Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0138%/8h= −15.1% APRpaid last 24h −0.040%

Price spread now: Aster against Reya+0.329%7-day average — · you sell dearer than you buy

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

Long on Reya Short on Aster

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—+ Points / potential airdropReya: Active · Aster: Stage 5 · farm boardneeds both histories

The price spread pays, funding is against you. Aster is 0.329% dearer against Reya than usual: you sell high and buy low (spread +0.329% now, against zero (this spread has no 7-day history yet)): +$33 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 7.9 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya PENGURUSDPERP	0.008720	0.0238	pay 0.0030% / 1h	53m 56s	$294	—	10x
Short	Aster PENGUUSDT	0.008748	0.0100	get 0.0050% / 4h	2h 53m	$168K	$485K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Reya. 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 ReyabpFee AsterbpOrdersPrice spread, now +0.329%Rate

Funding earned: −$29.01
Price spread: +0.329% → 0.000%: $32.86
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Aster: 4 bp × 2 orders: −$8
Net: −$10.15
Costs to cover: 0.140%
Break-even: from the start

Slippage unknown: Reya: no order-book sample; Aster: live order book, 13 min ago. 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 Reya no order-book sample	—	—	—	—	—
Sell Aster live order book, 13 min ago	4.47 bp	10.5 bp −$10	32.3 bp −$323	doesn't fit	doesn't fit

Reya: 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
ApeX Omni PENGUUSDT	−0.1869%	1h	0.008781	+0.702%	$80K	$249K	50x	as long as short
Nado PENGU-PERP	−0.0200%	1h	0.008718	−0.021%	$516K	$899K	5x	as long as short
Variational Omni PENGU	−0.0113%	4h	0.008707	−0.145%	$863K	$1.0M	—	as long as short
Gate PENGU_USDT	−0.0078%	4h	0.008749	+0.335%	$3.4M	$15.3M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008745	+0.289%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008726	+0.072%	$32K	—	150x	as long as short
01 Exchange PENGUUSD	+0.0016%	1h	0.008714	−0.067%	$199	$59	5x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.793%	$3K	$117K	5.5x	as long as short
dYdX PENGU-USD	+0.0080%	1h	0.008730	+0.114%	$12K	$4K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008752	+0.369%	$304K	$698K	8x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_PENGU_USDC	+0.0097%	4h	0.008740	+0.231%	$19K	$179K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008756	+0.415%	$8.2M	$14.9M	5x	as long as short
Aster PENGUUSDTshort	+0.0100%	4h	0.008748	+0.329%	$168K	$485K	20x
Pacifica PENGU	+0.0100%	1h	0.008731	+0.128%	$151K	$240K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008755	+0.403%	$37.0M	$156.4M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008755	+0.403%	$22.8M	$37.8M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008760	+0.461%	$7.5M	$47.3M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008720	+0.002%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008766	+0.530%	$12.3M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008750	+0.346%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008766	+0.530%	$8.3M	$12.6M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008749	+0.335%	—	$3.8M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008753	+0.380%	$300K	$323K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008748	+0.319%	$457K	$2.0M	10x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008939	+2.514%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008748	+0.323%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008743	+0.266%	$90K	$303K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008764	+0.509%	$180K	$940K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008747	+0.312%	$202K	—	3x	as long as short
Kraken Futures PF_PENGUUSD	+0.0211%	1h	0.008760	+0.466%	$362K	$2.3M	50x	as long as short
Reya PENGURUSDPERPlong	+0.0238%	1h	0.008720	long leg	$294	—	10x
BloFin PENGU-USDT	+0.0340%	4h	0.008732	+0.140%	$1.5M	$3.2M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0498% / S −0.0683%	1h	0.008724	+0.048%	$110K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1352%	1h	0.008967	+2.835%	$95K	$104K	50x	as long as short