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 −0.019%

Price spread now: Bybit against Lighter−0.102%7-day average −0.096% · you buy dearer than you sell

Net, funding: paid 7d − costs−$67as in the Funding arb table

Net, price: spread back to 7d avg − costs−$55as in the Price arb table

costs, in and out, $10k−$550.545% of the position

Long on Lighter Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.125%−$12 on $10k

Price spread, last 4 days (all we have)−0.011%−$1 · spread now −0.102%, 7d avg −0.096%

Together, before fees−0.136%+ Points / potential airdropLighter: Season 3 · farm board−$14 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PENGU	0.008792	0.0096	pay 0.0012% / 1h	0m 07s	$312K	$709K	8x
Short	Bybit PENGUUSDT	0.008783	0.0100	get 0.0050% / 4h	2h 00m	$23.1M	$38.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Lighter. 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 LighterbpFee BybitbpOrdersPrice spread, now −0.102%Rate

Funding earned: $0.84
Price spread: −0.102% → −0.096%: −$0.67
Slippage, 4 orders: −$43.54
Fee Lighter: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$54.37
Costs to cover: 0.545%
Break-even: 460.1 days

Slippage from Lighter: live order book, 65 min ago; Bybit: live order book, 4 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 Lighter live order book, 65 min ago	3.92 bp	23.9 bp −$24	91.9 bp −$919	doesn't fit	doesn't fit
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

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
Deribit PENGU_USDC-PERPETUAL	−0.0091%	1h	0.008789	−0.034%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008791	−0.013%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.034%	$3K	$117K	5.5x	as long as short
Gate PENGU_USDT	+0.0084%	4h	0.008784	−0.091%	$3.4M	$15.6M	75x	as long as short
Lighter PENGUlong	+0.0096%	1h	0.008792	long leg	$312K	$709K	8x
01 Exchange PENGUUSD	+0.0096%	1h	0.008801	+0.102%	$201	$64	5x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008789	−0.034%	$19K	$161K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008799	+0.080%	$8.2M	$14.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008797	+0.059%	$132K	$520K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008803	+0.125%	$155K	$245K	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance PENGUUSDT	+0.0100%	4h	0.008788	−0.045%	$37.4M	$156.9M	75x	as long as short
Bybit PENGUUSDTshort	+0.0100%	4h	0.008783	−0.102%	$23.1M	$38.1M	75x
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008786	−0.068%	$7.5M	$46.7M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008800	+0.091%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008786	−0.068%	$11.9M	$12.9M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008789	−0.034%	$4.7M	$9.1M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008786	−0.068%	$8.3M	$12.4M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008786	−0.068%	—	$3.6M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008785	−0.080%	$301K	$285K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008789	−0.035%	$874K	$987K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008798	+0.068%	$466K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008808	+0.182%	$80K	$243K	50x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008799	+0.074%	$593K	$987K	5x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008997	+2.332%	$3K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008789	−0.034%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008811	+0.216%	$94K	$337K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008786	−0.069%	$184K	$941K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008782	−0.114%	$203K	—	3x	as long as short
Kraken Futures PF_PENGUUSD	+0.0210%	1h	0.008796	+0.046%	$360K	$2.3M	50x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008788	−0.049%	$297	—	10x	as long as short
dYdX PENGU-USD	+0.0322%	1h	0.008806	+0.162%	$12K	$4K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0513% / S −0.0582%	1h	0.008789	−0.034%	$119K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1352%	1h	0.008967	+1.990%	$95K	$94K	50x	as long as short