Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.041%

Price spread now: Deribit against Bybit+0.376%7-day average — · you sell dearer than you buy

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

Long on Bybit Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Deribit is 0.376% dearer against Bybit than usual: you sell high and buy low (spread +0.376% now, against zero (this spread has no 7-day history yet)): +$38 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 13 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit PENGUUSDT	0.008779	0.0100	pay 0.0050% / 4h	2h 20m	$23.0M	$38.3M	75x
Short	Deribit PENGU_USDC-PERPETUAL	0.008812	0	get 0.0000% / 1h	20m 43s	$18K	$10K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Bybit. 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 BybitbpFee DeribitbpOrdersPrice spread, now +0.376%Rate

Funding earned: −$21
Price spread: +0.376% → 0.000%: $37.59
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$1.41
Costs to cover: 0.180%
Break-even: from the start

Slippage unknown: Bybit: live order book, 3 min ago; Deribit: 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 Bybit live order book, 3 min ago	0.57 bp	11.0 bp −$11	25.3 bp −$253	80.5 bp −$8,046	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

Deribit: 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 33 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
Deribit PENGU_USDC-PERPETUALshort	0.0000%	1h	0.008812	+0.376%	$18K	$10K	10x
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008813	+0.386%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.114%	$3K	$117K	5.5x	as long as short
Gate PENGU_USDT	+0.0052%	4h	0.008782	+0.034%	$3.4M	$15.6M	75x	as long as short
Variational Omni PENGU	+0.0060%	4h	0.008804	+0.283%	$876K	$999K	—	as long as short
01 Exchange PENGUUSD	+0.0088%	1h	0.008812	+0.376%	$202	$64	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008793	+0.159%	$311K	$707K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008810	+0.353%	$19K	$161K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008812	+0.376%	$593K	$990K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008792	+0.148%	$8.2M	$14.9M	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster PENGUUSDT	+0.0100%	4h	0.008797	+0.206%	$143K	$509K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008789	+0.114%	$155K	$245K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008786	+0.082%	$37.5M	$157.6M	75x	as long as short
Bybit PENGUUSDTlong	+0.0100%	4h	0.008779	long leg	$23.0M	$38.3M	75x
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008784	+0.057%	$7.5M	$47.5M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008780	+0.011%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008785	+0.068%	$11.9M	$12.9M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008788	+0.103%	$4.7M	$9.1M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008786	+0.080%	$8.3M	$12.7M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008774	−0.057%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008798	+0.216%	$301K	$300K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008820	+0.467%	$472K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008813	+0.387%	$80K	$249K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009029	+2.848%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008811	+0.365%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008832	+0.604%	$94K	$337K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008781	+0.019%	$181K	$939K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008805	+0.296%	$203K	—	3x	as long as short
Kraken Futures PF_PENGUUSD	+0.0210%	1h	0.008817	+0.432%	$360K	$2.3M	50x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008814	+0.394%	$298	—	10x	as long as short
dYdX PENGU-USD	+0.0299%	1h	0.008790	+0.127%	$12K	$4K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0513% / S −0.0708%	1h	0.008813	+0.387%	$114K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1352%	1h	0.008967	+2.141%	$95K	$94K	50x	as long as short