Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.001%

Price spread now: Bitget against Orderly−0.056%7-day average +0.053% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Orderly Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.021%+$2 on $10k

Price spread, last 3 days (all we have)+0.064%+$6 · spread now −0.056%, 7d avg +0.053%

Together, before fees+0.085%+$9 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 0.110% cheaper against Orderly than usual: you would sell low and buy high, −$11 on $10k if it goes back to its 7-day average of +0.053%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_PENGU_USDC	0.008887	0.0100	pay 0.0050% / 4h	3h 20m	$24K	$175K	20x
Short	Bitget PENGUUSDT	0.008882	0.0100	get 0.0050% / 4h	3h 20m	$8.5M	$12.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Orderly. 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 OrderlybpFee BitgetbpOrdersPrice spread, now −0.056%Rate

Funding earned: $0.08
Price spread: −0.056% → +0.053%: −$10.96
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$28.89
Costs to cover: 0.180%
Break-even: 2681.9 days

Slippage unknown: Orderly: no order-book sample; Bitget: live order book, 3 min ago. Net counts fees only.

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 Orderly no order-book sample	—	—	—	—	—
Sell Bitget live order book, 3 min ago	0.56 bp	13.2 bp −$13	31.7 bp −$317	doesn't fit	doesn't fit

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0389%	1h	0.008894	+0.074%	$371K	$2.3M	50x	as long as short
Gate PENGU_USDT	−0.0298%	4h	0.008874	−0.146%	$3.4M	$15.6M	75x	as long as short
01 Exchange PENGUUSD	−0.0216%	1h	0.008883	−0.045%	$203	$59	5x	as long as short
Variational Omni PENGU	−0.0171%	4h	0.008882	−0.056%	$913K	$970K	—	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008886	−0.011%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008890	+0.034%	$34K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−1.103%	$3K	$117K	5.5x	as long as short
dYdX PENGU-USD	+0.0081%	1h	0.008870	−0.189%	$12K	$4K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008877	−0.113%	$309K	$729K	8x	as long as short
Orderly PERP_PENGU_USDClong	+0.0100%	4h	0.008887	long leg	$24K	$175K	20x

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado PENGU-PERP	+0.0100%	1h	0.008885	−0.023%	$703K	$767K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008875	−0.135%	$8.3M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008892	+0.056%	$190K	$465K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008870	−0.191%	$153K	$238K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008869	−0.207%	$37.0M	$155.3M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008862	−0.281%	$23.3M	$37.5M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008865	−0.248%	$7.7M	$47.7M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008880	−0.079%	$20K	$25K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008871	−0.180%	$13.2M	$12.9M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008880	−0.079%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDTshort	+0.0100%	4h	0.008882	−0.056%	$8.5M	$12.7M	75x
BingX PENGU-USDT	+0.0100%	4h	0.008869	−0.203%	—	$3.8M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008868	−0.214%	$305K	$323K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008848	−0.442%	$469K	$2.0M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008870	−0.191%	$81K	$255K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009094	+2.329%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008881	−0.068%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008910	+0.259%	$91K	$300K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008874	−0.141%	$183K	$973K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008876	−0.124%	$205K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008881	−0.064%	$300	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008881	−0.068%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0520% / S −0.0723%	1h	0.008891	+0.045%	$117K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1648%	1h	0.008897	+0.113%	$95K	$103K	50x	as long as short