Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0240%/8h= +26.3% APRpaid last 24h +0.076%

Price spread now: BloFin against Nado+0.176%7-day average +0.032% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$380.377% of the position

Long on Nado Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.291%+$29 on $10k

Price spread, last 3 days (all we have)−0.063%−$6 · spread now +0.176%, 7d avg +0.032%

Together, before fees+0.228%+ Points / potential airdropNado: Active · farm board+$23 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and BloFin is 0.144% dearer against Nado than usual: you sell high and buy low: +$14 more if the spread goes back to its 7-day average of +0.032%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado PENGU-PERP	0.008789	0.0100	pay 0.0012% / 1h	35m 45s	$680K	$757K	5x
Short	BloFin PENGU-USDT	0.008805	0.0340	get 0.0170% / 4h	1h 35m	$1.5M	$2.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.176%Rate

Funding earned: $50.4
Price spread: +0.176% → +0.032%: $14.42
Slippage, 4 orders: −$18.74
Fee Nado: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: $27.07
Costs to cover: 0.377%
Break-even: 3.2 days

Slippage from Nado: live order book, 47 min ago; BloFin: live order book, 2 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 Nado live order book, 47 min ago	1.72 bp	7.5 bp −$8	22.3 bp −$223	doesn't fit	doesn't fit
Sell BloFin live order book, 2 min ago	5.10 bp	11.1 bp −$11	14.3 bp −$143	38.0 bp −$3,801	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	0.008793	+0.040%	$370K	$2.2M	50x	as long as short
Gate PENGU_USDT	−0.0328%	4h	0.008782	−0.085%	$3.5M	$15.5M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0205%	1h	0.008795	+0.063%	$19K	$9K	10x	as long as short
Bybit PENGUUSDT	−0.0114%	4h	0.008784	−0.063%	$22.9M	$36.2M	75x	as long as short
01 Exchange PENGUUSD	−0.0088%	1h	0.008800	+0.119%	$201	$59	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008799	+0.104%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008715	−0.848%	$3K	$81K	5.5x	as long as short
Variational Omni PENGU	+0.0082%	4h	0.008816	+0.307%	$839K	$768K	—	as long as short
Lighter PENGU	+0.0096%	1h	0.008788	−0.017%	$308K	$735K	8x	as long as short
Nado PENGU-PERPlong	+0.0100%	1h	0.008789	long leg	$680K	$757K	5x

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid PENGU	+0.0100%	1h	0.008791	+0.017%	$8.7M	$15.0M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008793	+0.041%	$174K	$466K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008791	+0.017%	$151K	$238K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008790	+0.006%	$36.4M	$152.2M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008784	−0.063%	$7.7M	$47.0M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008790	+0.006%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008788	−0.017%	$12.9M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008790	+0.006%	$4.8M	$8.8M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008790	+0.006%	$8.4M	$12.6M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008788	−0.017%	—	$3.9M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008782	−0.085%	$313K	$309K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008825	+0.404%	$462K	$2.3M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008831	+0.472%	$80K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008795	+0.063%	$23K	$186K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009005	+2.452%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008787	−0.028%	$998	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008813	+0.267%	$92K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008786	−0.040%	$181K	$682K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008790	+0.006%	$203K	$17K	3x	as long as short
dYdX PENGU-USD	+0.0130%	1h	0.008792	+0.028%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008792	+0.029%	$297	—	10x	as long as short
BloFin PENGU-USDTshort	+0.0340%	4h	0.008805	+0.176%	$1.5M	$2.8M	75x
GMX PENGU/USD [WBTC.b-USDC]	L +0.0510% / S −0.0711%	1h	0.008798	+0.097%	$115K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2504%	1h	0.008945	+1.769%	$95K	$105K	50x	as long as short