Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0170%/8h= −18.6% APRpaid last 24h −0.016%

Price spread now: Bybit against Nado−0.125%7-day average −0.056% · 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−$51as in the Price arb table

costs, in and out, $10k−$440.437% of the position

Long on Nado Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.034%+$3 on $10k

Price spread, last 3 days (all we have)−0.112%−$11 · spread now −0.125%, 7d avg −0.056%

Together, before fees−0.077%+ Points / potential airdropNado: Active · farm board−$8 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Bybit is 0.069% cheaper against Nado than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.056%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado PENGU-PERP	0.008834	0.0059	pay 0.0007% / 1h	41m 03s	$700K	$773K	5x
Short	Bybit PENGUUSDT	0.008823	−0.0112	pay 0.0056% / 4h	3h 41m	$23.3M	$37.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.125%Rate

Funding earned: −$35.74
Price spread: −0.125% → −0.056%: −$6.86
Slippage, 4 orders: −$25.74
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$86.34
Costs to cover: 0.437%
Break-even: never at this rate

Slippage from Nado: live order book, 32 min ago; Bybit: 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 Nado live order book, 32 min ago	1.72 bp	10.5 bp −$11	23.5 bp −$235	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	0.57 bp	14.6 bp −$15	31.4 bp −$314	139.8 bp −$14.0K	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	−0.0391%	1h	0.008841	+0.083%	$370K	$2.3M	50x	as long as short
Gate PENGU_USDT	−0.0334%	4h	0.008826	−0.091%	$3.4M	$15.5M	75x	as long as short
Variational Omni PENGU	−0.0292%	4h	0.008826	−0.089%	$872K	$931K	—	as long as short
01 Exchange PENGUUSD	−0.0224%	1h	0.008833	−0.011%	$202	$59	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0203%	1h	0.008830	−0.045%	$18K	$10K	10x	as long as short
Bybit PENGUUSDTshort	−0.0112%	4h	0.008823	−0.125%	$23.3M	$37.4M	75x
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008832	−0.023%	$34K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.509%	$3K	$117K	5.5x	as long as short
Backpack PENGU_USDC_PERP	+0.0035%	1h	0.008826	−0.091%	$310K	$312K	10x	as long as short
Nado PENGU-PERPlong	+0.0059%	1h	0.008834	long leg	$700K	$773K	5x

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX PENGU-USD	+0.0062%	1h	0.008834	−0.002%	$12K	$4K	5x	as long as short
GRVT PENGU_USDT_Perp	+0.0064%	4h	0.008824	−0.114%	$468K	$2.1M	10x	as long as short
Lighter PENGU	+0.0096%	1h	0.008833	−0.011%	$309K	$727K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008833	−0.011%	$24K	$183K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008827	−0.079%	$8.3M	$15.6M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008835	+0.008%	$189K	$481K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008834	0.000%	$152K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008825	−0.105%	$36.9M	$155.4M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008825	−0.102%	$7.6M	$47.5M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008830	−0.045%	$19K	$25K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008826	−0.091%	$12.4M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008827	−0.079%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008829	−0.057%	$8.4M	$12.7M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008821	−0.147%	—	$2.3M	—	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008789	−0.509%	$80K	$254K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009036	+2.287%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008829	−0.057%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008840	+0.068%	$91K	$295K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008828	−0.072%	$185K	$811K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008824	−0.113%	$204K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008824	−0.115%	$298	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008832	−0.023%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0516% / S −0.0720%	1h	0.008831	−0.034%	$116K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1648%	1h	0.008850	+0.181%	$94K	$103K	50x	as long as short