Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0196%/8h= −21.5% APRpaid last 24h −0.053%

Price spread now: Deribit against Orderly+0.012%7-day average — · you sell dearer than you buy

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

Long on Orderly Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$6 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_PENGU_USDC	0.008673	0.0100	pay 0.0050% / 4h	2h 47m	$21K	$184K	20x
Short	Deribit PENGU_USDC-PERPETUAL	0.008674	−0.0096	pay 0.0012% / 1h	47m 21s	$19K	$9K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.012%Rate

Funding earned: −$41.16
Price spread: +0.012% → 0.000%: $1.15
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$53.01
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Deribit: no order-book sample. 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 Deribit no order-book sample	—	—	—	—	—

Orderly and Deribit: 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	−0.0552%	1h	0.008667	−0.072%	$384K	$2.1M	50x	as long as short
Bybit PENGUUSDT	−0.0341%	4h	0.008661	−0.138%	$22.7M	$35.7M	75x	as long as short
Gate PENGU_USDT	−0.0336%	4h	0.008667	−0.069%	$3.4M	$15.3M	75x	as long as short
Backpack PENGU_USDC_PERP	−0.0260%	1h	0.008661	−0.138%	$309K	$315K	10x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	+0.484%	$3K	$81K	5.5x	as long as short
Deribit PENGU_USDC-PERPETUALshort	−0.0096%	1h	0.008674	+0.012%	$19K	$9K	10x
dYdX PENGU-USD	0.0000%	1h	0.008668	−0.058%	$11K	$4K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008674	+0.007%	$33K	—	150x	as long as short
01 Exchange PENGUUSD	+0.0032%	1h	0.008676	+0.035%	$198	$59	5x	as long as short
ApeX Omni PENGUUSDT	+0.0054%	1h	0.008649	−0.277%	$79K	$254K	50x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter PENGU	+0.0096%	1h	0.008665	−0.092%	$294K	$719K	8x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008679	+0.069%	$8.7M	$15.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008674	+0.012%	$171K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008666	−0.081%	$142K	$232K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008672	−0.014%	$35.8M	$150.8M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008663	−0.115%	$7.7M	$46.4M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008670	−0.035%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008672	−0.012%	$12.8M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008671	−0.023%	$4.7M	$8.6M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008675	+0.023%	$8.2M	$12.5M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008655	−0.208%	—	$2.3M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008646	−0.317%	$794K	$712K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008654	−0.221%	$453K	$2.4M	10x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008664	−0.104%	$672K	$758K	5x	as long as short
Orderly PERP_PENGU_USDClong	+0.0100%	4h	0.008673	long leg	$21K	$184K	20x
SunX PENGU-USDT	+0.0100%	4h	0.008879	+2.375%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008666	−0.081%	$977	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008683	+0.115%	$91K	$248K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008666	−0.083%	$177K	$681K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008670	−0.035%	$200K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008669	−0.042%	$293	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008660	−0.150%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0490% / S −0.0675%	1h	0.008674	+0.012%	$109K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008903	+2.652%	$94K	$97K	50x	as long as short