Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0219%/8h= −23.9% APRpaid last 24h −0.372%

Price spread now: Bybit against dYdX−0.199%7-day average — · you buy dearer than you sell

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

Long on dYdX Short on Bybit

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

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Bybit is 0.199% cheaper against dYdX than usual: you would sell low and buy high (−$20 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX PENGU-USD	0.008797	0.0319	pay 0.0040% / 1h	59m 17s	$12K	$4K	5x
Short	Bybit PENGUUSDT	0.008779	0.0100	get 0.0050% / 4h	1h 59m	$23.1M	$38.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against dYdX. 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 dYdXbpFee BybitbpOrdersPrice spread, now −0.199%Rate

Funding earned: −$45.91
Price spread: −0.199% → 0.000%: −$19.9
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$86.81
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: dYdX: no order-book sample; Bybit: live order book, 4 min ago. 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 dYdX no order-book sample	—	—	—	—	—
Sell Bybit live order book, 4 min ago	0.57 bp	11.6 bp −$12	22.4 bp −$224	100.4 bp −$10.0K	doesn't fit

dYdX: 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 33 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
Hyperliquid PENGU	−0.0023%	1h	0.008781	−0.176%	$8.2M	$14.7M	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008783	−0.154%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008782	−0.165%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.085%	$3K	$117K	5.5x	as long as short
Gate PENGU_USDT	+0.0090%	4h	0.008778	−0.210%	$3.4M	$15.3M	75x	as long as short
Lighter PENGU	+0.0096%	1h	0.008789	−0.085%	$312K	$706K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008784	−0.142%	$19K	$161K	20x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008792	−0.053%	$132K	$520K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008796	−0.006%	$155K	$243K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008782	−0.161%	$37.3M	$156.9M	75x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit PENGUUSDTshort	+0.0100%	4h	0.008779	−0.199%	$23.1M	$38.1M	75x
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008783	−0.154%	$7.5M	$46.5M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008790	−0.074%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008781	−0.176%	$11.9M	$12.3M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008780	−0.188%	$4.7M	$9.1M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008785	−0.131%	$8.3M	$12.4M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008780	−0.188%	—	$3.6M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008785	−0.131%	$301K	$285K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008789	−0.086%	$874K	$987K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008798	+0.017%	$466K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008797	+0.006%	$80K	$243K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008991	+2.211%	$3K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008784	−0.142%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008818	+0.244%	$94K	$337K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008782	−0.166%	$184K	$941K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008777	−0.222%	$203K	—	3x	as long as short
01 Exchange PENGUUSD	+0.0136%	1h	0.008786	−0.119%	$201	$64	5x	as long as short
Nado PENGU-PERP	+0.0210%	1h	0.008786	−0.119%	$592K	$987K	5x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008780	−0.191%	$296	—	10x	as long as short
dYdX PENGU-USDlong	+0.0319%	1h	0.008797	long leg	$12K	$4K	5x
GMX PENGU/USD [WBTC.b-USDC]	L +0.0512% / S −0.0582%	1h	0.008780	−0.188%	$119K	—	100x	as long as short
Kraken Futures PF_PENGUUSD	+0.0647%	1h	0.008792	−0.055%	$360K	$2.3M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2296%	1h	0.008967	+1.938%	$95K	$94K	50x	as long as short