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 Orderly+0.011%7-day average +0.052% · you sell dearer than you buy

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

Long on Orderly Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.010%+$1 on $10k

Price spread, last 3 days (all we have)+0.024%+$2 · spread now +0.011%, 7d avg +0.052%

Together, before fees+0.034%+ Points / potential airdropLighter: Season 3 · farm board+$3 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: Lighter is 0.041% cheaper against Orderly than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of +0.052%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_PENGU_USDC	0.008822	0.0100	pay 0.0050% / 4h	3h 29m	$24K	$182K	20x
Short	Lighter PENGU	0.008823	0.0096	get 0.0012% / 1h	29m 09s	$308K	$727K	8x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Orderly. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 LighterbpOrdersPrice spread, now +0.011%Rate

Funding earned: −$0.76
Price spread: +0.011% → +0.052%: −$4.1
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Lighter: 0 bp × 2 orders: $0
Net: −$10.87
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Lighter: 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 Lighter live order book, 41 min ago	3.44 bp	11.3 bp −$11	75.2 bp −$752	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	0.008829	+0.084%	$368K	$2.3M	50x	as long as short
Gate PENGU_USDT	−0.0234%	4h	0.008822	0.000%	$3.4M	$15.6M	75x	as long as short
01 Exchange PENGUUSD	−0.0224%	1h	0.008827	+0.057%	$202	$59	5x	as long as short
Variational Omni PENGU	−0.0221%	4h	0.008831	+0.104%	$871K	$933K	—	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0090%	1h	0.008823	+0.011%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008823	+0.014%	$34K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.374%	$3K	$117K	5.5x	as long as short
dYdX PENGU-USD	+0.0076%	1h	0.008820	−0.026%	$12K	$4K	5x	as long as short
Nado PENGU-PERP	+0.0087%	1h	0.008823	+0.017%	$699K	$767K	5x	as long as short
Lighter PENGUshort	+0.0096%	1h	0.008823	+0.011%	$308K	$727K	8x

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_PENGU_USDClong	+0.0100%	4h	0.008822	long leg	$24K	$182K	20x
Hyperliquid PENGU	+0.0100%	1h	0.008823	+0.011%	$8.3M	$15.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008824	+0.019%	$189K	$481K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008821	−0.011%	$152K	$238K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008831	+0.102%	$36.9M	$154.8M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008827	+0.057%	$23.2M	$37.3M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008832	+0.113%	$7.6M	$47.5M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008820	−0.023%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008819	−0.034%	$13.0M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008824	+0.023%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008825	+0.034%	$8.4M	$12.6M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008817	−0.057%	—	$3.8M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008821	−0.011%	$306K	$322K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008836	+0.158%	$468K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008810	−0.136%	$80K	$254K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009033	+2.392%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008818	−0.045%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008843	+0.238%	$91K	$296K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008820	−0.027%	$182K	$973K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008813	−0.102%	$204K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008819	−0.036%	$298	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008816	−0.068%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0517% / S −0.0723%	1h	0.008823	+0.011%	$117K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1648%	1h	0.008863	+0.465%	$94K	$103K	50x	as long as short