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= +0.5% APRpaid last 24h +0.002%

Price spread now: Extended against Orderly−0.032%7-day average −0.038% · you buy dearer than you sell

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

Long on Orderly Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.005%$0 on $10k

Price spread, last 3 days (all we have)−0.015%−$2 · spread now −0.032%, 7d avg −0.038%

Together, before fees−0.010%+ Points / potential airdropExtended: Active · farm board−$1 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_PENGU_USDC	0.008817	0.0100	pay 0.0050% / 4h	3h 32m	$23K	$183K	20x
Short	Extended PENGU-USD	0.008814	0.0104	get 0.0013% / 1h	32m 04s	$181K	$968K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.032%Rate

Funding earned: $0.92
Price spread: −0.032% → −0.038%: $0.59
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$9.5
Costs to cover: 0.110%
Break-even: 79.6 days

Slippage unknown: Orderly: no order-book sample; Extended: live order book, 41 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 Extended live order book, 41 min ago	0.57 bp	9.9 bp −$10	84.0 bp −$840	doesn't fit	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
Kraken Futures PF_PENGUUSD	−0.0392%	1h	0.008827	+0.110%	$368K	$2.3M	50x	as long as short
Variational Omni PENGU	−0.0249%	4h	0.008840	+0.262%	$874K	$931K	—	as long as short
01 Exchange PENGUUSD	−0.0224%	1h	0.008800	−0.193%	$201	$59	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0204%	1h	0.008816	−0.011%	$18K	$10K	10x	as long as short
Gate PENGU_USDT	−0.0202%	4h	0.008825	+0.091%	$3.4M	$15.6M	75x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008816	−0.006%	$34K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.318%	$3K	$117K	5.5x	as long as short
dYdX PENGU-USD	+0.0081%	1h	0.008817	+0.004%	$12K	$4K	5x	as long as short
Nado PENGU-PERP	+0.0084%	1h	0.008804	−0.147%	$698K	$769K	5x	as long as short
GRVT PENGU_USDT_Perp	+0.0092%	4h	0.008826	+0.103%	$468K	$2.1M	10x	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	+0.0096%	1h	0.008826	+0.102%	$306K	$323K	10x	as long as short
Lighter PENGU	+0.0096%	1h	0.008820	+0.034%	$309K	$727K	8x	as long as short
Orderly PERP_PENGU_USDClong	+0.0100%	4h	0.008817	long leg	$23K	$183K	20x
Hyperliquid PENGU	+0.0100%	1h	0.008825	+0.091%	$8.3M	$15.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008811	−0.072%	$189K	$481K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008809	−0.091%	$152K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008822	+0.057%	$36.9M	$154.9M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008821	+0.045%	$23.2M	$37.3M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008825	+0.091%	$7.6M	$47.5M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008800	−0.193%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008820	+0.034%	$13.0M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008823	+0.068%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008831	+0.159%	$8.4M	$12.7M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008824	+0.079%	—	$3.8M	—	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008827	+0.113%	$80K	$254K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009008	+2.166%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008817	0.000%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008834	+0.193%	$91K	$296K	25x	as long as short
Extended PENGU-USDshort	+0.0104%	1h	0.008814	−0.032%	$181K	$968K	10x
Aevo PENGU-PERP	+0.0104%	1h	0.008808	−0.102%	$203K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008809	−0.093%	$297	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008812	−0.057%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0516% / S −0.0720%	1h	0.008818	+0.011%	$116K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1648%	1h	0.008863	+0.522%	$94K	$103K	50x	as long as short