Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0138%/8h= −15.1% APRpaid last 24h −0.040%

Price spread now: Aster against Reya+0.044%7-day average — · you sell dearer than you buy

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

Long on Reya Short on Aster

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—+ Points / potential airdropReya: Active · Aster: Stage 5 · farm boardneeds both histories

The price spread pays, funding is against you. Aster is 0.044% dearer against Reya than usual: you sell high and buy low (spread +0.044% now, against zero (this spread has no 7-day history yet)): +$4 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 26 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya PENGURUSDPERP	0.008814	0.0238	pay 0.0030% / 1h	32m 57s	$298	—	10x
Short	Aster PENGUUSDT	0.008818	0.0100	get 0.0050% / 4h	3h 32m	$189K	$481K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Reya. 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 ReyabpFee AsterbpOrdersPrice spread, now +0.044%Rate

Funding earned: −$28.97
Price spread: +0.044% → 0.000%: $4.42
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Aster: 4 bp × 2 orders: −$8
Net: −$38.54
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; Aster: live order book, 39 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 Reya no order-book sample	—	—	—	—	—
Sell Aster live order book, 39 min ago	5.16 bp	11.4 bp −$11	40.7 bp −$407	doesn't fit	doesn't fit

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 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	0.008819	+0.057%	$368K	$2.3M	50x	as long as short
Variational Omni PENGU	−0.0249%	4h	0.008840	+0.299%	$874K	$931K	—	as long as short
01 Exchange PENGUUSD	−0.0232%	1h	0.008821	+0.082%	$202	$59	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0204%	1h	0.008808	−0.066%	$18K	$10K	10x	as long as short
Gate PENGU_USDT	−0.0178%	4h	0.008810	−0.043%	$3.4M	$15.6M	75x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008811	−0.034%	$34K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.282%	$3K	$117K	5.5x	as long as short
Nado PENGU-PERP	+0.0083%	1h	0.008817	+0.036%	$699K	$769K	5x	as long as short
dYdX PENGU-USD	+0.0084%	1h	0.008817	+0.040%	$12K	$4K	5x	as long as short
GRVT PENGU_USDT_Perp	+0.0092%	4h	0.008826	+0.139%	$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
Lighter PENGU	+0.0096%	1h	0.008812	−0.021%	$308K	$727K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008811	−0.032%	$23K	$183K	20x	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008812	−0.021%	$305K	$323K	10x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008812	−0.021%	$8.3M	$15.7M	5x	as long as short
Aster PENGUUSDTshort	+0.0100%	4h	0.008818	+0.044%	$189K	$481K	20x
Pacifica PENGU	+0.0100%	1h	0.008821	+0.082%	$152K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008810	−0.048%	$36.8M	$155.1M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008806	−0.089%	$23.1M	$37.3M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008811	−0.032%	$7.6M	$47.4M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008820	+0.070%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008812	−0.021%	$13.0M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008817	+0.036%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008817	+0.036%	$8.4M	$12.7M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008814	+0.002%	—	$2.3M	—	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008827	+0.150%	$80K	$254K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009026	+2.407%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008807	−0.077%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008833	+0.218%	$91K	$295K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008811	−0.035%	$182K	$955K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008799	−0.168%	$203K	—	3x	as long as short
Reya PENGURUSDPERPlong	+0.0238%	1h	0.008814	long leg	$298	—	10x
BloFin PENGU-USDT	+0.0340%	4h	0.008812	−0.021%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0516% / S −0.0720%	1h	0.008810	−0.043%	$116K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1648%	1h	0.008863	+0.558%	$94K	$103K	50x	as long as short