Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0319%/8h= +34.9% APRpaid last 24h +0.355%

Price spread now: dYdX against Bybit+0.085%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 dYdX

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

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and dYdX is 0.085% dearer against Bybit than usual: you sell high and buy low: +$9 more if the spread 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	Bybit PENGUUSDT	0.008728	−0.0294	get 0.0147% / 4h	23m 04s	$22.7M	$36.8M	75x
Short	dYdX PENGU-USD	0.008735	0.0025	get 0.0003% / 1h	23m 04s	$12K	$4K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now +0.085%Rate

Funding earned: $66.91
Price spread: +0.085% → 0.000%: $8.51
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee dYdX: 5 bp × 2 orders: −$10
Net: $54.42
Costs to cover: 0.210%
Break-even: 1.3 days

Slippage unknown: Bybit: live order book, 1 min ago; dYdX: 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, 1 min ago	0.57 bp	10.2 bp −$10	23.2 bp −$232	136.6 bp −$13.7K	doesn't fit
Sell dYdX no order-book sample	—	—	—	—	—

dYdX: 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
Kraken Futures PF_PENGUUSD	−0.0342%	1h	0.008743	+0.170%	$368K	$2.3M	50x	as long as short
Bybit PENGUUSDTlong	−0.0294%	4h	0.008728	long leg	$22.7M	$36.8M	75x
Gate PENGU_USDT	−0.0290%	4h	0.008730	+0.023%	$3.4M	$15.6M	75x	as long as short
01 Exchange PENGUUSD	−0.0240%	1h	0.008718	−0.115%	$199	$59	5x	as long as short
Variational Omni PENGU	−0.0238%	4h	0.008725	−0.029%	$797K	$802K	—	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0208%	1h	0.008734	+0.069%	$19K	$9K	10x	as long as short
Backpack PENGU_USDC_PERP	−0.0179%	1h	0.008734	+0.069%	$311K	$313K	10x	as long as short
Injective PENGU/USDC PERP	−0.0114%	1h	0.008789	+0.699%	$3K	$117K	5.5x	as long as short
Nado PENGU-PERP	0.0000%	1h	0.008719	−0.097%	$692K	$775K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008729	+0.008%	$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-USDshort	+0.0025%	1h	0.008735	+0.085%	$12K	$4K	5x
GRVT PENGU_USDT_Perp	+0.0094%	4h	0.008747	+0.216%	$458K	$2.1M	10x	as long as short
Lighter PENGU	+0.0096%	1h	0.008741	+0.149%	$306K	$741K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008733	+0.057%	$23K	$186K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008736	+0.092%	$8.4M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008743	+0.168%	$188K	$470K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008724	−0.046%	$150K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008735	+0.080%	$36.2M	$154.8M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008732	+0.046%	$7.5M	$46.9M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008720	−0.092%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008737	+0.103%	$12.3M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008740	+0.137%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008740	+0.137%	$8.3M	$12.6M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008727	−0.011%	—	$2.3M	—	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008734	+0.069%	$80K	$254K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008942	+2.452%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008735	+0.080%	$993	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008740	+0.137%	$91K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008730	+0.028%	$180K	$622K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008735	+0.080%	$202K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008721	−0.076%	$295	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008741	+0.149%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0496% / S −0.0683%	1h	0.008730	+0.023%	$110K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2688%	1h	0.008724	−0.046%	$93K	$103K	50x	as long as short