Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.003%

Price spread now: Bitget against Nado−0.011%7-day average +0.047% · 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−$50as in the Price arb table

costs, in and out, $10k−$450.445% of the position

Long on Nado Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.072%+$7 on $10k

Price spread, last 4 days (all we have)−0.281%−$28 · spread now −0.011%, 7d avg +0.047%

Together, before fees−0.209%+ Points / potential airdropNado: Active · farm board−$21 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: Bitget is 0.059% cheaper against Nado than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of +0.047%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado PENGU-PERP	0.008904	0.0100	pay 0.0012% / 1h	13m 04s	$597K	$1.1M	5x
Short	Bitget PENGUUSDT	0.008903	0.0100	get 0.0050% / 4h	3h 13m	$8.6M	$13.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Nado. 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 NadobpFee BitgetbpOrdersPrice spread, now −0.011%Rate

Funding earned: $0
Price spread: −0.011% → +0.047%: −$5.87
Slippage, 4 orders: −$25.53
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$50.4
Costs to cover: 0.445%
Break-even: 44622572605931.3 days

Slippage from Nado: live order book, just now; Bitget: live order book, just now.

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 Nado live order book, just now	1.69 bp	10.2 bp −$10	26.3 bp −$263	doesn't fit	doesn't fit
Sell Bitget live order book, just now	0.56 bp	12.2 bp −$12	27.1 bp −$271	83.2 bp −$8,322	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
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008901	−0.034%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008905	+0.009%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−1.292%	$3K	$117K	5.5x	as long as short
Gate PENGU_USDT	+0.0042%	4h	0.008897	−0.079%	$3.3M	$16.5M	75x	as long as short
dYdX PENGU-USD	+0.0062%	1h	0.008909	+0.055%	$12K	$5K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008906	+0.022%	$324K	$752K	8x	as long as short
01 Exchange PENGUUSD	+0.0096%	1h	0.008913	+0.101%	$204	$64	5x	as long as short
Nado PENGU-PERPlong	+0.0100%	1h	0.008904	long leg	$597K	$1.1M	5x
Hyperliquid PENGU	+0.0100%	1h	0.008904	0.000%	$8.5M	$15.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008905	+0.007%	$137K	$643K	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	0.008904	0.000%	$136K	$273K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008902	−0.022%	$37.8M	$173.1M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008892	−0.135%	$23.6M	$41.2M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008896	−0.090%	$7.7M	$50.1M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008910	+0.067%	$19K	$25K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008901	−0.034%	$10.8M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008899	−0.056%	$4.9M	$9.5M	75x	as long as short
Bitget PENGUUSDTshort	+0.0100%	4h	0.008903	−0.011%	$8.6M	$13.0M	75x
BingX PENGU-USDT	+0.0100%	4h	0.008900	−0.045%	—	$3.5M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008897	−0.079%	$297K	$327K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008910	+0.067%	$930K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008914	+0.117%	$473K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008933	+0.326%	$81K	$252K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008899	−0.056%	$23K	$119K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009110	+2.314%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008903	−0.011%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008924	+0.225%	$92K	$378K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008894	−0.113%	$184K	$869K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008892	−0.135%	$205K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008906	+0.025%	$301	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008905	+0.011%	$1.5M	$4.1M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0502% / S −0.0415%	1h	0.008905	+0.011%	$127K	—	100x	as long as short
Kraken Futures PF_PENGUUSD	+0.0614%	1h	0.008908	+0.050%	$326K	$2.4M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2704%	1h	0.008954	+0.562%	$94K	$59K	50x	as long as short