Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.020%

Price spread now: Bybit against OKX+0.011%7-day average −0.045% · you sell dearer than you buy

Net, funding: paid 7d − costs−$53as in the Funding arb table

Net, price: spread back to 7d avg − costs−$39as in the Price arb table

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

Long on OKX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.078%−$8 on $10k

Price spread, last 7 days−0.070%−$7 · spread now +0.011%, 7d avg −0.045%

Together, before fees−0.148%−$15 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: Bybit is 0.057% dearer against OKX than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of −0.045%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX PENGU-USDT-SWAP	0.008821	0.0100	pay 0.0050% / 4h	3h 35m	$7.6M	$47.5M	50x
Short	Bybit PENGUUSDT	0.008822	0.0100	get 0.0050% / 4h	3h 35m	$23.2M	$37.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against OKX. 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 OKXbpFee BybitbpOrdersPrice spread, now +0.011%Rate

Funding earned: $0
Price spread: +0.011% → −0.045%: $5.68
Slippage, 4 orders: −$23.74
Fee OKX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$39.06
Costs to cover: 0.447%
Break-even: never at this rate

Slippage from OKX: live order book, 3 min ago; Bybit: live order book, 3 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 OKX live order book, 3 min ago	0.57 bp	11.3 bp −$11	28.1 bp −$281	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	0.57 bp	11.6 bp −$12	22.2 bp −$222	182.0 bp −$18.2K	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	−0.0392%	1h	0.008831	+0.114%	$368K	$2.3M	50x	as long as short
Gate PENGU_USDT	−0.0264%	4h	0.008824	+0.034%	$3.4M	$15.6M	75x	as long as short
Variational Omni PENGU	−0.0249%	4h	0.008840	+0.217%	$874K	$931K	—	as long as short
01 Exchange PENGUUSD	−0.0232%	1h	0.008825	+0.045%	$202	$59	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0203%	1h	0.008824	+0.034%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008829	+0.089%	$34K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.363%	$3K	$117K	5.5x	as long as short
GRVT PENGU_USDT_Perp	+0.0044%	4h	0.008794	−0.302%	$466K	$2.1M	10x	as long as short
Nado PENGU-PERP	+0.0075%	1h	0.008818	−0.028%	$699K	$769K	5x	as long as short
dYdX PENGU-USD	+0.0084%	1h	0.008848	+0.304%	$12K	$4K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Backpack PENGU_USDC_PERP	+0.0092%	1h	0.008845	+0.272%	$307K	$317K	10x	as long as short
Lighter PENGU	+0.0096%	1h	0.008844	+0.261%	$309K	$727K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008827	+0.068%	$24K	$183K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008829	+0.091%	$8.3M	$15.6M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008839	+0.204%	$189K	$481K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008841	+0.227%	$152K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008823	+0.023%	$36.9M	$155.1M	75x	as long as short
Bybit PENGUUSDTshort	+0.0100%	4h	0.008822	+0.011%	$23.2M	$37.4M	75x
OKX PENGU-USDT-SWAPlong	+0.0100%	4h	0.008821	long leg	$7.6M	$47.5M	50x
Arcus PENGU-USD	+0.0100%	1h	0.008830	+0.102%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008828	+0.079%	$13.1M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008831	+0.113%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008825	+0.045%	$8.4M	$12.7M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008826	+0.057%	—	$3.9M	—	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008827	+0.068%	$80K	$254K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009033	+2.403%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008821	0.000%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008860	+0.442%	$91K	$295K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008818	−0.037%	$184K	$916K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008815	−0.068%	$204K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008817	−0.042%	$298	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008824	+0.034%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0516% / S −0.0720%	1h	0.008827	+0.068%	$116K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1648%	1h	0.008863	+0.476%	$94K	$103K	50x	as long as short