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% APRpaid last 24h −0.002%

Price spread now: Nado against Orderly+0.017%7-day average −0.007% · you sell dearer than you buy

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

Long on Orderly Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.057%−$6 on $10k

Price spread, last 4 days (all we have)−0.096%−$10 · spread now +0.017%, 7d avg −0.007%

Together, before fees−0.154%+ Points / potential airdropNado: Active · farm board−$15 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: Nado is 0.023% dearer against Orderly than usual: you sell high and buy low, +$2 on $10k if it goes back to its 7-day average of −0.007%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_PENGU_USDC	0.008939	0.0100	pay 0.0050% / 4h	1m 45s	$24K	$92K	20x
Short	Nado PENGU-PERP	0.008940	0.0100	get 0.0012% / 1h	1m 45s	$601K	$1.0M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado against Orderly. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 NadobpOrdersPrice spread, now +0.017%Rate

Funding earned: $0.02
Price spread: +0.017% → −0.007%: $2.35
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$10.63
Costs to cover: 0.130%
Break-even: 3550.9 days

Slippage unknown: Orderly: no order-book sample; Nado: live order book, 2 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 Nado live order book, 2 min ago	1.68 bp	7.8 bp −$8	31.5 bp −$315	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
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008938	−0.011%	$19K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008939	−0.004%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−1.678%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008943	+0.045%	$318K	$720K	8x	as long as short
Orderly PERP_PENGU_USDClong	+0.0100%	4h	0.008939	long leg	$24K	$92K	20x
Nado PENGU-PERPshort	+0.0100%	1h	0.008940	+0.017%	$601K	$1.0M	5x
Hyperliquid PENGU	+0.0100%	1h	0.008945	+0.067%	$8.3M	$14.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008931	−0.089%	$127K	$599K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008941	+0.022%	$157K	$243K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008939	0.000%	$38.0M	$166.4M	75x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit PENGUUSDT	+0.0100%	4h	0.008939	0.000%	$23.7M	$39.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008939	0.000%	$7.5M	$48.6M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008940	+0.011%	$19K	$24K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.008936	−0.034%	$3.4M	$15.9M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008927	−0.134%	$10.9M	$12.4M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008934	−0.056%	$4.9M	$9.2M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008951	+0.134%	$8.7M	$12.7M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008935	−0.045%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008936	−0.034%	$297K	$326K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008853	−0.963%	$922K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008865	−0.832%	$473K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008876	−0.705%	$80K	$242K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009150	+2.360%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008935	−0.045%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008957	+0.201%	$93K	$377K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008920	−0.213%	$184K	$943K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008930	−0.101%	$206K	—	3x	as long as short
01 Exchange PENGUUSD	+0.0112%	1h	0.008942	+0.034%	$205	$64	5x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008936	−0.037%	$302	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008926	−0.145%	$1.5M	$3.8M	75x	as long as short
Kraken Futures PF_PENGUUSD	+0.0358%	1h	0.008943	+0.047%	$350K	$2.4M	50x	as long as short
dYdX PENGU-USD	+0.0426%	1h	0.008940	+0.008%	$12K	$5K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0512% / S −0.0572%	1h	0.008938	−0.011%	$120K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2928%	1h	0.008962	+0.257%	$95K	$63K	50x	as long as short