−0.148%	$11.4M	$12.4M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008771	−0.148%	$4.8M	$9.1M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008781	−0.034%	$8.3M	$12.4M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008776	−0.091%	—	$3.6M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008766	−0.205%	$299K	$293K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008794	+0.112%	$874K	$985K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008781	−0.034%	$458K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008800	+0.182%	$80K	$243K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008991	+2.357%	$3K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008778	−0.068%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008791	+0.080%	$92K	$354K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008776	−0.094%	$185K	$945K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008771	−0.148%	$203K	—	3x	as long as short
dYdX PENGU-USD	+0.0219%	1h	0.008774	−0.110%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008767	−0.192%	$296	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008773	−0.125%	$1.5M	$3.5M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0555% / S −0.0662%	1h	0.008776	−0.091%	$132K	—	100x	as long as short
Kraken Futures PF_PENGUUSD	+0.0648%	1h	0.008784	+0.005%	$351K	$2.3M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2296%	1h	0.008967	+2.083%	$95K	$94K	50x	as long as short