Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: OKX against Lighter−0.123%7-day average −0.052% · you buy dearer than you sell

Net, funding: paid 7d − costs−$45as in the Funding arb table

Net, price: spread back to 7d avg − costs−$48as in the Price arb table

costs, in and out, $10k−$410.406% of the position

Long on Lighter Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.047%−$5 on $10k

Price spread, last 4 days (all we have)+0.066%+$7 · spread now −0.123%, 7d avg −0.052%

Together, before fees+0.019%+ Points / potential airdropLighter: Season 3 · farm board+$2 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: OKX is 0.071% cheaper against Lighter than usual: you would sell low and buy high, −$7 on $10k if it goes back to its 7-day average of −0.052%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PENGU	0.008940	0.0096	pay 0.0012% / 1h	4m 40s	$310K	$733K	8x
Short	OKX PENGU-USDT-SWAP	0.008929	0.0100	get 0.0050% / 4h	3h 04m	$7.7M	$48.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.123%Rate

Funding earned: $0.84
Price spread: −0.123% → −0.052%: −$7.11
Slippage, 4 orders: −$30.62
Fee Lighter: 0 bp × 2 orders: $0
Fee OKX: 5 bp × 2 orders: −$10
Net: −$46.89
Costs to cover: 0.406%
Break-even: 397.8 days

Slippage from Lighter: live order book, 65 min ago; OKX: 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	3.44 bp	7.5 bp −$8	66.3 bp −$663	doesn't fit	doesn't fit
Sell OKX live order book, 4 min ago	0.56 bp	12.9 bp −$13	34.4 bp −$344	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	−0.0387%	1h	0.008933	−0.078%	$372K	$2.3M	50x	as long as short
01 Exchange PENGUUSD	−0.0168%	1h	0.008938	−0.022%	$204	$59	5x	as long as short
Gate PENGU_USDT	−0.0118%	4h	0.008931	−0.101%	$3.5M	$15.9M	75x	as long as short
Variational Omni PENGU	−0.0108%	4h	0.008910	−0.337%	$920K	$975K	—	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008927	−0.145%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008927	−0.145%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−1.689%	$3K	$117K	5.5x	as long as short
Lighter PENGUlong	+0.0096%	1h	0.008940	long leg	$310K	$733K	8x
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008924	−0.179%	$19K	$178K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008921	−0.207%	$707K	$765K	5x	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	0.008939	−0.011%	$8.4M	$15.2M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008938	−0.021%	$191K	$465K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008935	−0.056%	$154K	$240K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008935	−0.056%	$37.8M	$156.2M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008928	−0.134%	$23.4M	$37.5M	75x	as long as short
OKX PENGU-USDT-SWAPshort	+0.0100%	4h	0.008929	−0.123%	$7.7M	$48.1M	50x
Arcus PENGU-USD	+0.0100%	1h	0.008940	0.000%	$20K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008937	−0.034%	$13.1M	$12.9M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008932	−0.089%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008934	−0.067%	$8.4M	$12.7M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008916	−0.268%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008919	−0.235%	$307K	$321K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008952	+0.129%	$468K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008958	+0.201%	$82K	$248K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009138	+2.215%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008925	−0.168%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008936	−0.045%	$92K	$299K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008928	−0.135%	$184K	$935K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008918	−0.246%	$206K	—	3x	as long as short
dYdX PENGU-USD	+0.0112%	1h	0.008935	−0.059%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008921	−0.207%	$301	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008925	−0.168%	$1.5M	$2.9M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0522% / S −0.0723%	1h	0.008925	−0.168%	$118K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1648%	1h	0.008967	+0.302%	$95K	$104K	50x	as long as short