Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.001%

Price spread now: Orderly against Nado−0.033%51s7-day average 0.000% · you buy dearer than you sell

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

Long on Nado Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.061%+$6 on $10k

Price spread, last 4 days (all we have)+0.167%+$17 · spread now −0.033%, 7d avg 0.000%

Together, before fees+0.228%+ Points / potential airdropNado: Active · farm board+$23 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: Orderly is 0.033% cheaper against Nado than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of 0.000%. The two prices were read 51 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	Nado PENGU-PERP	0.009027	0.0100	pay 0.0013% / 1h	31m 25s	$642K	$1.1M	5x
Short	Orderly PERP_PENGU_USDC	0.009024	0.0100	get 0.0050% / 4h	3h 31m	$23K	$328K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Nado. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 OrderlybpOrdersPrice spread, now −0.033%Rate

Funding earned: $0
Price spread: −0.033% → 0.000%: −$3.34
Slippage, 4 orders: no order book: not counted
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$16.34
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Nado: live order book, 2 min ago; 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 Nado live order book, 2 min ago	2.75 bp	14.9 bp −$15	57.3 bp −$573	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

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 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
Gate PENGU_USDT	−0.0348%	4h	0.009028	+0.011%	$3.7M	$17.9M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.009025	−0.022%	$1K	$29K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009012	−0.162%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−2.637%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.009035	+0.089%	$329K	$756K	8x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.009038	+0.122%	$9.2M	$16.8M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009033	+0.062%	$132K	$769K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009037	+0.111%	$137K	$274K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009033	+0.062%	$39.9M	$197.4M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.009023	−0.044%	$24.4M	$47.1M	75x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009027	0.000%	$8.1M	$57.9M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.009040	+0.144%	$18K	$26K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009028	+0.011%	$11.5M	$13.0M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009029	+0.022%	$5.0M	$10.5M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009033	+0.066%	$8.8M	$15.2M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.009032	+0.055%	—	$3.8M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009028	+0.011%	$313K	$388K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.009099	+0.798%	$940K	$1.2M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009076	+0.543%	$473K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009072	+0.499%	$80K	$252K	50x	as long as short
Nado PENGU-PERPlong	+0.0100%	1h	0.009027	long leg	$642K	$1.1M	5x
Orderly PERP_PENGU_USDCshort	+0.0100%	4h	0.009024	−0.033%	$23K	$328K	20x
SunX PENGU-USDT	+0.0100%	4h	0.009232	+2.271%	$2K	$2.2M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009019	−0.089%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009040	+0.144%	$94K	$416K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009030	+0.035%	$188K	$744K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009055	+0.310%	$209K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0241%	1h	0.009027	+0.003%	$305	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009051	+0.266%	$1.6M	$5.2M	75x	as long as short
01 Exchange PENGUUSD	+0.0352%	1h	0.009040	+0.144%	$207	$41	5x	as long as short
Kraken Futures PF_PENGUUSD	+0.0382%	1h	0.009026	−0.011%	$335K	$2.7M	50x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0430% / S −0.0351%	1h	0.009011	−0.177%	$103K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2088%	1h	0.009211	+2.038%	$81K	$73K	50x	as long as short
dYdX PENGU-USD	+0.2291%	1h	0.009046	+0.213%	$21K	$18K	5x	as long as short