Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h 0.000%

Price spread now: Orderly against Lighter−0.180%7-day average −0.054% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Lighter Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.010%−$1 on $10k

Price spread, last 4 days (all we have)+0.085%+$8 · spread now −0.180%, 7d avg −0.054%

Together, before fees+0.075%+ Points / potential airdropLighter: Season 3 · farm board+$8 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: Orderly is 0.126% cheaper against Lighter than usual: you would sell low and buy high, −$13 on $10k if it goes back to its 7-day average of −0.054%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PENGU	0.008890	0.0096	pay 0.0012% / 1h	11m 30s	$324K	$752K	8x
Short	Orderly PERP_PENGU_USDC	0.008874	0.0100	get 0.0050% / 4h	3h 11m	$23K	$121K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Lighter. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 OrderlybpOrdersPrice spread, now −0.180%Rate

Funding earned: $0.84
Price spread: −0.180% → −0.054%: −$12.56
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$17.72
Costs to cover: 0.060%
Break-even: 154.7 days

Slippage unknown: Lighter: live order book, 38 min ago; Orderly: no order-book sample. Net counts fees only.

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, 38 min ago	5.54 bp	20.3 bp −$20	79.4 bp −$794	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	0.0000%	1h	0.008874	−0.180%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008874	−0.184%	$33K	—	150x	as long as short
Gate PENGU_USDT	+0.0008%	4h	0.008879	−0.124%	$3.3M	$16.5M	75x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−1.136%	$3K	$117K	5.5x	as long as short
dYdX PENGU-USD	+0.0061%	1h	0.008880	−0.117%	$12K	$5K	5x	as long as short
Lighter PENGUlong	+0.0096%	1h	0.008890	long leg	$324K	$752K	8x
01 Exchange PENGUUSD	+0.0096%	1h	0.008871	−0.214%	$203	$64	5x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008868	−0.247%	$595K	$1.1M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008889	−0.011%	$8.4M	$15.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008876	−0.154%	$137K	$644K	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	0.008882	−0.090%	$136K	$273K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008872	−0.202%	$37.7M	$173.2M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008865	−0.281%	$23.5M	$41.2M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008867	−0.259%	$7.7M	$50.0M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008880	−0.112%	$19K	$25K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008883	−0.079%	$10.8M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008883	−0.079%	$4.9M	$9.5M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008873	−0.191%	$8.6M	$13.0M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008872	−0.202%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008872	−0.202%	$296K	$327K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008910	+0.224%	$930K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008904	+0.157%	$472K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008904	+0.157%	$81K	$251K	50x	as long as short
Orderly PERP_PENGU_USDCshort	+0.0100%	4h	0.008874	−0.180%	$23K	$121K	20x
SunX PENGU-USDT	+0.0100%	4h	0.009085	+2.193%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008874	−0.180%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008888	−0.022%	$92K	$378K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008876	−0.153%	$183K	$869K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008870	−0.225%	$205K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008867	−0.262%	$299	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008905	+0.169%	$1.5M	$4.1M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0501% / S −0.0415%	1h	0.008871	−0.214%	$126K	—	100x	as long as short
Kraken Futures PF_PENGUUSD	+0.0616%	1h	0.008880	−0.110%	$325K	$2.4M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2704%	1h	0.008954	+0.720%	$94K	$59K	50x	as long as short