Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.019%

Price spread now: Lighter against Bybit+0.102%7-day average +0.096% · you sell dearer than you buy

Net, funding: paid 7d − costs−$43as in the Funding arb table

Net, price: spread back to 7d avg − costs−$55as in the Price arb table

costs, in and out, $10k−$550.552% of the position

Long on Bybit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.125%+$12 on $10k

Price spread, last 4 days (all we have)+0.012%+$1 · spread now +0.102%, 7d avg +0.096%

Together, before fees+0.136%+ Points / potential airdropLighter: Season 3 · farm board+$14 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit PENGUUSDT	0.008814	0.0100	pay 0.0050% / 4h	2h 46m	$23.0M	$37.9M	75x
Short	Lighter PENGU	0.008823	0.0096	get 0.0012% / 1h	46m 55s	$306K	$698K	8x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.102%Rate

Funding earned: −$0.84
Price spread: +0.102% → +0.096%: $0.64
Slippage, 4 orders: −$44.2
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Lighter: 0 bp × 2 orders: $0
Net: −$55.4
Costs to cover: 0.552%
Break-even: never at this rate

Slippage from Bybit: live order book, 2 min ago; Lighter: live order book, 18 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 Bybit live order book, 2 min ago	0.57 bp	12.4 bp −$12	24.3 bp −$243	124.2 bp −$12.4K	doesn't fit
Sell Lighter live order book, 18 min ago	3.92 bp	9.2 bp −$9	71.0 bp −$710	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
Nado PENGU-PERP	−0.0148%	1h	0.008828	+0.153%	$538K	$926K	5x	as long as short
ApeX Omni PENGUUSDT	−0.0094%	1h	0.008841	+0.306%	$81K	$249K	50x	as long as short
Variational Omni PENGU	−0.0083%	4h	0.008816	+0.024%	$873K	$1.0M	—	as long as short
Gate PENGU_USDT	−0.0054%	4h	0.008821	+0.079%	$3.4M	$15.4M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008814	0.000%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008826	+0.134%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.284%	$3K	$117K	5.5x	as long as short
01 Exchange PENGUUSD	+0.0064%	1h	0.008837	+0.261%	$202	$64	5x	as long as short
Lighter PENGUshort	+0.0096%	1h	0.008823	+0.102%	$306K	$698K	8x
Orderly PERP_PENGU_USDC	+0.0097%	4h	0.008819	+0.057%	$19K	$178K	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid PENGU	+0.0100%	1h	0.008820	+0.068%	$8.3M	$15.0M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008821	+0.084%	$169K	$442K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008824	+0.113%	$152K	$242K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008821	+0.082%	$37.4M	$157.0M	75x	as long as short
Bybit PENGUUSDTlong	+0.0100%	4h	0.008814	long leg	$23.0M	$37.9M	75x
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008812	−0.023%	$7.6M	$47.7M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008830	+0.182%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008820	+0.068%	$12.3M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008816	+0.023%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008821	+0.079%	$8.3M	$12.6M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008819	+0.057%	—	$3.7M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008815	+0.011%	$302K	$323K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008848	+0.384%	$471K	$2.1M	10x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009037	+2.530%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008817	+0.034%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008848	+0.386%	$94K	$326K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008811	−0.037%	$182K	$940K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008815	+0.011%	$204K	—	3x	as long as short
dYdX PENGU-USD	+0.0174%	1h	0.008826	+0.131%	$12K	$4K	5x	as long as short
Kraken Futures PF_PENGUUSD	+0.0210%	1h	0.008825	+0.121%	$364K	$2.3M	50x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008822	+0.094%	$298	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008832	+0.204%	$1.5M	$3.2M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0513% / S −0.0675%	1h	0.008825	+0.125%	$110K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1352%	1h	0.008967	+1.736%	$95K	$104K	50x	as long as short