PENGU

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0315%/8h= −34.5% APRnext payment −$1.57 per $10,000 · paid last 24h +0.001%

Price spread now: Bybit against Orderly−0.295%7-day average −0.040% · you buy dearer than you sell

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

Long on Orderly Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.097%−$10 on $10k

Price spread, last 3 days (all we have)+0.257%+$26 · spread now −0.295%, 7d avg −0.040%

Together, before fees+0.160%+$16 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Bybit is 0.255% cheaper against Orderly than usual: you would sell low and buy high (−$25 if the spread goes back to its 7-day average of −0.040%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.097% in total (about -5.1% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.57 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_PENGU_USDC	0.008809	0.0100	pay 0.0050% / 4h	42m 34s	$23K	$186K	20x
Short	Bybit PENGUUSDT	0.008783	−0.0215	pay 0.0108% / 4h	42m 34s	$22.8M	$36.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Orderly. 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 OrderlybpFee BybitbpOrdersPrice spread, now −0.295%Rate

Funding earned: −$66.09
Price spread: −0.295% → −0.040%: −$25.48
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$108.57
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Bybit: live order book, 1 min ago. 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 Orderly no order-book sample	—	—	—	—	—
Sell Bybit live order book, 1 min ago	0.57 bp	10.1 bp −$10	20.6 bp −$206	119.8 bp −$12.0K	doesn't fit

Orderly: 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 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	−0.0431%	1h	0.008804	−0.057%	$19K	$9K	10x	as long as short
Kraken Futures PF_PENGUUSD	−0.0340%	1h	0.008812	+0.032%	$371K	$2.3M	50x	as long as short
Gate PENGU_USDT	−0.0248%	4h	0.008786	−0.261%	$3.4M	$15.6M	75x	as long as short
Bybit PENGUUSDTshort	−0.0215%	4h	0.008783	−0.295%	$22.8M	$36.6M	75x
Variational Omni PENGU	−0.0154%	4h	0.008831	+0.254%	$806K	$802K	—	as long as short
01 Exchange PENGUUSD	−0.0152%	1h	0.008780	−0.329%	$201	$59	5x	as long as short
Injective PENGU/USDC PERP	−0.0114%	1h	0.008789	−0.227%	$3K	$117K	5.5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008809	−0.003%	$34K	—	150x	as long as short
dYdX PENGU-USD	+0.0045%	1h	0.008806	−0.030%	$12K	$4K	5x	as long as short
Nado PENGU-PERP	+0.0053%	1h	0.008809	+0.006%	$689K	$761K	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	+0.0059%	1h	0.008801	−0.091%	$314K	$308K	10x	as long as short
Lighter PENGU	+0.0096%	1h	0.008792	−0.193%	$307K	$740K	8x	as long as short
Orderly PERP_PENGU_USDClong	+0.0100%	4h	0.008809	long leg	$23K	$186K	20x
Hyperliquid PENGU	+0.0100%	1h	0.008796	−0.148%	$8.5M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008806	−0.036%	$191K	$468K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008793	−0.182%	$152K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008791	−0.200%	$36.5M	$154.1M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008787	−0.250%	$7.6M	$47.2M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008790	−0.216%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008790	−0.216%	$12.5M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008799	−0.114%	$4.8M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008791	−0.204%	$8.4M	$12.6M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008786	−0.261%	—	$3.9M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008830	+0.239%	$462K	$2.2M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008839	+0.341%	$80K	$254K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009031	+2.520%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008800	−0.102%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008825	+0.182%	$92K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008783	−0.296%	$181K	$622K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008806	−0.034%	$203K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008805	−0.045%	$297	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008805	−0.045%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0510% / S −0.0711%	1h	0.008809	0.000%	$115K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2688%	1h	0.008850	+0.465%	$94K	$104K	50x	as long as short