Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0240%/8h= −26.3% APRpaid last 24h −0.072%

Price spread now: Arcus against BloFin−0.274%95s7-day average — · you buy dearer than you sell

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

Long on BloFin Short on Arcus

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

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Arcus is 0.274% cheaper against BloFin than usual: you would sell low and buy high (−$27 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 95 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	BloFin PENGU-USDT	0.008774	0.0340	pay 0.0170% / 4h	2h 27m	$1.5M	$4.4M	75x
Short	Arcus PENGU-USD	0.008750	0.0100	get 0.0013% / 1h	27m 40s	$18K	$25K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus against BloFin. 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 BloFinbpFee ArcusbpOrdersPrice spread, now −0.274%Rate

Funding earned: −$50.4
Price spread: −0.274% → 0.000%: −$27.35
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: −$94.25
Costs to cover: 0.165%
Break-even: never at this rate

Slippage unknown: BloFin: live order book, 6 min ago; Arcus: 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 BloFin live order book, 6 min ago	8.01 bp	14.7 bp −$15	19.0 bp −$190	48.9 bp −$4,885	doesn't fit
Sell Arcus no order-book sample	—	—	—	—	—

Arcus: 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	0.008753	−0.239%	$17K	$12K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008742	−0.360%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.171%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008758	−0.182%	$317K	$750K	8x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008757	−0.194%	$8.0M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008757	−0.191%	$120K	$667K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008755	−0.217%	$133K	$274K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008757	−0.194%	$36.9M	$177.0M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008746	−0.319%	$23.2M	$41.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008751	−0.262%	$7.5M	$50.4M	50x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus PENGU-USDshort	+0.0100%	1h	0.008750	−0.274%	$18K	$25K	5x
Gate PENGU_USDT	+0.0100%	4h	0.008755	−0.217%	$3.3M	$16.5M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008755	−0.217%	$10.4M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008751	−0.262%	$4.9M	$9.7M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008757	−0.194%	$8.3M	$13.4M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008755	−0.217%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008753	−0.239%	$288K	$339K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008739	−0.397%	$912K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008762	−0.136%	$458K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008769	−0.057%	$79K	$250K	50x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008741	−0.376%	$586K	$1.1M	5x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008751	−0.262%	$23K	$166K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008947	+1.972%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008754	−0.228%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008765	−0.103%	$91K	$392K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008751	−0.264%	$182K	$872K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008745	−0.331%	$202K	—	3x	as long as short
01 Exchange PENGUUSD	+0.0176%	1h	0.008756	−0.205%	$200	$64	5x	as long as short
dYdX PENGU-USD	+0.0187%	1h	0.008752	−0.254%	$12K	$6K	5x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.008742	−0.367%	$295	—	10x	as long as short
Kraken Futures PF_PENGUUSD	+0.0322%	1h	0.008757	−0.198%	$319K	$2.4M	50x	as long as short
BloFin PENGU-USDTlong	+0.0340%	4h	0.008774	long leg	$1.5M	$4.4M	75x
GMX PENGU/USD [WBTC.b-USDC]	L +0.0500% / S −0.0466%	1h	0.008743	−0.353%	$121K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1752%	1h	0.008825	+0.581%	$78K	$76K	50x	as long as short