Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.001%

Price spread now: SoDEX against Orderly0.000%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 SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 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

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_PENGU_USDC	0.008970	0.0100	pay 0.0050% / 4h	3h 56m	$24K	$86K	20x
Short	SoDEX PENGU-USD	0.008970	0.0100	get 0.0013% / 1h	56m 34s	$1K	$5K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now 0.000%Rate

Funding earned: $0
Price spread: 0.000% → 0.000%: $0
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$14
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; SoDEX: 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 SoDEX no order-book sample	—	—	—	—	—

Orderly and SoDEX: 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	0.008970	0.000%	$19K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008968	−0.023%	$33K	—	150x	as long as short
dYdX PENGU-USD	+0.0019%	1h	0.008961	−0.098%	$12K	$5K	5x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−2.018%	$3K	$117K	5.5x	as long as short
01 Exchange PENGUUSD	+0.0072%	1h	0.008966	−0.045%	$205	$64	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008972	+0.022%	$319K	$718K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008959	−0.123%	$602K	$1.0M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008979	+0.100%	$8.4M	$14.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008980	+0.108%	$129K	$596K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008958	−0.134%	$158K	$243K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance PENGUUSDT	+0.0100%	4h	0.008958	−0.136%	$38.3M	$167.0M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008951	−0.212%	$23.7M	$40.0M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008963	−0.078%	$7.7M	$48.9M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008970	0.000%	$19K	$24K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.008962	−0.089%	$3.4M	$15.9M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008960	−0.111%	$10.9M	$12.3M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008963	−0.078%	$4.9M	$9.3M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008965	−0.056%	$8.7M	$12.7M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008953	−0.190%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008963	−0.078%	$300K	$330K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008928	−0.469%	$931K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008918	−0.584%	$476K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008916	−0.602%	$81K	$242K	50x	as long as short
Orderly PERP_PENGU_USDClong	+0.0100%	4h	0.008970	long leg	$24K	$86K	20x
SunX PENGU-USDT	+0.0100%	4h	0.009185	+2.397%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USDshort	+0.0100%	1h	0.008970	0.000%	$1K	$5K	5x
HTX PENGU-USDT	+0.0100%	4h	0.008983	+0.145%	$93K	$377K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008959	−0.127%	$185K	$943K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008964	−0.067%	$207K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008962	−0.087%	$303	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008980	+0.111%	$1.5M	$4.0M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0512% / S −0.0477%	1h	0.008969	−0.011%	$126K	—	100x	as long as short
Kraken Futures PF_PENGUUSD	+0.0610%	1h	0.008978	+0.091%	$351K	$2.4M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2704%	1h	0.008962	−0.089%	$95K	$60K	50x	as long as short