Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0099%/8h= +10.8% APRpaid last 24h +0.060%

Price spread now: Orderly against Deribit0.000%7-day average — · you sell dearer than you buy

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

Long on Deribit Short on Orderly

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

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: +$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit PENGU_USDC-PERPETUAL	0.008809	0	get 0.0000% / 1h	3m 11s	$18K	$10K	10x
Short	Orderly PERP_PENGU_USDC	0.008809	0.0099	get 0.0049% / 4h	2h 03m	$19K	$161K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now 0.000%Rate

Funding earned: $20.71
Price spread: 0.000% → 0.000%: $0
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: $7.71
Costs to cover: 0.130%
Break-even: 4.4 days

Slippage unknown: Deribit: no order-book sample; Orderly: 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 Deribit no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Deribit and Orderly: 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 33 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	0.008809	long leg	$18K	$10K	10x
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008805	−0.041%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.227%	$3K	$117K	5.5x	as long as short
Gate PENGU_USDT	+0.0094%	4h	0.008800	−0.102%	$3.4M	$15.6M	75x	as long as short
Lighter PENGU	+0.0096%	1h	0.008816	+0.079%	$313K	$709K	8x	as long as short
01 Exchange PENGUUSD	+0.0096%	1h	0.008814	+0.057%	$202	$64	5x	as long as short
Orderly PERP_PENGU_USDCshort	+0.0099%	4h	0.008809	0.000%	$19K	$161K	20x
Nado PENGU-PERP	+0.0100%	1h	0.008805	−0.045%	$593K	$988K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008806	−0.034%	$8.2M	$14.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008806	−0.035%	$138K	$521K	20x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica PENGU	+0.0100%	1h	0.008815	+0.068%	$155K	$245K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008802	−0.079%	$37.4M	$157.2M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008796	−0.148%	$23.1M	$38.2M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008800	−0.102%	$7.5M	$46.9M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008810	+0.011%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008802	−0.079%	$11.9M	$12.9M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008810	+0.011%	$4.7M	$9.1M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008799	−0.114%	$8.3M	$12.5M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008800	−0.102%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008796	−0.148%	$301K	$292K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008813	+0.045%	$876K	$987K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008794	−0.170%	$466K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008824	+0.170%	$80K	$243K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009018	+2.373%	$3K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008811	+0.023%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008840	+0.352%	$94K	$337K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008808	−0.007%	$185K	$941K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008801	−0.091%	$203K	—	3x	as long as short
Kraken Futures PF_PENGUUSD	+0.0210%	1h	0.008818	+0.108%	$361K	$2.3M	50x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008803	−0.071%	$297	—	10x	as long as short
dYdX PENGU-USD	+0.0327%	1h	0.008820	+0.128%	$12K	$4K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0513% / S −0.0582%	1h	0.008802	−0.079%	$120K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1352%	1h	0.008967	+1.794%	$95K	$94K	50x	as long as short