Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.001%

Price spread now: Pacifica against Orderly−0.375%7-day average +0.027% · you buy dearer than you sell

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

Long on Orderly Short on Pacifica

What this pair did over the last

the charts below follow

Funding, last 7 days+0.021%+$2 on $10k

Price spread, last 4 days (all we have)+0.425%+$43 · spread now −0.375%, 7d avg +0.027%

Together, before fees+0.446%+ Points / potential airdropPacifica: Active · farm board+$45 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: Pacifica is 0.401% cheaper against Orderly than usual: you would sell low and buy high, −$40 on $10k if it goes back to its 7-day average of +0.027%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_PENGU_USDC	0.009078	0.0100	pay 0.0050% / 4h	3h 52m	$24K	$85K	20x
Short	Pacifica PENGU	0.009044	0.0100	get 0.0013% / 1h	52m 45s	$159K	$243K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Pacifica 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 PacificabpOrdersPrice spread, now −0.375%Rate

Funding earned: $0
Price spread: −0.375% → +0.027%: −$40.11
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Pacifica: 4 bp × 2 orders: −$8
Net: −$54.11
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Pacifica: live order book, 65 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 Pacifica live order book, 65 min ago	4.02 bp	20.0 bp −$20	doesn't fit	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
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009072	−0.065%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−3.184%	$3K	$117K	5.5x	as long as short
dYdX PENGU-USD	+0.0054%	1h	0.009048	−0.326%	$12K	$5K	5x	as long as short
01 Exchange PENGUUSD	+0.0080%	1h	0.009060	−0.198%	$207	$64	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0081%	1h	0.009079	+0.011%	$19K	$10K	10x	as long as short
Lighter PENGU	+0.0096%	1h	0.009076	−0.022%	$327K	$726K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009068	−0.110%	$609K	$1.0M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.009078	0.000%	$8.5M	$14.8M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009066	−0.127%	$130K	$600K	20x	as long as short
Pacifica PENGUshort	+0.0100%	1h	0.009044	−0.375%	$159K	$243K	5x

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance PENGUUSDT	+0.0100%	4h	0.009074	−0.044%	$39.0M	$168.4M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.009066	−0.132%	$24.1M	$40.3M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009066	−0.132%	$7.8M	$49.8M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.009060	−0.198%	$19K	$24K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.009069	−0.099%	$3.4M	$16.0M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009073	−0.055%	$11.1M	$12.4M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009075	−0.033%	$4.9M	$9.3M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009071	−0.077%	$8.8M	$12.8M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.009073	−0.055%	—	$3.5M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009072	−0.066%	$303K	$330K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008998	−0.882%	$934K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008963	−1.261%	$478K	$2.1M	10x	as long as short
Orderly PERP_PENGU_USDClong	+0.0100%	4h	0.009078	long leg	$24K	$85K	20x
SunX PENGU-USDT	+0.0100%	4h	0.009290	+2.335%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009072	−0.066%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009066	−0.132%	$94K	$377K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009072	−0.066%	$187K	$943K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009075	−0.033%	$210K	—	3x	as long as short
ApeX Omni PENGUUSDT	+0.0169%	1h	0.009026	−0.573%	$82K	$242K	50x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.009061	−0.191%	$306	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009077	−0.011%	$1.5M	$4.1M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0516% / S −0.0477%	1h	0.009073	−0.055%	$128K	—	100x	as long as short
Kraken Futures PF_PENGUUSD	+0.0603%	1h	0.009083	+0.052%	$354K	$2.4M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2704%	1h	0.009096	+0.198%	$97K	$61K	50x	as long as short