Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: Extended against OKX+0.078%7-day average −0.040% · you sell dearer than you buy

Net, funding: paid 7d − costs−$41as in the Funding arb table

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$460.458% of the position

Long on OKX Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.045%+$4 on $10k

Price spread, last 4 days (all we have)−0.128%−$13 · spread now +0.078%, 7d avg −0.040%

Together, before fees−0.083%+ Points / potential airdropExtended: Active · farm board−$8 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: Extended is 0.117% dearer against OKX than usual: you sell high and buy low, +$12 on $10k if it goes back to its 7-day average of −0.040%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX PENGU-USDT-SWAP	0.008744	0.0100	pay 0.0050% / 4h	2h 27m	$7.5M	$50.3M	50x
Short	Extended PENGU-USD	0.008751	0.0104	get 0.0013% / 1h	27m 25s	$182K	$872K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now +0.078%Rate

Funding earned: $0.84
Price spread: +0.078% → −0.040%: $11.74
Slippage, 4 orders: −$30.76
Fee OKX: 5 bp × 2 orders: −$10
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$33.19
Costs to cover: 0.458%
Break-even: 283.6 days

Slippage from OKX: live order book, 1 min ago; Extended: live order book, 21 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, 1 min ago	0.57 bp	11.1 bp −$11	23.8 bp −$238	doesn't fit	doesn't fit
Sell Extended live order book, 21 min ago	1.70 bp	10.8 bp −$11	58.2 bp −$582	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
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008753	+0.103%	$17K	$12K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008749	+0.055%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.515%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008758	+0.160%	$317K	$750K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008753	+0.103%	$587K	$1.1M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008758	+0.160%	$8.0M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008756	+0.138%	$120K	$667K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008755	+0.126%	$133K	$274K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008751	+0.080%	$36.9M	$177.0M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008742	−0.023%	$23.2M	$41.9M	75x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX PENGU-USDT-SWAPlong	+0.0100%	4h	0.008744	long leg	$7.5M	$50.3M	50x
Arcus PENGU-USD	+0.0100%	1h	0.008750	+0.069%	$18K	$25K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.008752	+0.091%	$3.3M	$16.5M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008752	+0.091%	$10.4M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008751	+0.080%	$4.9M	$9.7M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008755	+0.126%	$8.3M	$13.4M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008752	+0.091%	—	$3.7M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008753	+0.103%	$288K	$339K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008739	−0.056%	$912K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008762	+0.206%	$458K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008769	+0.286%	$79K	$250K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008751	+0.080%	$23K	$167K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008947	+2.322%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008754	+0.114%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008765	+0.240%	$91K	$392K	25x	as long as short
Extended PENGU-USDshort	+0.0104%	1h	0.008751	+0.078%	$182K	$872K	10x
Aevo PENGU-PERP	+0.0104%	1h	0.008745	+0.011%	$202K	—	3x	as long as short
01 Exchange PENGUUSD	+0.0176%	1h	0.008756	+0.137%	$200	$64	5x	as long as short
dYdX PENGU-USD	+0.0187%	1h	0.008752	+0.089%	$12K	$6K	5x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.008751	+0.078%	$295	—	10x	as long as short
Kraken Futures PF_PENGUUSD	+0.0322%	1h	0.008757	+0.145%	$319K	$2.4M	50x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008774	+0.343%	$1.5M	$4.4M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0500% / S −0.0466%	1h	0.008743	−0.011%	$121K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1752%	1h	0.008825	+0.926%	$78K	$76K	50x	as long as short