Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: OKX against Pacifica−0.079%7-day average −0.025% · you buy dearer than you sell

Net, funding: paid 7d − costs−$59as in the Funding arb table

Net, price: spread back to 7d avg − costs−$58as in the Price arb table

costs, in and out, $10k−$530.529% of the position

Long on Pacifica Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.058%−$6 on $10k

Price spread, last 4 days (all we have)+0.041%+$4 · spread now −0.079%, 7d avg −0.025%

Together, before fees−0.018%+ Points / potential airdropPacifica: Active · farm board−$2 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: OKX is 0.054% cheaper against Pacifica than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of −0.025%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Pacifica PENGU	0.008834	0.0100	pay 0.0013% / 1h	41m 28s	$152K	$239K	5x
Short	OKX PENGU-USDT-SWAP	0.008827	0.0100	get 0.0050% / 4h	3h 41m	$7.6M	$47.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.079%Rate

Funding earned: $0
Price spread: −0.079% → −0.025%: −$5.4
Slippage, 4 orders: −$34.91
Fee Pacifica: 4 bp × 2 orders: −$8
Fee OKX: 5 bp × 2 orders: −$10
Net: −$58.31
Costs to cover: 0.529%
Break-even: never at this rate

Slippage from Pacifica: live order book, 32 min ago; OKX: live order book, 2 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, 32 min ago	4.01 bp	11.3 bp −$11	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 2 min ago	0.57 bp	13.4 bp −$13	33.9 bp −$339	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
Kraken Futures PF_PENGUUSD	−0.0391%	1h	0.008846	+0.132%	$370K	$2.3M	50x	as long as short
Gate PENGU_USDT	−0.0334%	4h	0.008827	−0.079%	$3.4M	$15.5M	75x	as long as short
Variational Omni PENGU	−0.0298%	4h	0.008761	−0.825%	$867K	$931K	—	as long as short
01 Exchange PENGUUSD	−0.0224%	1h	0.008833	−0.011%	$202	$59	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0203%	1h	0.008829	−0.057%	$18K	$10K	10x	as long as short
Bybit PENGUUSDT	−0.0112%	4h	0.008826	−0.091%	$23.3M	$37.4M	75x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008832	−0.023%	$34K	—	150x	as long as short
Backpack PENGU_USDC_PERP	+0.0014%	1h	0.008840	+0.068%	$310K	$311K	10x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.509%	$3K	$117K	5.5x	as long as short
Nado PENGU-PERP	+0.0059%	1h	0.008834	0.000%	$700K	$773K	5x	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	+0.0062%	1h	0.008834	−0.002%	$12K	$4K	5x	as long as short
GRVT PENGU_USDT_Perp	+0.0064%	4h	0.008824	−0.114%	$468K	$2.1M	10x	as long as short
Lighter PENGU	+0.0096%	1h	0.008833	−0.011%	$309K	$727K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008833	−0.011%	$24K	$183K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008828	−0.068%	$8.3M	$15.6M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008840	+0.068%	$189K	$481K	20x	as long as short
Pacifica PENGUlong	+0.0100%	1h	0.008834	long leg	$152K	$239K	5x
Binance PENGUUSDT	+0.0100%	4h	0.008827	−0.075%	$37.0M	$155.4M	75x	as long as short
OKX PENGU-USDT-SWAPshort	+0.0100%	4h	0.008827	−0.079%	$7.6M	$47.5M	50x
Arcus PENGU-USD	+0.0100%	1h	0.008830	−0.045%	$19K	$25K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008831	−0.034%	$12.4M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008836	+0.023%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008829	−0.057%	$8.4M	$12.7M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008829	−0.057%	—	$3.9M	—	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008789	−0.509%	$80K	$254K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009034	+2.264%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008831	−0.034%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008847	+0.147%	$91K	$295K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008829	−0.060%	$182K	$807K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008822	−0.136%	$204K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008824	−0.115%	$298	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008823	−0.125%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0516% / S −0.0720%	1h	0.008831	−0.034%	$116K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1648%	1h	0.008850	+0.181%	$94K	$103K	50x	as long as short