PENGU

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0311%/8h= −34.0% APRnext payment −$1.55 per $10,000 · paid last 24h −0.020%

Price spread now: Bybit against OKX−0.091%7-day average −0.045% · you buy dearer than you sell

Net, funding: paid 7d − costs−$56as in the Funding arb table

Net, price: spread back to 7d avg − costs−$52as in the Price arb table

costs, in and out, $10k−$480.478% of the position

Long on OKX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.078%−$8 on $10k

Price spread, last 7 days+0.032%+$3 · spread now −0.091%, 7d avg −0.045%

Together, before fees−0.046%−$5 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Bybit is 0.045% cheaper against OKX than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.045%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.078% in total (about -4.1% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.55 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX PENGU-USDT-SWAP	0.008833	0.0100	pay 0.0050% / 4h	3h 42m	$7.6M	$47.5M	50x
Short	Bybit PENGUUSDT	0.008825	−0.0211	pay 0.0105% / 4h	3h 42m	$23.1M	$37.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against OKX. 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 OKXbpFee BybitbpOrdersPrice spread, now −0.091%Rate

Funding earned: −$65.25
Price spread: −0.091% → −0.045%: −$4.51
Slippage, 4 orders: −$26.84
Fee OKX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$117.59
Costs to cover: 0.478%
Break-even: never at this rate

Slippage from OKX: live order book, 1 min ago; Bybit: live order book, 1 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 OKX live order book, 1 min ago	0.57 bp	10.0 bp −$10	25.4 bp −$254	doesn't fit	doesn't fit
Sell Bybit live order book, 1 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	0.008835	+0.020%	$370K	$2.3M	50x	as long as short
Gate PENGU_USDT	−0.0338%	4h	0.008830	−0.034%	$3.4M	$15.5M	75x	as long as short
Variational Omni PENGU	−0.0298%	4h	0.008761	−0.814%	$867K	$931K	—	as long as short
01 Exchange PENGUUSD	−0.0224%	1h	0.008833	0.000%	$202	$59	5x	as long as short
Bybit PENGUUSDTshort	−0.0211%	4h	0.008825	−0.091%	$23.1M	$37.2M	75x
Deribit PENGU_USDC-PERPETUAL	−0.0090%	1h	0.008826	−0.079%	$18K	$10K	10x	as long as short
Backpack PENGU_USDC_PERP	−0.0020%	1h	0.008826	−0.079%	$310K	$311K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008827	−0.066%	$34K	—	150x	as long as short
GRVT PENGU_USDT_Perp	+0.0024%	4h	0.008798	−0.396%	$466K	$2.1M	10x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.498%	$3K	$117K	5.5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado PENGU-PERP	+0.0051%	1h	0.008833	0.000%	$700K	$773K	5x	as long as short
dYdX PENGU-USD	+0.0061%	1h	0.008828	−0.061%	$12K	$4K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008827	−0.068%	$309K	$727K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008827	−0.068%	$24K	$184K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008831	−0.023%	$8.3M	$15.6M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008828	−0.058%	$189K	$481K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008829	−0.045%	$152K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008832	−0.013%	$36.9M	$155.3M	75x	as long as short
OKX PENGU-USDT-SWAPlong	+0.0100%	4h	0.008833	long leg	$7.6M	$47.5M	50x
Arcus PENGU-USD	+0.0100%	1h	0.008830	−0.034%	$19K	$25K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008828	−0.057%	$12.4M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008831	−0.023%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008834	+0.011%	$8.4M	$12.7M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008830	−0.034%	—	$3.9M	—	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008789	−0.498%	$80K	$254K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009010	+2.004%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008824	−0.102%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008825	−0.091%	$90K	$295K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008830	−0.032%	$182K	$794K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008825	−0.091%	$204K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008829	−0.047%	$298	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008823	−0.113%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0499% / S −0.0683%	1h	0.008827	−0.068%	$111K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1648%	1h	0.008808	−0.283%	$94K	$102K	50x	as long as short