Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0279%/8h= +30.5% APRpaid last 24h +0.076%

Price spread now: BloFin against Nado+0.063%7-day average +0.032% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$400.400% of the position

Long on Nado Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.291%+$29 on $10k

Price spread, last 3 days (all we have)+0.051%+$5 · spread now +0.063%, 7d avg +0.032%

Together, before fees+0.342%+ Points / potential airdropNado: Active · farm board+$34 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and BloFin is 0.030% dearer against Nado than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.032%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado PENGU-PERP	0.008783	0.0061	pay 0.0008% / 1h	6m 50s	$684K	$759K	5x
Short	BloFin PENGU-USDT	0.008789	0.0340	get 0.0170% / 4h	1h 06m	$1.5M	$2.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Nado. 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 NadobpFee BloFinbpOrdersPrice spread, now +0.063%Rate

Funding earned: $58.51
Price spread: +0.063% → +0.032%: $3.04
Slippage, 4 orders: −$21
Fee Nado: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: $21.55
Costs to cover: 0.400%
Break-even: 4.4 days

Slippage from Nado: live order book, 11 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 Nado live order book, 11 min ago	1.71 bp	9.8 bp −$10	56.7 bp −$567	doesn't fit	doesn't fit
Sell BloFin live order book, 6 min ago	3.41 bp	10.7 bp −$11	18.2 bp −$182	42.1 bp −$4,212	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	−0.0606%	1h	0.008798	+0.170%	$368K	$2.2M	50x	as long as short
Gate PENGU_USDT	−0.0288%	4h	0.008787	+0.040%	$3.4M	$15.6M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0205%	1h	0.008789	+0.063%	$19K	$9K	10x	as long as short
Bybit PENGUUSDT	−0.0186%	4h	0.008785	+0.017%	$22.8M	$36.5M	75x	as long as short
01 Exchange PENGUUSD	−0.0120%	1h	0.008780	−0.040%	$201	$59	5x	as long as short
Variational Omni PENGU	−0.0063%	4h	0.008782	−0.013%	$803K	$802K	—	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008787	+0.043%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.063%	$3K	$117K	5.5x	as long as short
Nado PENGU-PERPlong	+0.0061%	1h	0.008783	long leg	$684K	$759K	5x
Backpack PENGU_USDC_PERP	+0.0088%	1h	0.008789	+0.063%	$313K	$309K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter PENGU	+0.0096%	1h	0.008790	+0.074%	$308K	$736K	8x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008794	+0.120%	$8.7M	$15.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008798	+0.161%	$190K	$467K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008780	−0.040%	$151K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008793	+0.107%	$36.5M	$153.5M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008791	+0.085%	$7.6M	$47.2M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008780	−0.040%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008792	+0.097%	$12.6M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008792	+0.097%	$4.8M	$8.9M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008794	+0.120%	$8.4M	$12.6M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008779	−0.051%	—	$2.3M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008796	+0.142%	$460K	$2.3M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008798	+0.165%	$80K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008786	+0.028%	$23K	$186K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008997	+2.431%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008786	+0.028%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008801	+0.199%	$92K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008792	+0.093%	$181K	$622K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008780	−0.040%	$203K	$17K	3x	as long as short
dYdX PENGU-USD	+0.0133%	1h	0.008788	+0.050%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008784	+0.011%	$297	—	10x	as long as short
BloFin PENGU-USDTshort	+0.0340%	4h	0.008789	+0.063%	$1.5M	$2.8M	75x
GMX PENGU/USD [WBTC.b-USDC]	L +0.0511% / S −0.0711%	1h	0.008788	+0.051%	$114K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2504%	1h	0.008896	+1.281%	$95K	$105K	50x	as long as short