Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0244%/8h= +26.7% APRpaid last 24h +0.073%

Price spread now: BloFin against Lighter+0.183%90s7-day average −0.049% · you sell dearer than you buy

Net, funding: paid 7d − costs−$3as 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−$520.518% of the position

Long on Lighter Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.486%+$49 on $10k

Price spread, last 4 days (all we have)−0.179%−$18 · spread now +0.183%, 7d avg −0.049%

Together, before fees+0.307%+ Points / potential airdropLighter: Season 3 · farm board+$31 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and BloFin is 0.232% dearer against Lighter than usual: you sell high and buy low: +$23 more if the spread goes back to its 7-day average of −0.049%. The two prices were read 90 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	Lighter PENGU	0.008758	0.0096	pay 0.0012% / 1h	27m 51s	$317K	$750K	8x
Short	BloFin PENGU-USDT	0.008774	0.0340	get 0.0170% / 4h	2h 27m	$1.5M	$4.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Lighter. 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 LighterbpFee BloFinbpOrdersPrice spread, now +0.183%Rate

Funding earned: $51.24
Price spread: +0.183% → −0.049%: $23.18
Slippage, 4 orders: −$39.8
Fee Lighter: 0 bp × 2 orders: $0
Fee BloFin: 6 bp × 2 orders: −$12
Net: $22.62
Costs to cover: 0.518%
Break-even: 3.9 days

Slippage from Lighter: live order book, 17 min ago; BloFin: live order book, 6 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 Lighter live order book, 17 min ago	1.70 bp	11.7 bp −$12	77.2 bp −$772	doesn't fit	doesn't fit
Sell BloFin live order book, 6 min ago	8.01 bp	17.4 bp −$17	22.5 bp −$225	48.2 bp −$4,820	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
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008753	−0.057%	$17K	$12K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008742	−0.178%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.354%	$3K	$117K	5.5x	as long as short
Lighter PENGUlong	+0.0096%	1h	0.008758	long leg	$317K	$750K	8x
Hyperliquid PENGU	+0.0100%	1h	0.008757	−0.011%	$8.0M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008759	+0.016%	$120K	$667K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008747	−0.126%	$133K	$274K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008757	−0.011%	$36.9M	$177.0M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008748	−0.114%	$23.2M	$41.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008747	−0.126%	$7.5M	$50.4M	50x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus PENGU-USD	+0.0100%	1h	0.008750	−0.091%	$18K	$25K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.008751	−0.080%	$3.3M	$16.5M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008750	−0.091%	$10.4M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008755	−0.034%	$4.9M	$9.7M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008755	−0.034%	$8.3M	$13.4M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008754	−0.046%	—	$3.7M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008753	−0.057%	$288K	$339K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008739	−0.215%	$912K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008745	−0.144%	$457K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008731	−0.308%	$79K	$250K	50x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008741	−0.194%	$586K	$1.1M	5x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008751	−0.080%	$23K	$166K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008947	+2.158%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008754	−0.046%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008765	+0.080%	$91K	$392K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008747	−0.125%	$182K	$872K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008745	−0.148%	$202K	—	3x	as long as short
01 Exchange PENGUUSD	+0.0176%	1h	0.008752	−0.069%	$200	$64	5x	as long as short
dYdX PENGU-USD	+0.0187%	1h	0.008752	−0.071%	$12K	$6K	5x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.008742	−0.185%	$295	—	10x	as long as short
Kraken Futures PF_PENGUUSD	+0.0322%	1h	0.008757	−0.015%	$319K	$2.4M	50x	as long as short
BloFin PENGU-USDTshort	+0.0340%	4h	0.008774	+0.183%	$1.5M	$4.4M	75x
GMX PENGU/USD [WBTC.b-USDC]	L +0.0500% / S −0.0466%	1h	0.008743	−0.171%	$121K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1752%	1h	0.008825	+0.765%	$78K	$76K	50x	as long as short