Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0031%/8h= −3.4% APRpaid last 24h −0.001%

Price spread now: Bybit against 01 Exchange−0.034%7-day average — · you buy dearer than you sell

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

Long on 01 Exchange Short on Bybit

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—needs both histories

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Bybit is 0.034% cheaper against 01 Exchange than usual: you would sell low and buy high (−$3 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	01 Exchange PENGUUSD	0.008735	−0.0216	get 0.0027% / 1h	35m 29s	$200	$59	5x
Short	Bybit PENGUUSDT	0.008732	−0.0247	pay 0.0123% / 4h	35m 29s	$22.7M	$36.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against 01 Exchange. 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 01 ExchangebpFee BybitbpOrdersPrice spread, now −0.034%Rate

Funding earned: −$6.46
Price spread: −0.034% → 0.000%: −$3.43
Slippage, 4 orders: no order book: not counted
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$27.89
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: 01 Exchange: no order-book sample; Bybit: live order book, 3 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 01 Exchange no order-book sample	—	—	—	—	—
Sell Bybit live order book, 3 min ago	0.57 bp	11.9 bp −$12	26.4 bp −$264	101.1 bp −$10.1K	doesn't fit

01 Exchange: 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	−0.0342%	1h	0.008758	+0.265%	$368K	$2.3M	50x	as long as short
Gate PENGU_USDT	−0.0258%	4h	0.008735	0.000%	$3.4M	$15.6M	75x	as long as short
Bybit PENGUUSDTshort	−0.0247%	4h	0.008732	−0.034%	$22.7M	$36.7M	75x
01 Exchange PENGUUSDlong	−0.0216%	1h	0.008735	long leg	$200	$59	5x
Deribit PENGU_USDC-PERPETUAL	−0.0207%	1h	0.008752	+0.195%	$19K	$9K	10x	as long as short
Variational Omni PENGU	−0.0189%	4h	0.008745	+0.120%	$799K	$802K	—	as long as short
Injective PENGU/USDC PERP	−0.0114%	1h	0.008789	+0.618%	$3K	$117K	5.5x	as long as short
Backpack PENGU_USDC_PERP	−0.0076%	1h	0.008750	+0.172%	$312K	$308K	10x	as long as short
Nado PENGU-PERP	+0.0001%	1h	0.008741	+0.069%	$697K	$773K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008743	+0.088%	$33K	—	150x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX PENGU-USD	+0.0032%	1h	0.008751	+0.183%	$12K	$4K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008744	+0.103%	$306K	$741K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008741	+0.069%	$23K	$186K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008740	+0.057%	$8.4M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008748	+0.153%	$188K	$468K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008741	+0.069%	$151K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008739	+0.045%	$36.3M	$154.4M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008738	+0.034%	$7.5M	$46.9M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008740	+0.057%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008740	+0.057%	$12.4M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008741	+0.069%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008739	+0.046%	$8.3M	$12.6M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008738	+0.034%	—	$3.9M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008753	+0.201%	$458K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008759	+0.275%	$80K	$254K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008962	+2.599%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008748	+0.149%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008775	+0.458%	$92K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008742	+0.081%	$180K	$622K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008747	+0.137%	$202K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008737	+0.024%	$295	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008751	+0.183%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0496% / S −0.0683%	1h	0.008743	+0.092%	$110K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2688%	1h	0.008788	+0.607%	$94K	$103K	50x	as long as short