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 −0.041%

Price spread now: Orderly against Reya+0.025%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 Orderly

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. Orderly is 0.025% dearer against Reya than usual: you sell high and buy low (spread +0.025% now, against zero (this spread has no 7-day history yet)): +$3 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 15 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya PENGURUSDPERP	0.008661	0.0237	pay 0.0030% / 1h	30m 21s	$292	—	10x
Short	Orderly PERP_PENGU_USDC	0.008663	0.0100	get 0.0050% / 4h	2h 30m	$21K	$184K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.025%Rate

Funding earned: −$28.76
Price spread: +0.025% → 0.000%: $2.53
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$38.23
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; 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 Reya no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Reya and 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	−0.0552%	1h	0.008664	+0.040%	$384K	$2.1M	50x	as long as short
Gate PENGU_USDT	−0.0364%	4h	0.008659	−0.021%	$3.4M	$15.4M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0212%	1h	0.008662	+0.014%	$19K	$9K	10x	as long as short
Bybit PENGUUSDT	−0.0156%	4h	0.008650	−0.125%	$22.4M	$35.9M	75x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	+0.626%	$3K	$81K	5.5x	as long as short
Backpack PENGU_USDC_PERP	−0.0064%	1h	0.008670	+0.106%	$309K	$315K	10x	as long as short
dYdX PENGU-USD	0.0000%	1h	0.008674	+0.148%	$11K	$4K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008665	+0.044%	$33K	—	150x	as long as short
01 Exchange PENGUUSD	+0.0016%	1h	0.008666	+0.060%	$198	$59	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008659	−0.021%	$294K	$720K	8x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado PENGU-PERP	+0.0100%	1h	0.008662	+0.011%	$672K	$758K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008671	+0.118%	$8.7M	$15.2M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008669	+0.095%	$171K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008665	+0.048%	$142K	$232K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008658	−0.028%	$35.8M	$151.0M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008655	−0.067%	$7.7M	$46.2M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008660	−0.009%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008664	+0.037%	$12.8M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008662	+0.014%	$4.7M	$8.7M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008662	+0.014%	$8.2M	$12.5M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008659	−0.021%	—	$3.9M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008663	+0.027%	$793K	$713K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008672	+0.128%	$454K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008664	+0.037%	$79K	$253K	50x	as long as short
Orderly PERP_PENGU_USDCshort	+0.0100%	4h	0.008663	+0.025%	$21K	$184K	20x
SunX PENGU-USDT	+0.0100%	4h	0.008875	+2.473%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008658	−0.032%	$976	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008679	+0.210%	$91K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008655	−0.071%	$177K	$681K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008657	−0.044%	$200K	$17K	3x	as long as short
Reya PENGURUSDPERPlong	+0.0237%	1h	0.008661	long leg	$292	—	10x
BloFin PENGU-USDT	+0.0340%	4h	0.008671	+0.118%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0489% / S −0.0675%	1h	0.008663	+0.025%	$108K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008785	+1.434%	$92K	$96K	50x	as long as short