Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.021%

Price spread now: Extended against Bybit+0.043%7-day average +0.005% · you sell dearer than you buy

Net, funding: paid 7d − costs−$31as in the Funding arb table

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$430.434% of the position

Long on Bybit Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.120%+$12 on $10k

Price spread, last 4 days (all we have)−0.034%−$3 · spread now +0.043%, 7d avg +0.005%

Together, before fees+0.086%+ Points / potential airdropExtended: Active · farm board+$9 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: Extended is 0.038% dearer against Bybit than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of +0.005%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit PENGUUSDT	0.008786	0.0100	pay 0.0050% / 4h	2h 46m	$22.9M	$37.9M	75x
Short	Extended PENGU-USD	0.008790	0.0104	get 0.0013% / 1h	46m 32s	$182K	$940K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against Bybit. 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 BybitbpFee ExtendedbpOrdersPrice spread, now +0.043%Rate

Funding earned: $0.84
Price spread: +0.043% → +0.005%: $3.75
Slippage, 4 orders: −$27.44
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$38.85
Costs to cover: 0.434%
Break-even: 330.8 days

Slippage from Bybit: live order book, 2 min ago; Extended: live order book, 22 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 Bybit live order book, 2 min ago	0.57 bp	12.4 bp −$12	24.3 bp −$243	124.2 bp −$12.4K	doesn't fit
Sell Extended live order book, 22 min ago	1.68 bp	10.6 bp −$11	45.8 bp −$458	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
Nado PENGU-PERP	−0.0142%	1h	0.008792	+0.074%	$536K	$926K	5x	as long as short
ApeX Omni PENGUUSDT	−0.0094%	1h	0.008841	+0.626%	$81K	$249K	50x	as long as short
Variational Omni PENGU	−0.0083%	4h	0.008816	+0.343%	$873K	$1.0M	—	as long as short
Gate PENGU_USDT	−0.0052%	4h	0.008795	+0.102%	$3.4M	$15.4M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008814	+0.319%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008826	+0.453%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.034%	$3K	$117K	5.5x	as long as short
01 Exchange PENGUUSD	+0.0056%	1h	0.008801	+0.171%	$201	$64	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008811	+0.285%	$306K	$698K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0097%	4h	0.008819	+0.376%	$19K	$178K	20x	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	0.008796	+0.114%	$8.2M	$15.0M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008821	+0.399%	$169K	$442K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008804	+0.205%	$152K	$242K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008793	+0.083%	$37.3M	$156.8M	75x	as long as short
Bybit PENGUUSDTlong	+0.0100%	4h	0.008786	long leg	$22.9M	$37.9M	75x
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008788	+0.023%	$7.5M	$47.5M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008800	+0.159%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008797	+0.125%	$12.3M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008816	+0.341%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008795	+0.102%	$8.3M	$12.6M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008795	+0.102%	—	$3.7M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008815	+0.330%	$302K	$323K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008848	+0.704%	$471K	$2.1M	10x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009037	+2.857%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008817	+0.353%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008848	+0.706%	$94K	$326K	25x	as long as short
Extended PENGU-USDshort	+0.0104%	1h	0.008790	+0.043%	$182K	$940K	10x
Aevo PENGU-PERP	+0.0104%	1h	0.008815	+0.330%	$204K	—	3x	as long as short
dYdX PENGU-USD	+0.0181%	1h	0.008811	+0.286%	$12K	$4K	5x	as long as short
Kraken Futures PF_PENGUUSD	+0.0210%	1h	0.008825	+0.440%	$364K	$2.3M	50x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008790	+0.049%	$297	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008832	+0.524%	$1.5M	$3.2M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0513% / S −0.0675%	1h	0.008825	+0.444%	$110K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1352%	1h	0.008967	+2.060%	$95K	$104K	50x	as long as short