Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.061%

Price spread now: Deribit against OKX+0.227%7-day average — · you sell dearer than you buy

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

Long on OKX Short on Deribit

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

The price spread pays, funding is against you. Deribit is 0.227% dearer against OKX than usual: you sell high and buy low (spread +0.227% now, against zero (this spread has no 7-day history yet)): +$23 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 7.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX PENGU-USDT-SWAP	0.008795	0.0100	pay 0.0050% / 4h	1h 56m	$7.5M	$46.4M	50x
Short	Deribit PENGU_USDC-PERPETUAL	0.008815	0	get 0.0000% / 1h	56m 00s	$18K	$10K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.227%Rate

Funding earned: −$21
Price spread: +0.227% → 0.000%: $22.74
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$15.26
Costs to cover: 0.170%
Break-even: from the start

Slippage unknown: OKX: live order book, 3 min ago; Deribit: no order-book sample. 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 OKX live order book, 3 min ago	0.57 bp	10.5 bp −$11	31.0 bp −$310	doesn't fit	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

Deribit: 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
Deribit PENGU_USDC-PERPETUALshort	0.0000%	1h	0.008815	+0.227%	$18K	$10K	10x
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008812	+0.194%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.068%	$3K	$117K	5.5x	as long as short
Gate PENGU_USDT	+0.0076%	4h	0.008791	−0.045%	$3.4M	$15.4M	75x	as long as short
01 Exchange PENGUUSD	+0.0088%	1h	0.008830	+0.398%	$202	$64	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008812	+0.193%	$313K	$707K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008815	+0.227%	$19K	$161K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008821	+0.301%	$595K	$988K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008803	+0.091%	$8.2M	$14.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008797	+0.020%	$132K	$523K	20x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica PENGU	+0.0100%	1h	0.008808	+0.148%	$155K	$243K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008791	−0.043%	$37.3M	$156.6M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008784	−0.125%	$23.2M	$38.0M	75x	as long as short
OKX PENGU-USDT-SWAPlong	+0.0100%	4h	0.008795	long leg	$7.5M	$46.4M	50x
Arcus PENGU-USD	+0.0100%	1h	0.008820	+0.284%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008797	+0.023%	$11.8M	$12.3M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008799	+0.045%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008798	+0.034%	$8.3M	$12.4M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008794	−0.011%	—	$3.6M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008803	+0.091%	$302K	$280K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008816	+0.239%	$870K	$985K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008783	−0.133%	$466K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008784	−0.125%	$80K	$243K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009023	+2.592%	$3K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008815	+0.227%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008836	+0.466%	$94K	$340K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008795	−0.002%	$184K	$941K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008810	+0.171%	$204K	—	3x	as long as short
dYdX PENGU-USD	+0.0173%	1h	0.008801	+0.063%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008820	+0.281%	$298	—	10x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0514% / S −0.0582%	1h	0.008818	+0.262%	$120K	—	100x	as long as short
Kraken Futures PF_PENGUUSD	+0.0645%	1h	0.008818	+0.265%	$355K	$2.3M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2296%	1h	0.008967	+1.956%	$95K	$94K	50x	as long as short