Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0183%/8h= +20.0% APRpaid last 24h 0.000%

Price spread now: Pacifica against Bybit+0.023%48s7-day average +0.067% · you sell dearer than you buy

Net, funding: paid 7d − costs−$34as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$460.456% of the position

Long on Bybit Short on Pacifica

What this pair did over the last

the charts below follow

Funding, last 7 days+0.119%+$12 on $10k

Price spread, last 4 days (all we have)+0.118%+$12 · spread now +0.023%, 7d avg +0.067%

Together, before fees+0.237%+ Points / potential airdropPacifica: Active · farm board+$24 on $10k · with fees, hour by hour

Funding pays, the price is against you. Pacifica is 0.044% cheaper against Bybit than usual: you would sell low and buy high (spread +0.023% now, against its 7-day average of +0.067%). If the spread goes back, that is −$4 on $10k: about 19 hours of funding at the current rate (+$5 a day). At the pace of the last 7 days (+0.119% in total) that is about 2.6 days. The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.119% in total (about 6.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit PENGUUSDT	0.008693	−0.0083	get 0.0041% / 4h	2h 24m	$22.5M	$35.9M	75x
Short	Pacifica PENGU	0.008695	0.0100	get 0.0013% / 1h	24m 56s	$146K	$236K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Pacifica 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 PacificabpOrdersPrice spread, now +0.023%Rate

Funding earned: $38.42
Price spread: +0.023% → +0.067%: −$4.36
Slippage, 4 orders: −$26.57
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Pacifica: 4 bp × 2 orders: −$8
Net: −$11.52
Costs to cover: 0.456%
Break-even: 9.1 days

Slippage from Bybit: live order book, 4 min ago; Pacifica: live order book, 63 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, 4 min ago	0.58 bp	13.9 bp −$14	33.4 bp −$334	169.2 bp −$16.9K	doesn't fit
Sell Pacifica live order book, 63 min ago	1.71 bp	10.8 bp −$11	doesn't fit	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	−0.0550%	1h	0.008702	+0.109%	$386K	$2.1M	50x	as long as short
Gate PENGU_USDT	−0.0314%	4h	0.008697	+0.046%	$3.4M	$15.4M	75x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	+0.253%	$3K	$81K	5.5x	as long as short
Bybit PENGUUSDTlong	−0.0083%	4h	0.008693	long leg	$22.5M	$35.9M	75x
Backpack PENGU_USDC_PERP	−0.0017%	1h	0.008700	+0.081%	$310K	$315K	10x	as long as short
dYdX PENGU-USD	0.0000%	1h	0.008695	+0.017%	$11K	$4K	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008702	+0.104%	$19K	$9K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008699	+0.072%	$33K	—	150x	as long as short
01 Exchange PENGUUSD	+0.0016%	1h	0.008703	+0.115%	$199	$59	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008700	+0.081%	$296K	$722K	8x	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	0.008708	+0.173%	$8.7M	$15.2M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008703	+0.110%	$172K	$448K	20x	as long as short
Pacifica PENGUshort	+0.0100%	1h	0.008695	+0.023%	$146K	$236K	5x
Binance PENGUUSDT	+0.0100%	4h	0.008701	+0.092%	$36.0M	$151.1M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008700	+0.081%	$7.7M	$46.5M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008700	+0.081%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008702	+0.104%	$12.9M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008703	+0.115%	$4.7M	$8.7M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008704	+0.127%	$8.2M	$12.5M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008699	+0.069%	—	$3.9M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008674	−0.216%	$794K	$714K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008670	−0.265%	$454K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008672	−0.242%	$79K	$253K	50x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008700	+0.075%	$675K	$758K	5x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008701	+0.092%	$21K	$184K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008910	+2.496%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008699	+0.069%	$987	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008712	+0.219%	$91K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008699	+0.072%	$178K	$681K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008697	+0.046%	$201K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008697	+0.051%	$294	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008690	−0.035%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0502% / S −0.0703%	1h	0.008699	+0.069%	$112K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008785	+1.058%	$92K	$96K	50x	as long as short