Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0180%/8h= −19.7% APRpaid last 24h +0.003%

Price spread now: 01 Exchange against Orderly+0.113%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 01 Exchange

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

The price spread pays, funding is against you. 01 Exchange is 0.113% dearer against Orderly than usual: you sell high and buy low (spread +0.113% now, against zero (this spread has no 7-day history yet)): +$11 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 2.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_PENGU_USDC	0.008823	0.0100	pay 0.0050% / 4h	1h 43m	$24K	$186K	20x
Short	01 Exchange PENGUUSD	0.008833	−0.0080	pay 0.0010% / 1h	43m 23s	$202	$59	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

01 Exchange 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 01 ExchangebpOrdersPrice spread, now +0.113%Rate

Funding earned: −$37.8
Price spread: +0.113% → 0.000%: $11.33
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Net: −$39.47
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; 01 Exchange: 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 01 Exchange no order-book sample	—	—	—	—	—

Orderly and 01 Exchange: 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	−0.0604%	1h	0.008826	+0.036%	$374K	$2.2M	50x	as long as short
Gate PENGU_USDT	−0.0296%	4h	0.008819	−0.045%	$3.5M	$15.5M	75x	as long as short
01 Exchange PENGUUSDshort	−0.0080%	1h	0.008833	+0.113%	$202	$59	5x
Bybit PENGUUSDT	−0.0050%	4h	0.008812	−0.125%	$22.9M	$36.1M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008818	−0.057%	$19K	$9K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008823	−0.001%	$34K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008715	−1.224%	$3K	$81K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008827	+0.045%	$302K	$726K	8x	as long as short
Nado PENGU-PERP	+0.0098%	1h	0.008823	+0.006%	$683K	$757K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008826	+0.034%	$8.8M	$15.0M	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster PENGUUSDT	+0.0100%	4h	0.008835	+0.134%	$175K	$449K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008828	+0.057%	$149K	$236K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008821	−0.026%	$36.5M	$151.7M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008817	−0.068%	$7.7M	$47.1M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008830	+0.079%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008825	+0.023%	$13.1M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008830	+0.079%	$4.8M	$8.8M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008831	+0.091%	$8.4M	$12.5M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008816	−0.079%	—	$3.9M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008823	0.000%	$315K	$309K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008772	−0.582%	$801K	$735K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008809	−0.159%	$461K	$2.3M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008809	−0.159%	$80K	$253K	50x	as long as short
Orderly PERP_PENGU_USDClong	+0.0100%	4h	0.008823	long leg	$24K	$186K	20x
SunX PENGU-USDT	+0.0100%	4h	0.009021	+2.244%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008816	−0.079%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008826	+0.034%	$92K	$250K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008829	+0.064%	$181K	$682K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008815	−0.091%	$204K	$17K	3x	as long as short
dYdX PENGU-USD	+0.0131%	1h	0.008834	+0.119%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008822	−0.009%	$298	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008810	−0.147%	$1.5M	$2.7M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0511% / S −0.0711%	1h	0.008822	−0.011%	$115K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2504%	1h	0.008823	0.000%	$95K	$101K	50x	as long as short