PENGU

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0302%/8h= −33.1% APRnext payment −$0.38 per $10,000 · paid last 24h −0.002%

Price spread now: Nado against Lighter−0.062%7-day average −0.038% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$52as in the Price arb table

costs, in and out, $10k−$490.495% of the position

Long on Lighter Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.065%−$6 on $10k

Price spread, last 3 days (all we have)+0.226%+$23 · spread now −0.062%, 7d avg −0.038%

Together, before fees+0.161%+ Points / potential airdropLighter: Season 3 · Nado: Active · farm board+$16 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Nado is 0.024% cheaper against Lighter than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.038%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.065% in total (about -7.2% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.38 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PENGU	0.008854	0.0096	pay 0.0012% / 1h	50m 08s	$307K	$698K	8x
Short	Nado PENGU-PERP	0.008848	−0.0206	pay 0.0026% / 1h	50m 08s	$517K	$905K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now −0.062%Rate

Funding earned: −$63.48
Price spread: −0.062% → −0.038%: −$2.42
Slippage, 4 orders: −$42.45
Fee Lighter: 0 bp × 2 orders: $0
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$115.35
Costs to cover: 0.495%
Break-even: never at this rate

Slippage from Lighter: live order book, 15 min ago; Nado: live order book, 18 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, 15 min ago	3.92 bp	23.9 bp −$24	91.9 bp −$919	doesn't fit	doesn't fit
Sell Nado live order book, 18 min ago	1.12 bp	7.2 bp −$7	48.8 bp −$488	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
ApeX Omni PENGUUSDT	−0.0499%	1h	0.008806	−0.542%	$80K	$249K	50x	as long as short
Nado PENGU-PERPshort	−0.0206%	1h	0.008848	−0.062%	$517K	$905K	5x
Variational Omni PENGU	−0.0083%	4h	0.008816	−0.428%	$873K	$1.0M	—	as long as short
Gate PENGU_USDT	−0.0078%	4h	0.008848	−0.068%	$3.4M	$15.3M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008855	+0.011%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008849	−0.058%	$34K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.734%	$3K	$117K	5.5x	as long as short
01 Exchange PENGUUSD	+0.0048%	1h	0.008857	+0.034%	$203	$64	5x	as long as short
Lighter PENGUlong	+0.0096%	1h	0.008854	long leg	$307K	$698K	8x
Orderly PERP_PENGU_USDC	+0.0097%	4h	0.008853	−0.011%	$19K	$179K	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid PENGU	+0.0100%	1h	0.008856	+0.023%	$8.3M	$15.0M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008853	−0.011%	$170K	$442K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008848	−0.068%	$153K	$240K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008850	−0.041%	$37.5M	$156.8M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008846	−0.090%	$23.0M	$37.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008849	−0.056%	$7.6M	$47.8M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008850	−0.045%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008852	−0.023%	$12.4M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008856	+0.023%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008855	+0.011%	$8.4M	$12.6M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008847	−0.079%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008854	0.000%	$303K	$323K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008818	−0.408%	$467K	$2.0M	10x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009069	+2.428%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008857	+0.034%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008867	+0.147%	$94K	$317K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008856	+0.017%	$182K	$940K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008855	+0.011%	$205K	—	3x	as long as short
dYdX PENGU-USD	+0.0106%	1h	0.008843	−0.127%	$12K	$4K	5x	as long as short
Kraken Futures PF_PENGUUSD	+0.0209%	1h	0.008864	+0.118%	$366K	$2.3M	50x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008850	−0.042%	$299	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008826	−0.316%	$1.5M	$3.2M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0499% / S −0.0675%	1h	0.008848	−0.068%	$111K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1352%	1h	0.008967	+1.276%	$95K	$104K	50x	as long as short