Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: OKX against Lighter−0.109%7-day average −0.052% · you buy dearer than you sell

Net, funding: paid 7d − costs−$45as in the Funding arb table

Net, price: spread back to 7d avg − costs−$46as in the Price arb table

costs, in and out, $10k−$400.402% of the position

Long on Lighter Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.044%−$4 on $10k

Price spread, last 4 days (all we have)+0.051%+$5 · spread now −0.109%, 7d avg −0.052%

Together, before fees+0.007%+ Points / potential airdropLighter: Season 3 · farm board+$1 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: OKX is 0.057% cheaper against Lighter than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of −0.052%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PENGU	0.009180	0.0096	pay 0.0012% / 1h	50m 15s	$331K	$765K	8x
Short	OKX PENGU-USDT-SWAP	0.009170	0.0100	get 0.0050% / 4h	1h 50m	$8.1M	$55.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.109%Rate

Funding earned: $0.84
Price spread: −0.109% → −0.052%: −$5.73
Slippage, 4 orders: −$30.2
Fee Lighter: 0 bp × 2 orders: $0
Fee OKX: 5 bp × 2 orders: −$10
Net: −$45.08
Costs to cover: 0.402%
Break-even: 382.7 days

Slippage from Lighter: live order book, 55 min ago; OKX: live order book, 3 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, 55 min ago	1.70 bp	11.7 bp −$12	77.2 bp −$772	doesn't fit	doesn't fit
Sell OKX live order book, 3 min ago	0.55 bp	12.1 bp −$12	28.7 bp −$287	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
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009171	−0.096%	$34K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−4.259%	$3K	$117K	5.5x	as long as short
Lighter PENGUlong	+0.0096%	1h	0.009180	long leg	$331K	$765K	8x
Nado PENGU-PERP	+0.0100%	1h	0.009130	−0.545%	$642K	$1.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009183	+0.033%	$123K	$696K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009169	−0.120%	$140K	$289K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009183	+0.033%	$40.0M	$186.1M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.009173	−0.076%	$24.4M	$43.7M	75x	as long as short
OKX PENGU-USDT-SWAPshort	+0.0100%	4h	0.009170	−0.109%	$8.1M	$55.0M	50x
Arcus PENGU-USD	+0.0100%	1h	0.009180	0.000%	$19K	$26K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate PENGU_USDT	+0.0100%	4h	0.009175	−0.054%	$3.5M	$17.0M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009185	+0.054%	$11.3M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009181	+0.011%	$5.3M	$9.9M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009179	−0.011%	$8.8M	$13.8M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.009171	−0.098%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009150	−0.327%	$315K	$361K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.009134	−0.501%	$931K	$1.1M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009099	−0.885%	$481K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009093	−0.948%	$80K	$251K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009178	−0.022%	$24K	$201K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009392	+2.309%	$3K	$2.2M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009178	−0.022%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009188	+0.087%	$95K	$401K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009174	−0.065%	$190K	$847K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009168	−0.131%	$212K	—	3x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0186%	1h	0.009173	−0.076%	$1K	$29K	10x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.009181	+0.008%	$310	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009151	−0.316%	$1.6M	$4.9M	75x	as long as short
01 Exchange PENGUUSD	+0.0368%	1h	0.009191	+0.120%	$210	$64	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0393% / S −0.0291%	1h	0.009168	−0.131%	$93K	—	100x	as long as short
Hyperliquid PENGU	+0.0580%	1h	0.009193	+0.142%	$9.5M	$16.0M	5x	as long as short
Kraken Futures PF_PENGUUSD	+0.0664%	1h	0.009186	+0.070%	$342K	$2.5M	50x	as long as short
dYdX PENGU-USD	+0.0780%	1h	0.009168	−0.131%	$12K	$6K	5x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1664%	1h	0.009165	−0.163%	$81K	$68K	50x	as long as short