Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0174%/8h= −19.0% APRpaid last 24h −0.061%

Price spread now: GRVT against Reya−0.135%64s7-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 GRVT

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 · GRVT: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and GRVT is 0.135% cheaper against Reya than usual: you would sell low and buy high (−$13 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 64 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	0.008836	0.0238	pay 0.0030% / 1h	39m 46s	$298	—	10x
Short	GRVT PENGU_USDT_Perp	0.008824	0.0064	get 0.0032% / 4h	3h 39m	$468K	$2.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now −0.135%Rate

Funding earned: −$36.52
Price spread: −0.135% → 0.000%: −$13.45
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$64.97
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; GRVT: live order book, 4 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 GRVT live order book, 4 min ago	3.97 bp	17.6 bp −$18	72.5 bp −$725	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	−0.0391%	1h	0.008851	+0.175%	$371K	$2.3M	50x	as long as short
Gate PENGU_USDT	−0.0306%	4h	0.008836	+0.002%	$3.4M	$15.5M	75x	as long as short
Variational Omni PENGU	−0.0292%	4h	0.008826	−0.110%	$872K	$931K	—	as long as short
01 Exchange PENGUUSD	−0.0224%	1h	0.008833	−0.032%	$202	$59	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0202%	1h	0.008842	+0.070%	$18K	$10K	10x	as long as short
Bybit PENGUUSDT	0.0000%	4h	0.008829	−0.077%	$23.3M	$37.4M	75x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008844	+0.096%	$34K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.530%	$3K	$117K	5.5x	as long as short
Backpack PENGU_USDC_PERP	+0.0040%	1h	0.008841	+0.059%	$310K	$312K	10x	as long as short
dYdX PENGU-USD	+0.0058%	1h	0.008834	−0.022%	$12K	$4K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT PENGU_USDT_Perpshort	+0.0064%	4h	0.008824	−0.135%	$468K	$2.1M	10x
Nado PENGU-PERP	+0.0066%	1h	0.008835	−0.009%	$700K	$772K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008846	+0.115%	$309K	$727K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008845	+0.104%	$24K	$183K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008831	−0.054%	$8.3M	$15.6M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008847	+0.129%	$190K	$481K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008836	+0.002%	$152K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008837	+0.013%	$37.0M	$155.5M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008831	−0.054%	$7.6M	$47.5M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008840	+0.047%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008838	+0.025%	$12.4M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008844	+0.093%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008835	−0.009%	$8.4M	$12.7M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008828	−0.088%	—	$2.3M	—	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008789	−0.530%	$80K	$254K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009047	+2.390%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008840	+0.047%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008859	+0.262%	$91K	$295K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008831	−0.052%	$182K	$840K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008845	+0.104%	$204K	—	3x	as long as short
Reya PENGURUSDPERPlong	+0.0238%	1h	0.008836	long leg	$298	—	10x
BloFin PENGU-USDT	+0.0340%	4h	0.008832	−0.043%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0516% / S −0.0720%	1h	0.008844	+0.093%	$116K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1648%	1h	0.008850	+0.161%	$94K	$103K	50x	as long as short