Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0101%/8h= +11.1% APRpaid last 24h +0.032%

Price spread now: BloFin against Reya−0.041%106s7-day average — · you buy dearer than you sell

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

Long on Reya Short on BloFin

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

Funding pays, the price is against you. BloFin is 0.041% cheaper against Reya than usual: you would sell low and buy high (spread −0.041% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 32 hours of funding at the current rate (+$3 a day). The two prices were read 106 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya PENGURUSDPERP	0.008853	0.0239	pay 0.0030% / 1h	25m 33s	$299	—	10x
Short	BloFin PENGU-USDT	0.008849	0.0340	get 0.0170% / 4h	25m 33s	$1.5M	$3.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.041%Rate

Funding earned: $21.21
Price spread: −0.041% → 0.000%: −$4.07
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$0.86
Costs to cover: 0.180%
Break-even: 7.3 days

Slippage unknown: Reya: no order-book sample; BloFin: live order book, 8 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 BloFin live order book, 8 min ago	1.14 bp	14.4 bp −$14	26.2 bp −$262	64.4 bp −$6,436	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
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008844	−0.101%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.719%	$3K	$117K	5.5x	as long as short
Gate PENGU_USDT	+0.0068%	4h	0.008843	−0.109%	$3.3M	$15.7M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0089%	1h	0.008846	−0.075%	$18K	$10K	10x	as long as short
Lighter PENGU	+0.0096%	1h	0.008840	−0.142%	$315K	$718K	8x	as long as short
01 Exchange PENGUUSD	+0.0096%	1h	0.008851	−0.018%	$202	$64	5x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008845	−0.086%	$23K	$123K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008847	−0.061%	$597K	$1.0M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008858	+0.061%	$8.2M	$14.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008836	−0.190%	$119K	$589K	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica PENGU	+0.0100%	1h	0.008842	−0.120%	$156K	$241K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008850	−0.024%	$37.0M	$163.2M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008848	−0.052%	$23.4M	$39.5M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008850	−0.029%	$7.4M	$47.7M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008850	−0.029%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008849	−0.041%	$10.9M	$12.4M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008851	−0.018%	$4.9M	$9.2M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008853	+0.004%	$8.3M	$12.3M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008847	−0.063%	—	$3.5M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008847	−0.063%	$300K	$312K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008840	−0.144%	$918K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008868	+0.173%	$462K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008860	+0.084%	$80K	$242K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009055	+2.286%	$3K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008846	−0.075%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008856	+0.038%	$92K	$371K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008845	−0.084%	$185K	$946K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008840	−0.142%	$204K	—	3x	as long as short
Reya PENGURUSDPERPlong	+0.0239%	1h	0.008853	long leg	$299	—	10x
BloFin PENGU-USDTshort	+0.0340%	4h	0.008849	−0.041%	$1.5M	$3.7M	75x
Kraken Futures PF_PENGUUSD	+0.0362%	1h	0.008855	+0.024%	$346K	$2.3M	50x	as long as short
dYdX PENGU-USD	+0.0502%	1h	0.008834	−0.214%	$12K	$5K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0515% / S −0.0584%	1h	0.008837	−0.176%	$120K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2928%	1h	0.008950	+1.100%	$96K	$62K	50x	as long as short