Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.001%

Price spread now: SoDEX against Orderly0.000%7-day average — · you sell dearer than you buy

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

Long on Orderly Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

Together, before fees—needs both histories

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_PENGU_USDC	0.009053	0.0100	pay 0.0050% / 4h	1h 10m	$23K	$241K	20x
Short	SoDEX PENGU-USD	0.009053	0.0100	get 0.0013% / 1h	10m 30s	$1K	$5K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now 0.000%Rate

Funding earned: $0
Price spread: 0.000% → 0.000%: $0
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$14
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; SoDEX: 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 SoDEX no order-book sample	—	—	—	—	—

Orderly and SoDEX: 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	0.009017	−0.401%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−2.916%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.009057	+0.044%	$325K	$771K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009055	+0.022%	$638K	$1.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009058	+0.057%	$143K	$716K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009052	−0.011%	$137K	$258K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009053	+0.005%	$39.5M	$189.6M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.009043	−0.110%	$24.0M	$44.3M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009044	−0.099%	$8.0M	$54.7M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.009060	+0.077%	$18K	$25K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate PENGU_USDT	+0.0100%	4h	0.009048	−0.055%	$3.7M	$17.5M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009049	−0.044%	$11.0M	$13.0M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009052	−0.011%	$5.1M	$10.2M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009053	0.000%	$8.7M	$13.9M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.009051	−0.022%	—	$3.9M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009052	−0.011%	$296K	$368K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.009045	−0.090%	$921K	$1.1M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009021	−0.355%	$473K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009022	−0.342%	$79K	$252K	50x	as long as short
Orderly PERP_PENGU_USDClong	+0.0100%	4h	0.009053	long leg	$23K	$241K	20x
SunX PENGU-USDT	+0.0100%	4h	0.009277	+2.474%	$3K	$2.2M	10x	as long as short
SoDEX PENGU-USDshort	+0.0100%	1h	0.009053	0.000%	$1K	$5K	5x
HTX PENGU-USDT	+0.0100%	4h	0.009064	+0.122%	$94K	$404K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009052	−0.012%	$185K	$523K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009046	−0.077%	$209K	—	3x	as long as short
Hyperliquid PENGU	+0.0222%	1h	0.009057	+0.044%	$9.1M	$16.3M	5x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.009057	+0.040%	$306	—	10x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0302%	1h	0.009056	+0.033%	$1K	$29K	10x	as long as short
01 Exchange PENGUUSD	+0.0336%	1h	0.009059	+0.066%	$207	$60	5x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009063	+0.110%	$1.6M	$4.9M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0443% / S −0.0368%	1h	0.009053	0.000%	$107K	—	100x	as long as short
dYdX PENGU-USD	+0.0577%	1h	0.009045	−0.086%	$12K	$6K	5x	as long as short
Kraken Futures PF_PENGUUSD	+0.0673%	1h	0.009061	+0.092%	$337K	$2.5M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1664%	1h	0.009135	+0.906%	$80K	$70K	50x	as long as short