Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0093%/8h= +10.2% APRpaid last 24h −0.004%

Price spread now: Nado against Bybit0.000%7-day average +0.052% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$47as in the Price arb table

costs, in and out, $10k−$410.414% of the position

Long on Bybit Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.051%−$5 on $10k

Price spread, last 3 days (all we have)+0.476%+$48 · spread now 0.000%, 7d avg +0.052%

Together, before fees+0.425%+ Points / potential airdropNado: Active · farm board+$43 on $10k · with fees, hour by hour

Funding pays, the price is against you. Nado is 0.052% cheaper against Bybit than usual: you would sell low and buy high (spread 0.000% now, against its 7-day average of +0.052%). If the spread goes back, that is −$5 on $10k: about 44 hours of funding at the current rate (+$3 a day). Mind the row above: over the last 3 days funding on this pair cost −0.051%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit PENGUUSDT	0.008660	0.0007	pay 0.0003% / 4h	2h 02m	$22.5M	$36.0M	75x
Short	Nado PENGU-PERP	0.008660	0.0100	get 0.0012% / 1h	2m 57s	$673K	$757K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now 0.000%Rate

Funding earned: $19.61
Price spread: 0.000% → +0.052%: −$5.18
Slippage, 4 orders: −$23.43
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$27
Costs to cover: 0.414%
Break-even: 16.6 days

Slippage from Bybit: live order book, 1 min ago; Nado: live order book, 20 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, 1 min ago	0.58 bp	12.4 bp −$12	28.1 bp −$281	152.6 bp −$15.3K	doesn't fit
Sell Nado live order book, 20 min ago	1.72 bp	7.8 bp −$8	25.1 bp −$251	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	−0.0552%	1h	0.008666	+0.066%	$384K	$2.1M	50x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0327%	1h	0.008665	+0.058%	$19K	$9K	10x	as long as short
Gate PENGU_USDT	−0.0282%	4h	0.008665	+0.058%	$3.4M	$15.5M	75x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	+0.635%	$3K	$81K	5.5x	as long as short
Backpack PENGU_USDC_PERP	−0.0096%	1h	0.008665	+0.058%	$309K	$314K	10x	as long as short
01 Exchange PENGUUSD	−0.0024%	1h	0.008665	+0.058%	$198	$59	5x	as long as short
Bybit PENGUUSDTlong	+0.0007%	4h	0.008660	long leg	$22.5M	$36.0M	75x
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008665	+0.052%	$33K	—	150x	as long as short
dYdX PENGU-USD	+0.0014%	1h	0.008661	+0.009%	$11K	$4K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008665	+0.058%	$295K	$725K	8x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado PENGU-PERPshort	+0.0100%	1h	0.008660	0.000%	$673K	$757K	5x
Hyperliquid PENGU	+0.0100%	1h	0.008670	+0.115%	$8.6M	$15.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008665	+0.060%	$171K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008660	0.000%	$146K	$236K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008666	+0.069%	$35.8M	$151.2M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008663	+0.035%	$7.7M	$46.3M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008660	0.000%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008668	+0.092%	$13.0M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008663	+0.035%	$4.7M	$8.8M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008670	+0.115%	$8.2M	$12.5M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008662	+0.023%	—	$3.9M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008636	−0.282%	$798K	$726K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008640	−0.235%	$452K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008642	−0.208%	$79K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008664	+0.046%	$23K	$186K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008870	+2.425%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008662	+0.023%	$990	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008681	+0.242%	$91K	$250K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008663	+0.034%	$178K	$682K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008660	0.000%	$200K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008658	−0.020%	$292	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008660	0.000%	$1.5M	$2.7M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0502% / S −0.0703%	1h	0.008665	+0.058%	$112K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008699	+0.450%	$93K	$97K	50x	as long as short