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: Lighter against OKX+0.034%7-day average +0.052% · you sell dearer than you buy

Net, funding: paid 7d − costs−$37as in the Funding arb table

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$410.414% of the position

Long on OKX Short on Lighter

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)+0.023%+$2 · spread now +0.034%, 7d avg +0.052%

Together, before fees+0.070%+ Points / potential airdropLighter: Season 3 · farm board+$7 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX PENGU-USDT-SWAP	0.008847	0.0100	pay 0.0050% / 4h	3h 25m	$7.6M	$47.5M	50x
Short	Lighter PENGU	0.008850	0.0096	get 0.0012% / 1h	25m 21s	$309K	$728K	8x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.034%Rate

Funding earned: −$0.84
Price spread: +0.034% → +0.052%: −$1.8
Slippage, 4 orders: −$31.41
Fee OKX: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$44.05
Costs to cover: 0.414%
Break-even: never at this rate

Slippage from OKX: live order book, 3 min ago; Lighter: live order book, 45 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	13.0 bp −$13	32.3 bp −$323	doesn't fit	doesn't fit
Sell Lighter live order book, 45 min ago	3.44 bp	11.3 bp −$11	75.2 bp −$752	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	−0.0390%	1h	0.008859	+0.140%	$371K	$2.3M	50x	as long as short
01 Exchange PENGUUSD	−0.0216%	1h	0.008840	−0.079%	$202	$59	5x	as long as short
Gate PENGU_USDT	−0.0206%	4h	0.008847	0.000%	$3.4M	$15.6M	75x	as long as short
Variational Omni PENGU	−0.0199%	4h	0.008842	−0.056%	$874K	$932K	—	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008851	+0.045%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008852	+0.052%	$34K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.656%	$3K	$117K	5.5x	as long as short
dYdX PENGU-USD	+0.0079%	1h	0.008850	+0.035%	$12K	$4K	5x	as long as short
Nado PENGU-PERP	+0.0096%	1h	0.008841	−0.068%	$700K	$767K	5x	as long as short
Lighter PENGUshort	+0.0096%	1h	0.008850	+0.034%	$309K	$728K	8x

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT PENGU_USDT_Perp	+0.0098%	4h	0.008816	−0.354%	$467K	$2.0M	10x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008850	+0.034%	$24K	$175K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008844	−0.034%	$8.3M	$15.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008843	−0.040%	$189K	$481K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008845	−0.023%	$153K	$238K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008850	+0.031%	$37.0M	$154.7M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008843	−0.045%	$23.2M	$37.3M	75x	as long as short
OKX PENGU-USDT-SWAPlong	+0.0100%	4h	0.008847	long leg	$7.6M	$47.5M	50x
Arcus PENGU-USD	+0.0100%	1h	0.008840	−0.079%	$20K	$25K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008845	−0.023%	$13.0M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008846	−0.011%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008853	+0.068%	$8.4M	$12.7M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008837	−0.113%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008847	0.000%	$307K	$322K	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008820	−0.305%	$80K	$255K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009046	+2.249%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008849	+0.023%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008859	+0.136%	$91K	$299K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008847	−0.006%	$182K	$973K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008840	−0.079%	$204K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008841	−0.070%	$299	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008853	+0.068%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0518% / S −0.0723%	1h	0.008850	+0.034%	$117K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1648%	1h	0.008863	+0.181%	$94K	$103K	50x	as long as short