Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: GRVT against Lighter−0.003%108s7-day average −0.056% · you buy dearer than you sell

Net, funding: paid 7d − costs−$103as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$990.989% of the position

Long on Lighter Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days−0.043%−$4 on $10k

Price spread, last 4 days (all we have)+1.422%+$142 · spread now −0.003%, 7d avg −0.056%

Together, before fees+1.379%+ Points / potential airdropLighter: Season 3 · GRVT: Active · farm board+$138 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: GRVT is 0.053% dearer against Lighter than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of −0.056%. The two prices were read 108 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	Lighter PENGU	0.009127	0.0096	pay 0.0012% / 1h	39m 36s	$333K	$753K	8x
Short	GRVT PENGU_USDT_Perp	0.009127	0.0100	get 0.0050% / 4h	3h 39m	$483K	$2.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now −0.003%Rate

Funding earned: $0.84
Price spread: −0.003% → −0.056%: $5.28
Slippage, 4 orders: −$89.93
Fee Lighter: 0 bp × 2 orders: $0
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$92.81
Costs to cover: 0.989%
Break-even: 780.5 days

Slippage from Lighter: live order book, 55 min ago; GRVT: 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, 55 min ago	7.09 bp	35.5 bp −$36	91.3 bp −$913	doesn't fit	doesn't fit
Sell GRVT live order book, 4 min ago	0.55 bp	12.4 bp −$12	24.9 bp −$249	doesn't fit	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
Gate PENGU_USDT	−0.0110%	4h	0.009114	−0.142%	$3.7M	$17.8M	75x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009107	−0.222%	$34K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−3.703%	$3K	$117K	5.5x	as long as short
Lighter PENGUlong	+0.0096%	1h	0.009127	long leg	$333K	$753K	8x
Hyperliquid PENGU	+0.0100%	1h	0.009131	+0.044%	$9.3M	$16.8M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009126	−0.011%	$132K	$753K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009126	−0.011%	$138K	$274K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009128	+0.016%	$40.3M	$196.7M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.009117	−0.110%	$24.7M	$46.8M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009111	−0.175%	$8.3M	$58.2M	50x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus PENGU-USD	+0.0100%	1h	0.009120	−0.077%	$19K	$26K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009122	−0.055%	$11.6M	$13.0M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009122	−0.055%	$5.1M	$10.6M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009123	−0.044%	$8.9M	$15.1M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.009110	−0.186%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009128	+0.011%	$313K	$388K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.009139	+0.131%	$944K	$1.2M	—	as long as short
GRVT PENGU_USDT_Perpshort	+0.0100%	4h	0.009127	−0.003%	$483K	$2.1M	10x
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009145	+0.197%	$80K	$252K	50x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009101	−0.279%	$647K	$1.1M	5x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009113	−0.153%	$23K	$324K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009317	+2.082%	$3K	$2.2M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009135	+0.088%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009146	+0.208%	$95K	$414K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009114	−0.142%	$190K	$744K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009112	−0.164%	$210K	—	3x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0189%	1h	0.009117	−0.110%	$1K	$29K	10x	as long as short
Reya PENGURUSDPERP	+0.0241%	1h	0.009098	−0.318%	$307	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009164	+0.405%	$1.6M	$5.3M	75x	as long as short
01 Exchange PENGUUSD	+0.0376%	1h	0.009124	−0.033%	$209	$41	5x	as long as short
Kraken Futures PF_PENGUUSD	+0.0378%	1h	0.009136	+0.102%	$351K	$2.7M	50x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0432% / S −0.0351%	1h	0.009153	+0.285%	$104K	—	100x	as long as short
dYdX PENGU-USD	+0.1777%	1h	0.009118	−0.094%	$13K	$7K	5x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2088%	1h	0.009211	+0.920%	$81K	$74K	50x	as long as short