Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.017%

Price spread now: GRVT against Nado−0.452%61s7-day average −0.029% · 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—prices read too far apart to compare

costs, in and out, $10k−$440.442% of the position

Long on Nado Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.052%+$5 on $10k

Price spread, last 3 days (all we have)+0.337%+$34 · spread now −0.452%, 7d avg −0.029%

Together, before fees+0.389%+ Points / potential airdropNado: Active · GRVT: Active · farm board+$39 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: GRVT is 0.423% cheaper against Nado than usual: you would sell low and buy high, −$42 on $10k if it goes back to its 7-day average of −0.029%. The two prices were read 61 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado PENGU-PERP	0.008906	0.0100	pay 0.0012% / 1h	15m 40s	$705K	$766K	5x
Short	GRVT PENGU_USDT_Perp	0.008865	0.0100	get 0.0050% / 4h	3h 15m	$470K	$2.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now −0.452%Rate

Funding earned: $0
Price spread: −0.452% → −0.029%: −$42.29
Slippage, 4 orders: −$28.16
Fee Nado: 3.5 bp × 2 orders: −$7
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$86.45
Costs to cover: 0.442%
Break-even: 76532171782620.0 days

Slippage from Nado: live order book, 58 min ago; GRVT: 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, 58 min ago	1.72 bp	10.5 bp −$11	23.5 bp −$235	doesn't fit	doesn't fit
Sell GRVT live order book, 3 min ago	1.69 bp	11.2 bp −$11	42.1 bp −$421	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	−0.0387%	1h	0.008946	+0.452%	$373K	$2.3M	50x	as long as short
Gate PENGU_USDT	−0.0310%	4h	0.008944	+0.429%	$3.5M	$15.8M	75x	as long as short
01 Exchange PENGUUSD	−0.0208%	1h	0.008909	+0.036%	$204	$59	5x	as long as short
Variational Omni PENGU	−0.0157%	4h	0.008900	−0.063%	$913K	$970K	—	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008936	+0.340%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008926	+0.223%	$34K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−1.311%	$3K	$117K	5.5x	as long as short
dYdX PENGU-USD	+0.0086%	1h	0.008941	+0.391%	$12K	$4K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008948	+0.474%	$311K	$730K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008935	+0.328%	$24K	$175K	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado PENGU-PERPlong	+0.0100%	1h	0.008906	long leg	$705K	$766K	5x
Hyperliquid PENGU	+0.0100%	1h	0.008945	+0.441%	$8.4M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008944	+0.430%	$192K	$465K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008945	+0.441%	$154K	$240K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008949	+0.488%	$37.6M	$155.6M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008945	+0.441%	$23.5M	$37.4M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008942	+0.407%	$7.7M	$48.2M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008950	+0.497%	$20K	$25K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008950	+0.497%	$13.2M	$12.9M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008941	+0.396%	$4.8M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008952	+0.519%	$8.5M	$12.7M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008933	+0.306%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008938	+0.362%	$307K	$323K	10x	as long as short
GRVT PENGU_USDT_Perpshort	+0.0100%	4h	0.008865	−0.452%	$470K	$2.0M	10x
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008887	−0.211%	$81K	$255K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009148	+2.720%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008934	+0.317%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008942	+0.407%	$92K	$300K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008944	+0.425%	$184K	$935K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008934	+0.317%	$206K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008912	+0.074%	$301	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008882	−0.267%	$1.5M	$2.9M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0521% / S −0.0723%	1h	0.008926	+0.227%	$118K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1648%	1h	0.008826	−0.895%	$94K	$102K	50x	as long as short