Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.003%

Price spread now: Nado against Aster−0.074%7-day average −0.031% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$44as in the Price arb table

costs, in and out, $10k−$390.394% of the position

Long on Aster Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.072%−$7 on $10k

Price spread, last 3 days (all we have)+0.253%+$25 · spread now −0.074%, 7d avg −0.031%

Together, before fees+0.181%+ Points / potential airdropAster: Stage 5 · Nado: Active · farm board+$18 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: Nado is 0.043% cheaper against Aster than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of −0.031%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster PENGUUSDT	0.008927	0.0100	pay 0.0050% / 4h	3h 06m	$191K	$465K	20x
Short	Nado PENGU-PERP	0.008920	0.0100	get 0.0012% / 1h	6m 08s	$707K	$765K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado against Aster. 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 AsterbpFee NadobpOrdersPrice spread, now −0.074%Rate

Funding earned: $0
Price spread: −0.074% → −0.031%: −$4.31
Slippage, 4 orders: −$24.43
Fee Aster: 4 bp × 2 orders: −$8
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$43.74
Costs to cover: 0.394%
Break-even: never at this rate

Slippage from Aster: live order book, 66 min ago; Nado: live order book, 2 min ago.

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 Aster live order book, 66 min ago	5.16 bp	11.6 bp −$12	182.0 bp −$1,820	doesn't fit	doesn't fit
Sell Nado live order book, 2 min ago	1.12 bp	7.2 bp −$7	48.8 bp −$488	doesn't fit	doesn't fit

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	−0.0387%	1h	0.008944	+0.184%	$372K	$2.3M	50x	as long as short
01 Exchange PENGUUSD	−0.0176%	1h	0.008918	−0.102%	$204	$59	5x	as long as short
Gate PENGU_USDT	−0.0158%	4h	0.008921	−0.069%	$3.5M	$15.9M	75x	as long as short
Variational Omni PENGU	−0.0108%	4h	0.008910	−0.194%	$920K	$975K	—	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008920	−0.080%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008923	−0.052%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−1.547%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008941	+0.155%	$310K	$732K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008918	−0.102%	$19K	$178K	20x	as long as short
Nado PENGU-PERPshort	+0.0100%	1h	0.008920	−0.074%	$707K	$765K	5x

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid PENGU	+0.0100%	1h	0.008923	−0.046%	$8.4M	$15.2M	5x	as long as short
Aster PENGUUSDTlong	+0.0100%	4h	0.008927	long leg	$191K	$465K	20x
Pacifica PENGU	+0.0100%	1h	0.008930	+0.032%	$154K	$240K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008937	+0.107%	$37.8M	$156.1M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008935	+0.088%	$23.4M	$37.5M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008939	+0.133%	$7.7M	$48.1M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008920	−0.080%	$20K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008942	+0.167%	$13.1M	$12.9M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008936	+0.099%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008941	+0.155%	$8.5M	$12.7M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008909	−0.203%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008946	+0.211%	$307K	$321K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008952	+0.273%	$468K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008958	+0.346%	$82K	$248K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009134	+2.317%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008933	+0.066%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008946	+0.211%	$92K	$299K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008921	−0.071%	$184K	$935K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008920	−0.080%	$206K	—	3x	as long as short
dYdX PENGU-USD	+0.0106%	1h	0.008930	+0.034%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008920	−0.080%	$301	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008945	+0.200%	$1.5M	$3.0M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0522% / S −0.0723%	1h	0.008923	−0.046%	$118K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1648%	1h	0.008977	+0.559%	$96K	$104K	50x	as long as short