Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0137%/8h= −15.0% APRpaid last 24h −0.040%

Price spread now: Bitget against Reya+0.146%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 Bitget

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 · farm boardneeds both histories

The price spread pays, funding is against you. Bitget is 0.146% dearer against Reya than usual: you sell high and buy low (spread +0.146% now, against zero (this spread has no 7-day history yet)): +$15 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 3.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya PENGURUSDPERP	0.008645	0.0237	pay 0.0030% / 1h	52m 09s	$292	—	10x
Short	Bitget PENGUUSDT	0.008658	0.0100	get 0.0050% / 4h	2h 52m	$8.1M	$12.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now +0.146%Rate

Funding earned: −$28.73
Price spread: +0.146% → 0.000%: $14.64
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$32.1
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; Bitget: live order book, 1 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 Bitget live order book, 1 min ago	1.15 bp	15.1 bp −$15	37.5 bp −$375	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
Kraken Futures PF_PENGUUSD	−0.0553%	1h	0.008655	+0.112%	$383K	$2.1M	50x	as long as short
Bybit PENGUUSDT	−0.0368%	4h	0.008646	+0.008%	$22.7M	$35.7M	75x	as long as short
Gate PENGU_USDT	−0.0336%	4h	0.008648	+0.031%	$3.4M	$15.3M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0327%	1h	0.008656	+0.123%	$19K	$9K	10x	as long as short
Backpack PENGU_USDC_PERP	−0.0266%	1h	0.008651	+0.065%	$309K	$318K	10x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	+0.806%	$3K	$81K	5.5x	as long as short
dYdX PENGU-USD	0.0000%	1h	0.008655	+0.112%	$11K	$4K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008659	+0.157%	$33K	—	150x	as long as short
Lighter PENGU	+0.0096%	1h	0.008654	+0.100%	$293K	$718K	8x	as long as short
Nado PENGU-PERP	+0.0098%	1h	0.008643	−0.024%	$670K	$759K	5x	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	0.008659	+0.158%	$8.7M	$15.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008654	+0.094%	$171K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008645	−0.004%	$142K	$232K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008652	+0.076%	$35.8M	$150.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008651	+0.065%	$7.7M	$46.5M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008640	−0.062%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008653	+0.089%	$12.7M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008653	+0.089%	$4.8M	$8.6M	75x	as long as short
Bitget PENGUUSDTshort	+0.0100%	4h	0.008658	+0.146%	$8.1M	$12.5M	75x
BingX PENGU-USDC	+0.0100%	4h	0.008640	−0.062%	—	$2.3M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008676	+0.360%	$795K	$712K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008682	+0.420%	$454K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008677	+0.366%	$79K	$254K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008656	+0.123%	$21K	$185K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008858	+2.460%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008653	+0.089%	$979	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008674	+0.331%	$91K	$248K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008651	+0.067%	$177K	$681K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008652	+0.077%	$200K	$17K	3x	as long as short
01 Exchange PENGUUSD	+0.0160%	1h	0.008638	−0.085%	$198	$59	5x	as long as short
Reya PENGURUSDPERPlong	+0.0237%	1h	0.008645	long leg	$292	—	10x
BloFin PENGU-USDT	+0.0340%	4h	0.008648	+0.031%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0489% / S −0.0675%	1h	0.008659	+0.158%	$108K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008903	+2.980%	$94K	$97K	50x	as long as short