Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.001%

Price spread now: Orderly against Bitget−0.211%7-day average −0.056% · you buy dearer than you sell

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

Long on Bitget Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.021%−$2 on $10k

Price spread, last 4 days (all we have)+0.192%+$19 · spread now −0.211%, 7d avg −0.056%

Together, before fees+0.170%+$17 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Orderly is 0.155% cheaper against Bitget than usual: you would sell low and buy high, −$15 on $10k if it goes back to its 7-day average of −0.056%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget PENGUUSDT	0.009016	0.0100	pay 0.0050% / 4h	3h 53m	$8.8M	$12.8M	75x
Short	Orderly PERP_PENGU_USDC	0.008997	0.0100	get 0.0050% / 4h	3h 53m	$24K	$85K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Bitget. 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 BitgetbpFee OrderlybpOrdersPrice spread, now −0.211%Rate

Funding earned: $0
Price spread: −0.211% → −0.056%: −$15.47
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$33.47
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Bitget: live order book, 5 min ago; 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 Bitget live order book, 5 min ago	0.56 bp	13.7 bp −$14	24.5 bp −$245	94.1 bp −$9,411	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

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
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008998	−0.200%	$19K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009002	−0.153%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−2.518%	$3K	$117K	5.5x	as long as short
dYdX PENGU-USD	+0.0064%	1h	0.009035	+0.213%	$12K	$5K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.009006	−0.111%	$325K	$725K	8x	as long as short
01 Exchange PENGUUSD	+0.0096%	1h	0.009011	−0.055%	$206	$64	5x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008998	−0.194%	$605K	$1.0M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.009003	−0.144%	$8.4M	$14.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009006	−0.111%	$129K	$600K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009033	+0.189%	$159K	$243K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance PENGUUSDT	+0.0100%	4h	0.009019	+0.033%	$38.7M	$168.0M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.009014	−0.022%	$23.9M	$40.2M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009009	−0.078%	$7.7M	$49.4M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.009010	−0.067%	$19K	$24K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.008998	−0.200%	$3.4M	$15.9M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009011	−0.055%	$11.0M	$12.4M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009011	−0.055%	$4.9M	$9.3M	75x	as long as short
Bitget PENGUUSDTlong	+0.0100%	4h	0.009016	long leg	$8.8M	$12.8M	75x
BingX PENGU-USDC	+0.0100%	4h	0.008995	−0.233%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008992	−0.266%	$301K	$330K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008998	−0.200%	$934K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008963	−0.582%	$478K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008966	−0.555%	$81K	$242K	50x	as long as short
Orderly PERP_PENGU_USDCshort	+0.0100%	4h	0.008997	−0.211%	$24K	$85K	20x
SunX PENGU-USDT	+0.0100%	4h	0.009218	+2.240%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008997	−0.211%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009016	0.000%	$93K	$377K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009008	−0.083%	$186K	$943K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008994	−0.244%	$208K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008999	−0.192%	$304	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009023	+0.078%	$1.5M	$4.0M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0514% / S −0.0477%	1h	0.009001	−0.166%	$127K	—	100x	as long as short
Kraken Futures PF_PENGUUSD	+0.0607%	1h	0.009009	−0.077%	$351K	$2.4M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2704%	1h	0.009069	+0.588%	$96K	$61K	50x	as long as short