Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0332%/8h= +36.4% APRpaid last 24h −0.021%

Price spread now: GRVT against 01 Exchange+0.143%56s7-day average — · you sell dearer than you buy

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

Long on 01 Exchange 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 airdropGRVT: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and GRVT is 0.143% dearer against 01 Exchange than usual: you sell high and buy low: +$14 more if the spread goes back to zero (this spread has no 7-day history yet). 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	01 Exchange PENGUUSD	0.008740	−0.0232	get 0.0029% / 1h	32m 22s	$200	$59	5x
Short	GRVT PENGU_USDT_Perp	0.008753	0.0100	get 0.0050% / 4h	32m 22s	$458K	$2.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now +0.143%Rate

Funding earned: $69.72
Price spread: +0.143% → 0.000%: $14.33
Slippage, 4 orders: no order book: not counted
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: $68.05
Costs to cover: 0.160%
Break-even: 0.2 days

Slippage unknown: 01 Exchange: no order-book sample; GRVT: live order book, 1 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 GRVT live order book, 1 min ago	1.71 bp	14.4 bp −$14	29.5 bp −$295	doesn't fit	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	0.008755	+0.172%	$368K	$2.3M	50x	as long as short
Gate PENGU_USDT	−0.0264%	4h	0.008740	0.000%	$3.4M	$15.6M	75x	as long as short
Bybit PENGUUSDT	−0.0253%	4h	0.008739	−0.011%	$22.7M	$36.7M	75x	as long as short
01 Exchange PENGUUSDlong	−0.0232%	1h	0.008740	long leg	$200	$59	5x
Variational Omni PENGU	−0.0189%	4h	0.008745	+0.063%	$799K	$802K	—	as long as short
Injective PENGU/USDC PERP	−0.0114%	1h	0.008789	+0.561%	$3K	$117K	5.5x	as long as short
Backpack PENGU_USDC_PERP	−0.0106%	1h	0.008747	+0.080%	$312K	$313K	10x	as long as short
Nado PENGU-PERP	−0.0006%	1h	0.008745	+0.063%	$694K	$774K	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008754	+0.160%	$19K	$9K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008749	+0.107%	$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	+0.0029%	1h	0.008750	+0.118%	$12K	$4K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008749	+0.103%	$306K	$741K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008748	+0.092%	$23K	$186K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008746	+0.069%	$8.4M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008752	+0.143%	$188K	$468K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008746	+0.069%	$151K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008745	+0.052%	$36.2M	$154.5M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008743	+0.034%	$7.5M	$47.0M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008750	+0.114%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008746	+0.069%	$12.4M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008748	+0.092%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008749	+0.103%	$8.3M	$12.6M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008743	+0.034%	—	$3.9M	—	as long as short
GRVT PENGU_USDT_Perpshort	+0.0100%	4h	0.008753	+0.143%	$458K	$2.1M	10x
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008740	0.000%	$80K	$254K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008959	+2.506%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008748	+0.092%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008766	+0.297%	$92K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008743	+0.040%	$180K	$622K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008740	0.000%	$202K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008743	+0.030%	$295	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008751	+0.126%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0496% / S −0.0683%	1h	0.008748	+0.092%	$110K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2688%	1h	0.008788	+0.549%	$94K	$103K	50x	as long as short