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% APRnext payment −$0.00 per $10,000 · paid last 24h −0.003%

Price spread now: Nado against Pacifica−0.119%7-day average −0.015% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$67as in the Price arb table

costs, in and out, $10k−$570.571% of the position

Long on Pacifica Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.069%−$7 on $10k

Price spread, last 4 days (all we have)+0.510%+$51 · spread now −0.119%, 7d avg −0.015%

Together, before fees+0.441%+ Points / potential airdropPacifica: Active · Nado: Active · farm board+$44 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 0.103% cheaper against Pacifica than usual: you would sell low and buy high, −$10 on $10k if it goes back to its 7-day average of −0.015%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Pacifica PENGU	0.008858	0.0100	pay 0.0013% / 1h	30m 19s	$156K	$241K	5x
Short	Nado PENGU-PERP	0.008847	0.0100	get 0.0012% / 1h	30m 19s	$595K	$1.0M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now −0.119%Rate

Funding earned: $0
Price spread: −0.119% → −0.015%: −$10.34
Slippage, 4 orders: −$42.07
Fee Pacifica: 4 bp × 2 orders: −$8
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$67.4
Costs to cover: 0.571%
Break-even: never at this rate

Slippage from Pacifica: live order book, 28 min ago; Nado: 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, 28 min ago	4.02 bp	20.4 bp −$20	doesn't fit	doesn't fit	doesn't fit
Sell Nado live order book, 3 min ago	1.71 bp	7.2 bp −$7	24.1 bp −$241	doesn't fit	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
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008845	−0.145%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.779%	$3K	$117K	5.5x	as long as short
Gate PENGU_USDT	+0.0064%	4h	0.008842	−0.181%	$3.3M	$15.7M	75x	as long as short
01 Exchange PENGUUSD	+0.0080%	1h	0.008853	−0.056%	$203	$64	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0089%	1h	0.008851	−0.079%	$18K	$10K	10x	as long as short
Lighter PENGU	+0.0096%	1h	0.008863	+0.056%	$316K	$718K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008852	−0.068%	$23K	$124K	20x	as long as short
Nado PENGU-PERPshort	+0.0100%	1h	0.008847	−0.119%	$595K	$1.0M	5x
Hyperliquid PENGU	+0.0100%	1h	0.008850	−0.090%	$8.2M	$14.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008861	+0.031%	$122K	$586K	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica PENGUlong	+0.0100%	1h	0.008858	long leg	$156K	$241K	5x
Binance PENGUUSDT	+0.0100%	4h	0.008848	−0.113%	$37.0M	$162.5M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008850	−0.090%	$23.4M	$39.3M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008852	−0.068%	$7.4M	$47.5M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008870	+0.135%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008845	−0.147%	$11.0M	$12.3M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008857	−0.011%	$4.9M	$9.2M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008852	−0.068%	$8.3M	$12.3M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008845	−0.147%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008850	−0.090%	$294K	$312K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008831	−0.305%	$877K	$985K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008750	−1.219%	$456K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008788	−0.790%	$80K	$242K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009069	+2.382%	$3K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008851	−0.079%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008855	−0.034%	$92K	$371K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008847	−0.122%	$181K	$943K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008842	−0.181%	$204K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008843	−0.170%	$299	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008834	−0.271%	$1.5M	$3.6M	75x	as long as short
Kraken Futures PF_PENGUUSD	+0.0362%	1h	0.008858	−0.001%	$346K	$2.4M	50x	as long as short
dYdX PENGU-USD	+0.0487%	1h	0.008854	−0.046%	$12K	$5K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0516% / S −0.0584%	1h	0.008844	−0.158%	$121K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2928%	1h	0.008886	+0.316%	$95K	$61K	50x	as long as short