Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h 0.000%

Price spread now: Lighter against Orderly+0.077%7-day average +0.063% · you sell dearer than you buy

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

Long on Orderly Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.010%+$1 on $10k

Price spread, last 4 days (all we have)−0.039%−$4 · spread now +0.077%, 7d avg +0.063%

Together, before fees−0.029%+ Points / potential airdropLighter: Season 3 · farm board−$3 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_PENGU_USDC	0.009126	0.0100	pay 0.0050% / 4h	45m 43s	$23K	$264K	20x
Short	Lighter PENGU	0.009133	0.0096	get 0.0012% / 1h	45m 43s	$327K	$769K	8x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.077%Rate

Funding earned: −$0.84
Price spread: +0.077% → +0.063%: $1.37
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Lighter: 0 bp × 2 orders: $0
Net: −$5.47
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Lighter: live order book, 54 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 Lighter live order book, 54 min ago	5.52 bp	10.1 bp −$10	77.1 bp −$771	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
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009131	+0.050%	$34K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−3.693%	$3K	$117K	5.5x	as long as short
Lighter PENGUshort	+0.0096%	1h	0.009133	+0.077%	$327K	$769K	8x
Nado PENGU-PERP	+0.0100%	1h	0.009123	−0.027%	$643K	$1.1M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.009140	+0.153%	$9.2M	$16.4M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009116	−0.104%	$144K	$715K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009124	−0.022%	$138K	$264K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009116	−0.104%	$39.8M	$191.6M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.009113	−0.142%	$24.4M	$44.7M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009117	−0.099%	$8.0M	$55.8M	50x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus PENGU-USD	+0.0100%	1h	0.009130	+0.044%	$18K	$25K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.009120	−0.066%	$3.7M	$17.5M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009119	−0.077%	$10.8M	$12.9M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009119	−0.077%	$5.0M	$10.3M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009133	+0.077%	$8.8M	$14.0M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.009119	−0.077%	—	$3.8M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009122	−0.044%	$296K	$371K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.009112	−0.156%	$928K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009011	−1.260%	$477K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009065	−0.668%	$79K	$252K	50x	as long as short
Orderly PERP_PENGU_USDClong	+0.0100%	4h	0.009126	long leg	$23K	$264K	20x
SunX PENGU-USDT	+0.0100%	4h	0.009349	+2.444%	$3K	$2.2M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009138	+0.131%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009138	+0.131%	$94K	$404K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009116	−0.109%	$187K	$601K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009124	−0.022%	$211K	—	3x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0188%	1h	0.009128	+0.022%	$1K	$29K	10x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.009131	+0.056%	$308	—	10x	as long as short
01 Exchange PENGUUSD	+0.0304%	1h	0.009131	+0.055%	$209	$41	5x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009104	−0.241%	$1.6M	$4.9M	75x	as long as short
dYdX PENGU-USD	+0.0382%	1h	0.009115	−0.120%	$12K	$6K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0434% / S −0.0352%	1h	0.009131	+0.055%	$105K	—	100x	as long as short
Kraken Futures PF_PENGUUSD	+0.0534%	1h	0.009143	+0.189%	$345K	$2.6M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1928%	1h	0.009196	+0.767%	$81K	$74K	50x	as long as short