Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0138%/8h= +15.2% APRpaid last 24h +0.040%

Price spread now: Reya against Aster−0.054%7-day average — · you buy dearer than you sell

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

Long on Aster Short on Reya

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 airdropAster: Stage 5 · Reya: Active · farm boardneeds both histories

Funding pays, the price is against you. Reya is 0.054% cheaper against Aster than usual: you would sell low and buy high (spread −0.054% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$5 on $10k: about 31 hours of funding at the current rate (+$4 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster PENGUUSDT	0.008732	0.0100	pay 0.0050% / 4h	1h 57m	$131K	$523K	20x
Short	Reya PENGURUSDPERP	0.008727	0.0238	get 0.0030% / 1h	57m 25s	$295	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya against Aster. 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 AsterbpFee ReyabpOrdersPrice spread, now −0.054%Rate

Funding earned: $29.08
Price spread: −0.054% → 0.000%: −$5.41
Slippage, 4 orders: no order book: not counted
Fee Aster: 4 bp × 2 orders: −$8
Fee Reya: 3 bp × 2 orders: −$6
Net: $9.67
Costs to cover: 0.140%
Break-even: 4.7 days

Slippage unknown: Aster: live order book, 5 min ago; Reya: 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 Aster live order book, 5 min ago	3.97 bp	10.2 bp −$10	68.7 bp −$687	doesn't fit	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

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 33 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
Deribit PENGU_USDC-PERPETUAL	−0.0093%	1h	0.008731	−0.011%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008734	+0.020%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.653%	$3K	$117K	5.5x	as long as short
Gate PENGU_USDT	+0.0068%	4h	0.008731	−0.011%	$3.4M	$15.3M	75x	as long as short
01 Exchange PENGUUSD	+0.0088%	1h	0.008731	−0.011%	$200	$64	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008732	0.000%	$310K	$707K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008732	0.000%	$19K	$161K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008731	−0.014%	$588K	$988K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008730	−0.023%	$8.1M	$14.7M	5x	as long as short
Aster PENGUUSDTlong	+0.0100%	4h	0.008732	long leg	$131K	$523K	20x

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica PENGU	+0.0100%	1h	0.008728	−0.046%	$154K	$243K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008733	+0.011%	$37.1M	$156.5M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008730	−0.023%	$23.0M	$38.0M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008732	0.000%	$7.5M	$46.1M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008730	−0.023%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008730	−0.023%	$11.8M	$12.3M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008728	−0.046%	$4.7M	$9.1M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008733	+0.011%	$8.2M	$12.4M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008726	−0.069%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008749	+0.195%	$300K	$282K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008789	+0.652%	$874K	$987K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008783	+0.588%	$466K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008784	+0.596%	$80K	$243K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008938	+2.359%	$3K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008759	+0.309%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008774	+0.481%	$93K	$337K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008725	−0.077%	$183K	$941K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008725	−0.080%	$202K	—	3x	as long as short
dYdX PENGU-USD	+0.0159%	1h	0.008726	−0.071%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERPshort	+0.0238%	1h	0.008727	−0.054%	$295	—	10x
GMX PENGU/USD [WBTC.b-USDC]	L +0.0511% / S −0.0582%	1h	0.008733	+0.011%	$119K	—	100x	as long as short
Kraken Futures PF_PENGUUSD	+0.0649%	1h	0.008768	+0.410%	$360K	$2.3M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2296%	1h	0.008967	+2.691%	$95K	$94K	50x	as long as short