Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.001%

Price spread now: Pacifica against Orderly−0.011%7-day average +0.026% · you buy dearer than you sell

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

Long on Orderly Short on Pacifica

What this pair did over the last

the charts below follow

Funding, last 7 days+0.022%+$2 on $10k

Price spread, last 3 days (all we have)+0.027%+$3 · spread now −0.011%, 7d avg +0.026%

Together, before fees+0.050%+ Points / potential airdropPacifica: Active · farm board+$5 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: Pacifica is 0.037% cheaper against Orderly than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of +0.026%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_PENGU_USDC	0.008727	0.0100	pay 0.0050% / 4h	10m 18s	$23K	$186K	20x
Short	Pacifica PENGU	0.008726	0.0100	get 0.0013% / 1h	10m 18s	$151K	$239K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Pacifica 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 PacificabpOrdersPrice spread, now −0.011%Rate

Funding earned: $0.08
Price spread: −0.011% → +0.026%: −$3.72
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Pacifica: 4 bp × 2 orders: −$8
Net: −$17.65
Costs to cover: 0.140%
Break-even: 1641.0 days

Slippage unknown: Orderly: no order-book sample; Pacifica: 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 Pacifica live order book, 3 min ago	4.01 bp	18.2 bp −$18	doesn't fit	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	−0.0343%	1h	0.008734	+0.076%	$367K	$2.3M	50x	as long as short
Bybit PENGUUSDT	−0.0325%	4h	0.008719	−0.092%	$22.7M	$36.9M	75x	as long as short
Gate PENGU_USDT	−0.0312%	4h	0.008720	−0.080%	$3.4M	$15.7M	75x	as long as short
Variational Omni PENGU	−0.0310%	4h	0.008693	−0.387%	$859K	$927K	—	as long as short
01 Exchange PENGUUSD	−0.0280%	1h	0.008729	+0.023%	$200	$59	5x	as long as short
Backpack PENGU_USDC_PERP	−0.0187%	1h	0.008700	−0.309%	$306K	$315K	10x	as long as short
Injective PENGU/USDC PERP	−0.0114%	1h	0.008789	+0.710%	$3K	$117K	5.5x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0094%	1h	0.008727	0.000%	$18K	$10K	10x	as long as short
Nado PENGU-PERP	−0.0025%	1h	0.008727	−0.003%	$694K	$777K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008728	+0.006%	$33K	—	150x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX PENGU-USD	+0.0018%	1h	0.008718	−0.107%	$12K	$4K	5x	as long as short
GRVT PENGU_USDT_Perp	+0.0078%	4h	0.008721	−0.069%	$456K	$2.1M	10x	as long as short
Lighter PENGU	+0.0096%	1h	0.008727	0.000%	$305K	$741K	8x	as long as short
Orderly PERP_PENGU_USDClong	+0.0100%	4h	0.008727	long leg	$23K	$186K	20x
Hyperliquid PENGU	+0.0100%	1h	0.008725	−0.023%	$8.4M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008728	+0.010%	$187K	$474K	20x	as long as short
Pacifica PENGUshort	+0.0100%	1h	0.008726	−0.011%	$151K	$239K	5x
Binance PENGUUSDT	+0.0100%	4h	0.008725	−0.028%	$36.1M	$155.1M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008721	−0.069%	$7.5M	$46.9M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008730	+0.034%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008729	+0.023%	$12.3M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008727	0.000%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008728	+0.011%	$8.3M	$12.7M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008720	−0.080%	—	$3.9M	—	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008729	+0.023%	$79K	$254K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008932	+2.349%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008724	−0.034%	$996	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008734	+0.080%	$91K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008723	−0.048%	$179K	$622K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008722	−0.057%	$201K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008720	−0.081%	$294	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008706	−0.241%	$1.5M	$2.7M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0495% / S −0.0683%	1h	0.008726	−0.011%	$110K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2688%	1h	0.008768	+0.470%	$93K	$103K	50x	as long as short