Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Pacifica against Bitget−0.114%7-day average −0.028% · you buy dearer than you sell

Net, funding: paid 7d − costs−$54as in the Funding arb table

Net, price: spread back to 7d avg − costs−$63as in the Price arb table

costs, in and out, $10k−$540.539% of the position

Long on Bitget Short on Pacifica

What this pair did over the last

the charts below follow

Funding, last 7 days0.000%$0 on $10k

Price spread, last 4 days (all we have)+0.073%+$7 · spread now −0.114%, 7d avg −0.028%

Together, before fees+0.073%+ Points / potential airdropPacifica: Active · farm board+$7 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: Pacifica is 0.086% cheaper against Bitget than usual: you would sell low and buy high, −$9 on $10k if it goes back to its 7-day average of −0.028%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget PENGUUSDT	0.008754	0.0100	pay 0.0050% / 4h	5m 57s	$8.3M	$12.7M	75x
Short	Pacifica PENGU	0.008744	0.0100	get 0.0013% / 1h	5m 57s	$151K	$239K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Pacifica against Bitget. 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 BitgetbpFee PacificabpOrdersPrice spread, now −0.114%Rate

Funding earned: $0
Price spread: −0.114% → −0.028%: −$8.59
Slippage, 4 orders: −$33.93
Fee Bitget: 6 bp × 2 orders: −$12
Fee Pacifica: 4 bp × 2 orders: −$8
Net: −$62.52
Costs to cover: 0.539%
Break-even: never at this rate

Slippage from Bitget: live order book, 3 min ago; Pacifica: live order book, 7 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 Bitget live order book, 3 min ago	0.57 bp	11.2 bp −$11	18.1 bp −$181	63.4 bp −$6,343	doesn't fit
Sell Pacifica live order book, 7 min ago	4.01 bp	18.2 bp −$18	doesn't fit	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	−0.0342%	1h	0.008755	+0.008%	$368K	$2.3M	50x	as long as short
Bybit PENGUUSDT	−0.0321%	4h	0.008747	−0.080%	$22.8M	$37.0M	75x	as long as short
Variational Omni PENGU	−0.0306%	4h	0.008729	−0.282%	$863K	$927K	—	as long as short
Gate PENGU_USDT	−0.0302%	4h	0.008745	−0.103%	$3.4M	$15.7M	75x	as long as short
01 Exchange PENGUUSD	−0.0272%	1h	0.008745	−0.103%	$200	$59	5x	as long as short
Backpack PENGU_USDC_PERP	−0.0167%	1h	0.008745	−0.103%	$307K	$315K	10x	as long as short
Injective PENGU/USDC PERP	−0.0114%	1h	0.008789	+0.400%	$3K	$117K	5.5x	as long as short
Nado PENGU-PERP	−0.0019%	1h	0.008741	−0.154%	$694K	$777K	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008743	−0.126%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008742	−0.135%	$33K	—	150x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX PENGU-USD	+0.0017%	1h	0.008738	−0.184%	$12K	$4K	5x	as long as short
GRVT PENGU_USDT_Perp	+0.0082%	4h	0.008733	−0.244%	$457K	$2.1M	10x	as long as short
Lighter PENGU	+0.0096%	1h	0.008748	−0.069%	$306K	$741K	8x	as long as short
OKX PENGU-USDT-SWAP	+0.0098%	4h	0.008753	−0.011%	$7.5M	$47.0M	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008742	−0.137%	$23K	$186K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008749	−0.057%	$8.4M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008750	−0.042%	$187K	$474K	20x	as long as short
Pacifica PENGUshort	+0.0100%	1h	0.008744	−0.114%	$151K	$239K	5x
Binance PENGUUSDT	+0.0100%	4h	0.008751	−0.034%	$36.2M	$155.1M	75x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008740	−0.160%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008742	−0.137%	$12.3M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008742	−0.137%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDTlong	+0.0100%	4h	0.008754	long leg	$8.3M	$12.7M	75x
BingX PENGU-USDT	+0.0100%	4h	0.008749	−0.057%	—	$3.9M	—	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008732	−0.251%	$80K	$254K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008955	+2.296%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008745	−0.103%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008759	+0.057%	$91K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008752	−0.025%	$180K	$622K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008740	−0.160%	$202K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008737	−0.198%	$295	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008744	−0.114%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0496% / S −0.0683%	1h	0.008741	−0.149%	$110K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2688%	1h	0.008768	+0.160%	$93K	$103K	50x	as long as short