Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRnext payment −$0.00 per $10,000 · paid last 24h −0.003%

Price spread now: Nado against SoDEX+0.209%7-day average — · you sell dearer than you buy

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

Long on SoDEX Short on Nado

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 airdropNado: Active · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Nado is 0.209% dearer against SoDEX than usual: you sell high and buy low, +$21 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX PENGU-USD	0.009073	0.0100	pay 0.0013% / 1h	3m 38s	$1K	$5K	5x
Short	Nado PENGU-PERP	0.009092	0.0100	get 0.0012% / 1h	3m 38s	$639K	$1.1M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado against SoDEX. 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 SoDEXbpFee NadobpOrdersPrice spread, now +0.209%Rate

Funding earned: $0
Price spread: +0.209% → 0.000%: $20.94
Slippage, 4 orders: no order book: not counted
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Nado: 3.5 bp × 2 orders: −$7
Net: $5.94
Costs to cover: 0.150%
Break-even: from the start

Slippage unknown: SoDEX: no order-book sample; Nado: live order book, 5 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 SoDEX no order-book sample	—	—	—	—	—
Sell Nado live order book, 5 min ago	0.55 bp	9.4 bp −$9	30.7 bp −$307	doesn't fit	doesn't fit

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	0.009082	+0.097%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−3.130%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.009077	+0.044%	$334K	$759K	8x	as long as short
Nado PENGU-PERPshort	+0.0100%	1h	0.009092	+0.209%	$639K	$1.1M	5x
Hyperliquid PENGU	+0.0100%	1h	0.009082	+0.099%	$9.4M	$15.8M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009074	+0.010%	$120K	$691K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009073	0.000%	$139K	$285K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009078	+0.055%	$39.7M	$184.0M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.009068	−0.055%	$24.1M	$43.2M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009075	+0.022%	$8.0M	$53.9M	50x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus PENGU-USD	+0.0100%	1h	0.009080	+0.077%	$18K	$26K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.009073	0.000%	$3.4M	$17.0M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009076	+0.033%	$11.0M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009068	−0.055%	$5.2M	$9.9M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009080	+0.077%	$8.7M	$13.8M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.009075	+0.022%	—	$3.8M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009071	−0.022%	$300K	$363K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.009068	−0.056%	$924K	$1.1M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009091	+0.195%	$481K	$2.2M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009100	+0.298%	$82K	$250K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009078	+0.055%	$23K	$188K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009295	+2.447%	$3K	$2.2M	10x	as long as short
SoDEX PENGU-USDlong	+0.0100%	1h	0.009073	long leg	$1K	$5K	5x
HTX PENGU-USDT	+0.0100%	4h	0.009096	+0.253%	$94K	$401K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009075	+0.026%	$187K	$841K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009075	+0.022%	$210K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.009084	+0.117%	$307	—	10x	as long as short
01 Exchange PENGUUSD	+0.0272%	1h	0.009108	+0.386%	$208	$64	5x	as long as short
dYdX PENGU-USD	+0.0289%	1h	0.009071	−0.027%	$12K	$6K	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0301%	1h	0.009077	+0.044%	$1K	$29K	10x	as long as short
Kraken Futures PF_PENGUUSD	+0.0311%	1h	0.009081	+0.088%	$339K	$2.5M	50x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009105	+0.353%	$1.5M	$4.9M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0391% / S −0.0291%	1h	0.009081	+0.088%	$92K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1752%	1h	0.009185	+1.234%	$81K	$80K	50x	as long as short