Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0428%/8h= +46.9% APRpaid last 24h +0.053%

Price spread now: Orderly against Deribit−0.012%7-day average — · you buy dearer than you sell

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

Long on Deribit Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 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

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: +$13 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit PENGU_USDC-PERPETUAL	0.008646	−0.0328	get 0.0041% / 1h	5m 19s	$19K	$9K	10x
Short	Orderly PERP_PENGU_USDC	0.008645	0.0100	get 0.0050% / 4h	2h 05m	$23K	$186K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Deribit. 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 DeribitbpFee OrderlybpOrdersPrice spread, now −0.012%Rate

Funding earned: $89.88
Price spread: −0.012% → 0.000%: −$1.16
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: $75.72
Costs to cover: 0.130%
Break-even: 1.1 days

Slippage unknown: Deribit: no order-book sample; 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 Deribit no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Deribit and 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
Kraken Futures PF_PENGUUSD	−0.0553%	1h	0.008652	+0.068%	$383K	$2.1M	50x	as long as short
Deribit PENGU_USDC-PERPETUALlong	−0.0328%	1h	0.008646	long leg	$19K	$9K	10x
Gate PENGU_USDT	−0.0294%	4h	0.008637	−0.104%	$3.4M	$15.5M	75x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	+0.798%	$3K	$81K	5.5x	as long as short
Backpack PENGU_USDC_PERP	−0.0081%	1h	0.008641	−0.058%	$308K	$314K	10x	as long as short
01 Exchange PENGUUSD	−0.0016%	1h	0.008642	−0.046%	$198	$59	5x	as long as short
Bybit PENGUUSDT	0.0000%	4h	0.008637	−0.104%	$22.5M	$36.0M	75x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008647	+0.012%	$33K	—	150x	as long as short
dYdX PENGU-USD	+0.0014%	1h	0.008650	+0.041%	$11K	$4K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008642	−0.046%	$294K	$725K	8x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado PENGU-PERP	+0.0100%	1h	0.008643	−0.032%	$671K	$758K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008645	−0.012%	$8.6M	$15.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008648	+0.023%	$171K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008641	−0.058%	$146K	$236K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008645	−0.017%	$35.7M	$151.2M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008641	−0.058%	$7.6M	$46.2M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008640	−0.069%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008646	0.000%	$12.8M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008645	−0.012%	$4.7M	$8.8M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008647	+0.012%	$8.2M	$12.5M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008640	−0.069%	—	$3.9M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008636	−0.120%	$798K	$726K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008663	+0.200%	$453K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008656	+0.116%	$79K	$253K	50x	as long as short
Orderly PERP_PENGU_USDCshort	+0.0100%	4h	0.008645	−0.012%	$23K	$186K	20x
SunX PENGU-USDT	+0.0100%	4h	0.008853	+2.394%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008643	−0.035%	$986	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008666	+0.231%	$90K	$250K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008641	−0.052%	$178K	$682K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008640	−0.069%	$200K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008643	−0.037%	$292	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008648	+0.023%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0501% / S −0.0703%	1h	0.008649	+0.035%	$112K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008699	+0.613%	$93K	$97K	50x	as long as short