Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0141%/8h= +15.4% APRpaid last 24h +0.041%

Price spread now: Reya against Bitget+0.063%99s7-day average — · you sell dearer than you buy

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

Long on Bitget Short on Reya

What this pair did over the last

the charts below follow

Funding, last 4 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 · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Reya is 0.063% dearer against Bitget than usual: you sell high and buy low: +$6 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 99 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget PENGUUSDT	0.009089	0.0100	pay 0.0050% / 4h	2h 18m	$8.8M	$14.8M	75x
Short	Reya PENGURUSDPERP	0.009095	0.0241	get 0.0030% / 1h	18m 49s	$307	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now +0.063%Rate

Funding earned: $29.62
Price spread: +0.063% → 0.000%: $6.33
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Reya: 3 bp × 2 orders: −$6
Net: $17.95
Costs to cover: 0.180%
Break-even: 2.8 days

Slippage unknown: Bitget: live order book, 3 min ago; Reya: 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 Bitget live order book, 3 min ago	1.10 bp	13.9 bp −$14	32.7 bp −$327	92.9 bp −$9,289	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

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 exchanges

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
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.009080	−0.099%	$1K	$28K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009077	−0.132%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−3.301%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.009086	−0.033%	$325K	$711K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009081	−0.088%	$648K	$1.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009089	+0.002%	$138K	$791K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009094	+0.055%	$137K	$236K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009087	−0.027%	$40.0M	$196.2M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.009076	−0.143%	$24.6M	$47.5M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009084	−0.055%	$8.3M	$57.8M	50x	as long as short

Show all 34 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus PENGU-USD	+0.0100%	1h	0.009090	+0.011%	$18K	$26K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.009077	−0.132%	$3.7M	$17.9M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009083	−0.066%	$12.4M	$13.0M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009076	−0.143%	$5.1M	$10.7M	75x	as long as short
Bitget PENGUUSDTlong	+0.0100%	4h	0.009089	long leg	$8.8M	$14.8M	75x
BingX PENGU-USDT	+0.0100%	4h	0.009082	−0.077%	—	$3.7M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009075	−0.154%	$303K	$370K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.009089	−0.004%	$917K	$1.2M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009105	+0.176%	$481K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009101	+0.132%	$80K	$249K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009078	−0.121%	$23K	$359K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009299	+2.310%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009080	−0.099%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009101	+0.132%	$93K	$423K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009075	−0.157%	$187K	$743K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009078	−0.121%	$210K	—	3x	as long as short
Kraken Futures PF_PENGUUSD	+0.0214%	1h	0.009084	−0.060%	$331K	$2.7M	50x	as long as short
Reya PENGURUSDPERPshort	+0.0241%	1h	0.009095	+0.063%	$307	—	10x
01 Exchange PENGUUSD	+0.0320%	1h	0.009088	−0.011%	$208	$141	5x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009085	−0.044%	$1.6M	$5.3M	75x	as long as short
Hyperliquid PENGU	+0.0360%	1h	0.009102	+0.143%	$9.8M	$17.0M	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0434% / S −0.0357%	1h	0.009078	−0.121%	$105K	—	100x	as long as short
dYdX PENGU-USD	+0.1135%	1h	0.009095	+0.067%	$22K	$18K	5x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2288%	1h	0.009118	+0.319%	$83K	$94K	50x	as long as short