Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.055%

Price spread now: OKX against Deribit−0.272%46s7-day average — · you buy dearer than you sell

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

Long on Deribit Short on OKX

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

Funding pays, the price is against you. OKX is 0.272% cheaper against Deribit than usual: you would sell low and buy high (spread −0.272% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$27 on $10k: about 9.1 days of funding at the current rate (+$3 a day). The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit PENGU_USDC-PERPETUAL	0.008811	0	get 0.0000% / 1h	20m 30s	$18K	$10K	10x
Short	OKX PENGU-USDT-SWAP	0.008787	0.0100	get 0.0050% / 4h	20m 30s	$7.4M	$47.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Deribit. 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 DeribitbpFee OKXbpOrdersPrice spread, now −0.272%Rate

Funding earned: $21
Price spread: −0.272% → 0.000%: −$27.24
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: −$23.24
Costs to cover: 0.170%
Break-even: 14.7 days

Slippage unknown: Deribit: no order-book sample; OKX: live order book, 3 min ago. 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 Deribit no order-book sample	—	—	—	—	—
Sell OKX live order book, 3 min ago	0.57 bp	11.2 bp −$11	29.0 bp −$290	doesn't fit	doesn't fit

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 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
Deribit PENGU_USDC-PERPETUALlong	0.0000%	1h	0.008811	long leg	$18K	$10K	10x
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008808	−0.032%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.250%	$3K	$117K	5.5x	as long as short
Gate PENGU_USDT	+0.0080%	4h	0.008801	−0.113%	$3.3M	$15.7M	75x	as long as short
Lighter PENGU	+0.0096%	1h	0.008805	−0.068%	$313K	$719K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008808	−0.034%	$23K	$118K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008794	−0.187%	$590K	$1.0M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008810	−0.011%	$8.2M	$14.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008804	−0.080%	$118K	$589K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008802	−0.102%	$155K	$241K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance PENGUUSDT	+0.0100%	4h	0.008796	−0.169%	$36.8M	$163.2M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008791	−0.227%	$23.3M	$39.5M	75x	as long as short
OKX PENGU-USDT-SWAPshort	+0.0100%	4h	0.008787	−0.272%	$7.4M	$47.3M	50x
Arcus PENGU-USD	+0.0100%	1h	0.008800	−0.125%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008801	−0.113%	$10.8M	$12.4M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008802	−0.102%	$4.9M	$9.2M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008800	−0.125%	$8.3M	$12.3M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008800	−0.125%	—	$3.5M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008801	−0.113%	$292K	$314K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008803	−0.092%	$914K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008819	+0.088%	$460K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008843	+0.363%	$80K	$242K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009019	+2.361%	$3K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008811	0.000%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008832	+0.238%	$92K	$372K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008798	−0.151%	$185K	$941K	10x	as long as short
01 Exchange PENGUUSD	+0.0104%	1h	0.008800	−0.125%	$201	$64	5x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008803	−0.091%	$203K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008807	−0.050%	$297	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008815	+0.045%	$1.5M	$3.7M	75x	as long as short
Kraken Futures PF_PENGUUSD	+0.0363%	1h	0.008819	+0.087%	$345K	$2.3M	50x	as long as short
dYdX PENGU-USD	+0.0498%	1h	0.008804	−0.077%	$12K	$5K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0498% / S −0.0492%	1h	0.008807	−0.045%	$119K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2928%	1h	0.008950	+1.578%	$96K	$62K	50x	as long as short