Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0141%/8h= +15.5% APRpaid last 24h +0.042%

Price spread now: Reya against Orderly−0.010%7-day average — · you buy dearer than you sell

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

Long on Orderly Short on Reya

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropReya: Active · farm boardneeds both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: +$4 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_PENGU_USDC	0.008884	0.0100	pay 0.0050% / 4h	1h 27m	$23K	$357K	20x
Short	Reya PENGURUSDPERP	0.008883	0.0241	get 0.0030% / 1h	27m 45s	$300	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now −0.010%Rate

Funding earned: $29.68
Price spread: −0.010% → 0.000%: −$1.05
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Reya: 3 bp × 2 orders: −$6
Net: $16.63
Costs to cover: 0.120%
Break-even: 3.1 days

Slippage unknown: Orderly: no order-book sample; Reya: no order-book sample. 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 Reya no order-book sample	—	—	—	—	—

Orderly and Reya: 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 exchanges

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
dYdX PENGU-USD	0.0000%	1h	0.008887	+0.032%	$19K	$21K	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008885	+0.011%	$1K	$27K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008885	+0.014%	$33K	—	150x	as long as short
01 Exchange PENGUUSD	+0.0032%	1h	0.008888	+0.045%	$203	$141	5x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−1.069%	$3K	$117K	5.5x	as long as short
Kraken Futures PF_PENGUUSD	+0.0065%	1h	0.008889	+0.054%	$326K	$2.7M	50x	as long as short
Lighter PENGU	+0.0096%	1h	0.008901	+0.191%	$318K	$711K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008885	+0.011%	$634K	$1.1M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008897	+0.146%	$8.5M	$17.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008898	+0.163%	$107K	$791K	20x	as long as short

Show all 34 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica PENGU	+0.0100%	1h	0.008897	+0.146%	$134K	$224K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008899	+0.171%	$38.5M	$195.2M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008890	+0.068%	$23.7M	$47.3M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008895	+0.124%	$8.3M	$55.9M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008890	+0.068%	$18K	$26K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.008893	+0.101%	$3.6M	$18.2M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008899	+0.169%	$12.3M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008898	+0.158%	$5.1M	$10.5M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008898	+0.158%	$8.5M	$14.1M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008890	+0.068%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008897	+0.146%	$297K	$380K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008898	+0.162%	$881K	$1.2M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008900	+0.185%	$463K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008906	+0.248%	$80K	$247K	50x	as long as short
Orderly PERP_PENGU_USDClong	+0.0100%	4h	0.008884	long leg	$23K	$357K	20x
SunX PENGU-USDT	+0.0100%	4h	0.009095	+2.375%	$3K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008884	0.000%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008898	+0.158%	$93K	$354K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008894	+0.113%	$179K	$742K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008885	+0.011%	$205K	—	3x	as long as short
Reya PENGURUSDPERPshort	+0.0241%	1h	0.008883	−0.010%	$300	—	10x
BloFin PENGU-USDT	+0.0340%	4h	0.008879	−0.056%	$1.6M	$5.4M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0431% / S −0.0359%	1h	0.008886	+0.023%	$103K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2136%	1h	0.008905	+0.236%	$81K	$92K	50x	as long as short