Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.003%

Price spread now: OKX against Nado−0.324%7-day average −0.005% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$77as in the Price arb table

costs, in and out, $10k−$450.447% of the position

Long on Nado Short on OKX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.071%+$7 on $10k

Price spread, last 4 days (all we have)+0.065%+$7 · spread now −0.324%, 7d avg −0.005%

Together, before fees+0.136%+ Points / potential airdropNado: Active · farm board+$14 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 0.319% cheaper against Nado than usual: you would sell low and buy high, −$32 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	Nado PENGU-PERP	0.009103	0.0100	pay 0.0012% / 1h	6m 59s	$635K	$1.1M	5x
Short	OKX PENGU-USDT-SWAP	0.009074	0.0100	get 0.0050% / 4h	2h 06m	$8.0M	$53.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Nado. 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 NadobpFee OKXbpOrdersPrice spread, now −0.324%Rate

Funding earned: $0
Price spread: −0.324% → −0.005%: −$31.92
Slippage, 4 orders: −$27.71
Fee Nado: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: −$76.63
Costs to cover: 0.447%
Break-even: 69669093180055.6 days

Slippage from Nado: live order book, 1 min ago; OKX: live order book, 2 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 Nado live order book, 1 min ago	0.55 bp	9.4 bp −$9	35.9 bp −$359	doesn't fit	doesn't fit
Sell OKX live order book, 2 min ago	0.55 bp	11.1 bp −$11	36.0 bp −$360	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
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009096	−0.081%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−3.455%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.009110	+0.071%	$335K	$759K	8x	as long as short
Nado PENGU-PERPlong	+0.0100%	1h	0.009103	long leg	$635K	$1.1M	5x
Hyperliquid PENGU	+0.0100%	1h	0.009098	−0.060%	$9.4M	$15.8M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009087	−0.179%	$121K	$691K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009101	−0.027%	$139K	$285K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009079	−0.269%	$39.7M	$183.1M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.009065	−0.423%	$24.0M	$43.0M	75x	as long as short
OKX PENGU-USDT-SWAPshort	+0.0100%	4h	0.009074	−0.324%	$8.0M	$53.8M	50x

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus PENGU-USD	+0.0100%	1h	0.009110	+0.071%	$19K	$26K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.009096	−0.082%	$3.4M	$16.9M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009095	−0.093%	$11.0M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009106	+0.027%	$5.3M	$9.8M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009093	−0.115%	$8.7M	$13.7M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.009095	−0.093%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009089	−0.159%	$297K	$359K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.009071	−0.358%	$947K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009071	−0.357%	$478K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009070	−0.368%	$82K	$250K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009111	+0.082%	$23K	$186K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009322	+2.400%	$3K	$2.2M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009104	+0.005%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009114	+0.115%	$94K	$401K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009102	−0.018%	$188K	$841K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009104	+0.005%	$210K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.009103	−0.009%	$307	—	10x	as long as short
dYdX PENGU-USD	+0.0253%	1h	0.009092	−0.128%	$12K	$6K	5x	as long as short
01 Exchange PENGUUSD	+0.0256%	1h	0.009116	+0.137%	$209	$64	5x	as long as short
Kraken Futures PF_PENGUUSD	+0.0310%	1h	0.009111	+0.079%	$340K	$2.5M	50x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009095	−0.093%	$1.5M	$4.9M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0391% / S −0.0291%	1h	0.009100	−0.038%	$93K	—	100x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0519%	1h	0.009108	+0.049%	$1K	$28K	10x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1752%	1h	0.009185	+0.895%	$81K	$80K	50x	as long as short