Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

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

Price spread now: Pacifica against BloFin−0.046%7-day average −0.003% · you buy dearer than you sell

Net, funding: paid 7d − costs−$94as in the Funding arb table

Net, price: spread back to 7d avg − costs−$52as in the Price arb table

costs, in and out, $10k−$480.478% of the position

Long on BloFin Short on Pacifica

What this pair did over the last

the charts below follow

Funding, last 7 days−0.464%−$46 on $10k

Price spread, last 3 days (all we have)+0.027%+$3 · spread now −0.046%, 7d avg −0.003%

Together, before fees−0.437%+ Points / potential airdropPacifica: Active · farm board−$44 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 Pacifica is 0.042% cheaper against BloFin than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.003%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin PENGU-USDT	0.008749	0.0340	pay 0.0170% / 4h	26m 56s	$1.5M	$2.8M	75x
Short	Pacifica PENGU	0.008745	0.0100	get 0.0013% / 1h	26m 56s	$151K	$239K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Pacifica 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 PacificabpOrdersPrice spread, now −0.046%Rate

Funding earned: −$50.4
Price spread: −0.046% → −0.003%: −$4.24
Slippage, 4 orders: −$27.83
Fee BloFin: 6 bp × 2 orders: −$12
Fee Pacifica: 4 bp × 2 orders: −$8
Net: −$102.47
Costs to cover: 0.478%
Break-even: never at this rate

Slippage from BloFin: live order book, 6 min ago; Pacifica: live order book, 51 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, 6 min ago	0.57 bp	9.4 bp −$9	12.9 bp −$129	35.8 bp −$3,583	doesn't fit
Sell Pacifica live order book, 51 min ago	2.84 bp	16.6 bp −$17	doesn't fit	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	−0.0342%	1h	0.008750	+0.008%	$368K	$2.3M	50x	as long as short
Gate PENGU_USDT	−0.0278%	4h	0.008744	−0.057%	$3.4M	$15.6M	75x	as long as short
Bybit PENGUUSDT	−0.0272%	4h	0.008741	−0.091%	$22.7M	$36.7M	75x	as long as short
01 Exchange PENGUUSD	−0.0240%	1h	0.008744	−0.057%	$200	$59	5x	as long as short
Variational Omni PENGU	−0.0209%	4h	0.008739	−0.109%	$798K	$802K	—	as long as short
Backpack PENGU_USDC_PERP	−0.0141%	1h	0.008745	−0.046%	$312K	$313K	10x	as long as short
Injective PENGU/USDC PERP	−0.0114%	1h	0.008789	+0.457%	$3K	$117K	5.5x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0093%	1h	0.008745	−0.046%	$19K	$9K	10x	as long as short
Nado PENGU-PERP	0.0000%	1h	0.008744	−0.051%	$694K	$775K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008747	−0.021%	$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	+0.0028%	1h	0.008750	+0.016%	$12K	$4K	5x	as long as short
GRVT PENGU_USDT_Perp	+0.0094%	4h	0.008745	−0.046%	$458K	$2.1M	10x	as long as short
Lighter PENGU	+0.0096%	1h	0.008750	+0.011%	$306K	$741K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008747	−0.023%	$23K	$186K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008749	0.000%	$8.4M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008752	+0.037%	$188K	$469K	20x	as long as short
Pacifica PENGUshort	+0.0100%	1h	0.008745	−0.046%	$151K	$239K	5x
Binance PENGUUSDT	+0.0100%	4h	0.008749	0.000%	$36.3M	$154.7M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008745	−0.046%	$7.5M	$47.0M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008740	−0.103%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008746	−0.034%	$12.4M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008748	−0.011%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008751	+0.023%	$8.3M	$12.6M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008739	−0.114%	—	$2.3M	—	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008758	+0.103%	$80K	$254K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008955	+2.355%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008743	−0.069%	$998	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008759	+0.114%	$91K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008741	−0.092%	$180K	$622K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008741	−0.091%	$202K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008739	−0.119%	$295	—	10x	as long as short
BloFin PENGU-USDTlong	+0.0340%	4h	0.008749	long leg	$1.5M	$2.8M	75x
GMX PENGU/USD [WBTC.b-USDC]	L +0.0496% / S −0.0683%	1h	0.008747	−0.023%	$110K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2688%	1h	0.008788	+0.446%	$94K	$103K	50x	as long as short