Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0240%/8h= +26.3% APRpaid last 24h +0.072%

Price spread now: BloFin against SoDEX−0.045%56s7-day average — · you buy dearer than you sell

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

Long on SoDEX Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. BloFin is 0.045% cheaper against SoDEX than usual: you would sell low and buy high (spread −0.045% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$5 on $10k: about 15 hours of funding at the current rate (+$7 a day). The two prices were read 56 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	SoDEX PENGU-USD	0.008856	0.0100	pay 0.0013% / 1h	51m 56s	$1K	$5K	5x
Short	BloFin PENGU-USDT	0.008852	0.0340	get 0.0170% / 4h	51m 56s	$1.6M	$5.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against SoDEX. 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 SoDEXbpFee BloFinbpOrdersPrice spread, now −0.045%Rate

Funding earned: $50.4
Price spread: −0.045% → 0.000%: −$4.52
Slippage, 4 orders: no order book: not counted
Fee SoDEX: 4 bp × 2 orders: −$8
Fee BloFin: 6 bp × 2 orders: −$12
Net: $25.88
Costs to cover: 0.200%
Break-even: 3.4 days

Slippage unknown: SoDEX: no order-book sample; BloFin: live order book, 5 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 SoDEX no order-book sample	—	—	—	—	—
Sell BloFin live order book, 5 min ago	0.56 bp	10.3 bp −$10	13.5 bp −$135	36.3 bp −$3,626	doesn't fit

SoDEX: 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 exchanges

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
dYdX PENGU-USD	0.0000%	1h	0.008853	−0.033%	$19K	$21K	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008857	+0.011%	$1K	$27K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008855	−0.011%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.757%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008859	+0.034%	$317K	$719K	8x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008861	+0.056%	$8.5M	$17.5M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008847	−0.097%	$110K	$833K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008857	+0.011%	$132K	$221K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008843	−0.150%	$37.9M	$197.5M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008840	−0.181%	$23.7M	$47.8M	75x	as long as short

Show all 34 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008842	−0.158%	$8.3M	$55.9M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008860	+0.045%	$18K	$25K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.008842	−0.158%	$3.6M	$18.2M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008850	−0.068%	$12.1M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008855	−0.011%	$5.3M	$10.7M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008853	−0.034%	$8.5M	$14.0M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008841	−0.169%	—	$3.6M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008854	−0.023%	$296K	$392K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008859	+0.036%	$877K	$1.2M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008867	+0.124%	$468K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008873	+0.192%	$80K	$247K	50x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008855	−0.006%	$599K	$1.1M	5x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008855	−0.011%	$23K	$357K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009068	+2.394%	$3K	$2.0M	10x	as long as short
SoDEX PENGU-USDlong	+0.0100%	1h	0.008856	long leg	$1K	$5K	5x
HTX PENGU-USDT	+0.0100%	4h	0.008862	+0.068%	$92K	$360K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008845	−0.119%	$179K	$741K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008855	−0.011%	$205K	—	3x	as long as short
01 Exchange PENGUUSD	+0.0160%	1h	0.008857	+0.011%	$203	$141	5x	as long as short
Reya PENGURUSDPERP	+0.0242%	1h	0.008853	−0.030%	$299	—	10x	as long as short
Kraken Futures PF_PENGUUSD	+0.0260%	1h	0.008862	+0.063%	$337K	$2.7M	50x	as long as short
BloFin PENGU-USDTshort	+0.0340%	4h	0.008852	−0.045%	$1.6M	$5.6M	75x
GMX PENGU/USD [WBTC.b-USDC]	L +0.0430% / S −0.0359%	1h	0.008855	−0.011%	$103K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1760%	1h	0.008982	+1.423%	$82K	$89K	50x	as long as short