Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0244%/8h= −26.7% APRpaid last 24h −0.073%

Price spread now: Lighter against BloFin−0.672%90s7-day average +0.024% · you buy dearer than you sell

Net, funding: paid 7d − costs−$98as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$500.497% of the position

Long on BloFin Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.480%−$48 on $10k

Price spread, last 3 days (all we have)+0.682%+$68 · spread now −0.672%, 7d avg +0.024%

Together, before fees+0.202%+ Points / potential airdropLighter: Season 3 · farm board+$20 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Lighter is 0.697% cheaper against BloFin than usual: you would sell low and buy high (−$70 if the spread goes back to its 7-day average of +0.024%). Swap the legs. The two prices were read 90 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	0.008925	0.0340	pay 0.0170% / 4h	3h 03m	$1.5M	$2.9M	75x
Short	Lighter PENGU	0.008865	0.0096	get 0.0012% / 1h	3m 19s	$308K	$733K	8x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now −0.672%Rate

Funding earned: −$51.24
Price spread: −0.672% → +0.024%: −$69.66
Slippage, 4 orders: −$37.66
Fee BloFin: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$170.55
Costs to cover: 0.497%
Break-even: never at this rate

Slippage from BloFin: live order book, 5 min ago; Lighter: live order book, 1 min ago.

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, 5 min ago	1.68 bp	8.9 bp −$9	14.4 bp −$144	46.8 bp −$4,675	doesn't fit
Sell Lighter live order book, 1 min ago	3.92 bp	9.2 bp −$9	71.0 bp −$710	doesn't fit	doesn't fit

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	−0.0388%	1h	0.008908	−0.185%	$370K	$2.3M	50x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0199%	1h	0.008909	−0.179%	$18K	$10K	10x	as long as short
01 Exchange PENGUUSD	−0.0168%	1h	0.008866	−0.661%	$203	$59	5x	as long as short
Gate PENGU_USDT	−0.0140%	4h	0.008852	−0.818%	$3.4M	$15.9M	75x	as long as short
Variational Omni PENGU	−0.0108%	4h	0.008910	−0.170%	$920K	$975K	—	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008863	−0.700%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−1.524%	$3K	$117K	5.5x	as long as short
Lighter PENGUshort	+0.0096%	1h	0.008865	−0.672%	$308K	$733K	8x
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008864	−0.683%	$19K	$177K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008863	−0.695%	$635K	$822K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid PENGU	+0.0100%	1h	0.008862	−0.706%	$8.3M	$15.2M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008851	−0.825%	$190K	$465K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008858	−0.751%	$153K	$240K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008862	−0.702%	$37.5M	$156.3M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008853	−0.807%	$23.2M	$37.6M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008861	−0.717%	$7.7M	$47.7M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008850	−0.840%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008859	−0.739%	$12.9M	$12.9M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008858	−0.751%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008865	−0.672%	$8.4M	$12.7M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008842	−0.930%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008885	−0.448%	$306K	$321K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008923	−0.025%	$477K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008925	0.000%	$81K	$249K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009132	+2.319%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008898	−0.303%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008948	+0.258%	$92K	$299K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008859	−0.737%	$183K	$935K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008858	−0.751%	$205K	—	3x	as long as short
dYdX PENGU-USD	+0.0114%	1h	0.008864	−0.681%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008854	−0.797%	$299	—	10x	as long as short
BloFin PENGU-USDTlong	+0.0340%	4h	0.008925	long leg	$1.5M	$2.9M	75x
GMX PENGU/USD [WBTC.b-USDC]	L +0.0520% / S −0.0723%	1h	0.008859	−0.739%	$117K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1648%	1h	0.008967	+0.471%	$95K	$104K	50x	as long as short