Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0111%/8h= −12.1% APRpaid last 24h 0.000%

Price spread now: Bybit against Pacifica+0.172%7-day average −0.067% · you sell dearer than you buy

Net, funding: paid 7d − costs−$67as in the Funding arb table

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$550.551% of the position

Long on Pacifica Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.119%−$12 on $10k

Price spread, last 4 days (all we have)−0.312%−$31 · spread now +0.172%, 7d avg −0.067%

Together, before fees−0.432%+ Points / potential airdropPacifica: Active · farm board−$43 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.238% dearer against Pacifica than usual: you sell high and buy low (spread +0.172% now, against its 7-day average of −0.067%): +$24 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 7.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Pacifica PENGU	0.008737	0.0100	pay 0.0013% / 1h	56m 11s	$147K	$236K	5x
Short	Bybit PENGUUSDT	0.008752	−0.0011	pay 0.0005% / 4h	1h 56m	$22.8M	$36.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Pacifica. 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 PacificabpFee BybitbpOrdersPrice spread, now +0.172%Rate

Funding earned: −$23.29
Price spread: +0.172% → −0.067%: $23.83
Slippage, 4 orders: −$36.12
Fee Pacifica: 4 bp × 2 orders: −$8
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$54.58
Costs to cover: 0.551%
Break-even: never at this rate

Slippage from Pacifica: live order book, 27 min ago; Bybit: live order book, 3 min ago.

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 Pacifica live order book, 27 min ago	2.87 bp	22.5 bp −$22	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	0.58 bp	10.2 bp −$10	22.9 bp −$229	121.1 bp −$12.1K	doesn't fit

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	−0.0609%	1h	0.008762	+0.285%	$387K	$2.2M	50x	as long as short
Gate PENGU_USDT	−0.0288%	4h	0.008749	+0.137%	$3.4M	$15.4M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0207%	1h	0.008758	+0.240%	$19K	$9K	10x	as long as short
01 Exchange PENGUUSD	−0.0120%	1h	0.008739	+0.023%	$200	$59	5x	as long as short
Nado PENGU-PERP	−0.0061%	1h	0.008738	+0.009%	$679K	$757K	5x	as long as short
Bybit PENGUUSDTshort	−0.0011%	4h	0.008752	+0.172%	$22.8M	$36.0M	75x
dYdX PENGU-USD	0.0000%	1h	0.008737	+0.002%	$12K	$4K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008758	+0.244%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008715	−0.252%	$3K	$81K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008757	+0.229%	$299K	$726K	8x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid PENGU	+0.0100%	1h	0.008740	+0.034%	$8.7M	$15.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008760	+0.265%	$173K	$448K	20x	as long as short
Pacifica PENGUlong	+0.0100%	1h	0.008737	long leg	$147K	$236K	5x
Binance PENGUUSDT	+0.0100%	4h	0.008757	+0.227%	$36.2M	$151.5M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008755	+0.206%	$7.7M	$46.8M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008740	+0.034%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008758	+0.240%	$13.1M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008758	+0.240%	$4.8M	$8.8M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008762	+0.286%	$8.4M	$12.6M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008757	+0.229%	—	$3.9M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008761	+0.275%	$312K	$312K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008657	−0.913%	$800K	$726K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008664	−0.834%	$453K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008668	−0.790%	$79K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008758	+0.240%	$23K	$186K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008969	+2.655%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008755	+0.206%	$997	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008759	+0.252%	$91K	$250K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008754	+0.190%	$180K	$682K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008754	+0.195%	$202K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008740	+0.029%	$295	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008704	−0.378%	$1.5M	$2.7M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0504% / S −0.0703%	1h	0.008761	+0.275%	$113K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2504%	1h	0.008716	−0.240%	$92K	$99K	50x	as long as short