Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.002%

Price spread now: OKX against Nado0.000%7-day average −0.006% · 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−$40as in the Price arb table

costs, in and out, $10k−$410.406% of the position

Long on Nado Short on OKX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.070%+$7 on $10k

Price spread, last 4 days (all we have)−0.215%−$21 · spread now 0.000%, 7d avg −0.006%

Together, before fees−0.145%+ Points / potential airdropNado: Active · farm board−$15 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado PENGU-PERP	0.009153	0.0100	pay 0.0012% / 1h	48m 04s	$642K	$1.1M	5x
Short	OKX PENGU-USDT-SWAP	0.009153	0.0100	get 0.0050% / 4h	1h 48m	$8.1M	$54.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now 0.000%Rate

Funding earned: $0
Price spread: 0.000% → −0.006%: $0.55
Slippage, 4 orders: −$23.57
Fee Nado: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: −$40.01
Costs to cover: 0.406%
Break-even: 36379734432588.6 days

Slippage from Nado: live order book, just now; OKX: 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, just now	1.64 bp	8.9 bp −$9	34.1 bp −$341	doesn't fit	doesn't fit
Sell OKX live order book, 6 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	0.009154	+0.009%	$34K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−3.977%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.009163	+0.109%	$329K	$766K	8x	as long as short
Nado PENGU-PERPlong	+0.0100%	1h	0.009153	long leg	$642K	$1.1M	5x
Aster PENGUUSDT	+0.0100%	4h	0.009160	+0.076%	$122K	$702K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009151	−0.022%	$140K	$291K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009162	+0.095%	$40.0M	$187.0M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.009152	−0.011%	$24.3M	$43.8M	75x	as long as short
OKX PENGU-USDT-SWAPshort	+0.0100%	4h	0.009153	0.000%	$8.1M	$54.9M	50x
Arcus PENGU-USD	+0.0100%	1h	0.009140	−0.142%	$18K	$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	0.009154	+0.011%	$3.5M	$17.0M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009159	+0.066%	$11.5M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009159	+0.066%	$5.3M	$9.9M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009162	+0.098%	$8.8M	$13.8M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.009151	−0.022%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009155	+0.022%	$315K	$361K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.009134	−0.208%	$931K	$1.1M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009155	+0.025%	$484K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009093	−0.656%	$80K	$251K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009155	+0.022%	$24K	$203K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009370	+2.371%	$3K	$2.2M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009154	+0.011%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009157	+0.044%	$95K	$401K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009154	+0.011%	$189K	$847K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009154	+0.011%	$211K	—	3x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0187%	1h	0.009161	+0.087%	$1K	$29K	10x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.009150	−0.030%	$309	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009133	−0.219%	$1.6M	$4.9M	75x	as long as short
01 Exchange PENGUUSD	+0.0368%	1h	0.009161	+0.087%	$210	$64	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0446% / S −0.0368%	1h	0.009154	+0.011%	$108K	—	100x	as long as short
Hyperliquid PENGU	+0.0546%	1h	0.009170	+0.186%	$9.4M	$16.0M	5x	as long as short
Kraken Futures PF_PENGUUSD	+0.0666%	1h	0.009166	+0.143%	$342K	$2.5M	50x	as long as short
dYdX PENGU-USD	+0.0825%	1h	0.009146	−0.080%	$12K	$6K	5x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1664%	1h	0.009194	+0.448%	$81K	$69K	50x	as long as short