Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: OKX against Lighter−0.125%7-day average −0.051% · you buy dearer than you sell

Net, funding: paid 7d − costs−$45as in the Funding arb table

Net, price: spread back to 7d avg − costs−$47as in the Price arb table

costs, in and out, $10k−$400.395% of the position

Long on Lighter Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.053%−$5 on $10k

Price spread, last 4 days (all we have)+0.100%+$10 · spread now −0.125%, 7d avg −0.051%

Together, before fees+0.047%+ Points / potential airdropLighter: Season 3 · farm board+$5 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: OKX is 0.074% cheaper against Lighter than usual: you would sell low and buy high, −$7 on $10k if it goes back to its 7-day average of −0.051%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PENGU	0.008789	0.0096	pay 0.0012% / 1h	10m 40s	$308K	$736K	8x
Short	OKX PENGU-USDT-SWAP	0.008778	0.0100	get 0.0050% / 4h	1h 10m	$7.6M	$47.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.125%Rate

Funding earned: $0.84
Price spread: −0.125% → −0.051%: −$7.39
Slippage, 4 orders: −$29.53
Fee Lighter: 0 bp × 2 orders: $0
Fee OKX: 5 bp × 2 orders: −$10
Net: −$46.09
Costs to cover: 0.395%
Break-even: 391.0 days

Slippage from Lighter: live order book, 4 min ago; OKX: 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	3.97 bp	9.4 bp −$9	74.2 bp −$742	doesn't fit	doesn't fit
Sell OKX live order book, 3 min ago	0.57 bp	9.9 bp −$10	23.6 bp −$236	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
Kraken Futures PF_PENGUUSD	−0.0606%	1h	0.008800	+0.121%	$368K	$2.2M	50x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0318%	1h	0.008792	+0.034%	$19K	$9K	10x	as long as short
Gate PENGU_USDT	−0.0294%	4h	0.008779	−0.114%	$3.4M	$15.6M	75x	as long as short
Bybit PENGUUSDT	−0.0180%	4h	0.008774	−0.171%	$22.8M	$36.4M	75x	as long as short
01 Exchange PENGUUSD	−0.0112%	1h	0.008776	−0.148%	$201	$59	5x	as long as short
Variational Omni PENGU	−0.0046%	4h	0.008785	−0.041%	$802K	$802K	—	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008795	+0.066%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	0.000%	$3K	$117K	5.5x	as long as short
Nado PENGU-PERP	+0.0074%	1h	0.008790	+0.011%	$684K	$760K	5x	as long as short
Lighter PENGUlong	+0.0096%	1h	0.008789	long leg	$308K	$736K	8x

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid PENGU	+0.0100%	1h	0.008795	+0.068%	$8.8M	$15.0M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008796	+0.084%	$189K	$467K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008786	−0.034%	$152K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008784	−0.051%	$36.5M	$153.2M	75x	as long as short
OKX PENGU-USDT-SWAPshort	+0.0100%	4h	0.008778	−0.125%	$7.6M	$47.1M	50x
Arcus PENGU-USD	+0.0100%	1h	0.008780	−0.102%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008782	−0.080%	$12.7M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008791	+0.023%	$4.8M	$8.9M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008785	−0.046%	$8.3M	$12.6M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008779	−0.114%	—	$3.9M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008789	0.000%	$313K	$309K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008788	−0.010%	$460K	$2.3M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008793	+0.046%	$80K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008791	+0.023%	$23K	$186K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009002	+2.423%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008789	0.000%	$994	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008815	+0.296%	$92K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008778	−0.123%	$181K	$682K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008787	−0.023%	$203K	$17K	3x	as long as short
dYdX PENGU-USD	+0.0129%	1h	0.008789	+0.003%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008788	−0.006%	$297	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008788	−0.011%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0511% / S −0.0711%	1h	0.008794	+0.057%	$115K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2504%	1h	0.008896	+1.217%	$95K	$105K	50x	as long as short