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= −0.1% APRpaid last 24h −0.001%

Price spread now: Orderly against Pacifica+0.225%7-day average −0.025% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Pacifica Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.021%−$2 on $10k

Price spread, last 3 days (all we have)−0.238%−$24 · spread now +0.225%, 7d avg −0.025%

Together, before fees−0.260%+ Points / potential airdropPacifica: Active · farm board−$26 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: Orderly is 0.251% dearer against Pacifica than usual: you sell high and buy low, +$25 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	0.008870	0.0100	pay 0.0013% / 1h	19m 46s	$153K	$238K	5x
Short	Orderly PERP_PENGU_USDC	0.008890	0.0100	get 0.0050% / 4h	3h 19m	$24K	$175K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Pacifica. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 OrderlybpOrdersPrice spread, now +0.225%Rate

Funding earned: −$0.1
Price spread: +0.225% → −0.025%: $25.09
Slippage, 4 orders: no order book: not counted
Fee Pacifica: 4 bp × 2 orders: −$8
Fee Orderly: 3 bp × 2 orders: −$6
Net: $10.99
Costs to cover: 0.140%
Break-even: from the start

Slippage unknown: Pacifica: live order book, 53 min ago; Orderly: 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 Pacifica live order book, 53 min ago	4.01 bp	11.3 bp −$11	doesn't fit	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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	−0.0389%	1h	0.008895	+0.287%	$371K	$2.3M	50x	as long as short
Gate PENGU_USDT	−0.0298%	4h	0.008878	+0.090%	$3.4M	$15.7M	75x	as long as short
01 Exchange PENGUUSD	−0.0216%	1h	0.008883	+0.147%	$203	$59	5x	as long as short
Variational Omni PENGU	−0.0171%	4h	0.008882	+0.136%	$913K	$970K	—	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008888	+0.203%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008890	+0.221%	$34K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.913%	$3K	$117K	5.5x	as long as short
dYdX PENGU-USD	+0.0079%	1h	0.008877	+0.082%	$12K	$4K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008876	+0.068%	$309K	$729K	8x	as long as short
Orderly PERP_PENGU_USDCshort	+0.0100%	4h	0.008890	+0.225%	$24K	$175K	20x

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado PENGU-PERP	+0.0100%	1h	0.008874	+0.051%	$703K	$767K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008879	+0.101%	$8.3M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008891	+0.232%	$190K	$465K	20x	as long as short
Pacifica PENGUlong	+0.0100%	1h	0.008870	long leg	$153K	$238K	5x
Binance PENGUUSDT	+0.0100%	4h	0.008873	+0.033%	$37.1M	$155.2M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008866	−0.045%	$23.3M	$37.4M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008874	+0.045%	$7.7M	$47.7M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008880	+0.113%	$20K	$25K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008884	+0.158%	$13.2M	$12.9M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008886	+0.180%	$4.8M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008880	+0.113%	$8.5M	$12.7M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008879	+0.101%	—	$3.8M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008885	+0.169%	$305K	$323K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008848	−0.251%	$469K	$2.0M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008870	0.000%	$81K	$255K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009095	+2.537%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008885	+0.169%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008898	+0.316%	$91K	$300K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008880	+0.113%	$183K	$973K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008878	+0.090%	$205K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008874	+0.043%	$300	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008881	+0.124%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0520% / S −0.0723%	1h	0.008887	+0.192%	$117K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1648%	1h	0.008967	+1.094%	$95K	$104K	50x	as long as short