Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Lighter against OKX+0.081%7-day average +0.052% · you sell dearer than you buy

Net, funding: paid 7d − costs−$42as in the Funding arb table

Net, price: spread back to 7d avg − costs−$44as in the Price arb table

costs, in and out, $10k−$470.469% of the position

Long on OKX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.053%+$5 on $10k

Price spread, last 4 days (all we have)−0.004%$0 · spread now +0.081%, 7d avg +0.052%

Together, before fees+0.048%+ Points / potential airdropLighter: Season 3 · farm board+$5 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: Lighter is 0.029% dearer against OKX than usual: you sell high and buy low, +$3 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	OKX PENGU-USDT-SWAP	0.008661	0.0100	pay 0.0050% / 4h	2h 00m	$7.7M	$46.3M	50x
Short	Lighter PENGU	0.008668	0.0096	get 0.0012% / 1h	0m 04s	$296K	$725K	8x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against OKX. 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 OKXbpFee LighterbpOrdersPrice spread, now +0.081%Rate

Funding earned: −$0.84
Price spread: +0.081% → +0.052%: $2.91
Slippage, 4 orders: −$36.92
Fee OKX: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$44.85
Costs to cover: 0.469%
Break-even: never at this rate

Slippage from OKX: live order book, 4 min ago; Lighter: live order book, 20 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 OKX live order book, 4 min ago	0.58 bp	14.0 bp −$14	30.5 bp −$305	doesn't fit	doesn't fit
Sell Lighter live order book, 20 min ago	2.30 bp	8.3 bp −$8	60.5 bp −$605	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
Kraken Futures PF_PENGUUSD	−0.0552%	1h	0.008670	+0.105%	$384K	$2.1M	50x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0327%	1h	0.008668	+0.081%	$19K	$9K	10x	as long as short
Gate PENGU_USDT	−0.0290%	4h	0.008663	+0.023%	$3.4M	$15.5M	75x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	+0.623%	$3K	$81K	5.5x	as long as short
Backpack PENGU_USDC_PERP	−0.0096%	1h	0.008664	+0.035%	$309K	$314K	10x	as long as short
01 Exchange PENGUUSD	−0.0024%	1h	0.008668	+0.081%	$198	$59	5x	as long as short
Bybit PENGUUSDT	−0.0017%	4h	0.008658	−0.035%	$22.5M	$36.0M	75x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008670	+0.104%	$33K	—	150x	as long as short
dYdX PENGU-USD	+0.0021%	1h	0.008669	+0.091%	$11K	$4K	5x	as long as short
Lighter PENGUshort	+0.0096%	1h	0.008668	+0.081%	$296K	$725K	8x

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado PENGU-PERP	+0.0100%	1h	0.008663	+0.023%	$673K	$757K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008667	+0.069%	$8.6M	$15.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008671	+0.121%	$171K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008667	+0.069%	$146K	$236K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008667	+0.069%	$35.8M	$151.2M	75x	as long as short
OKX PENGU-USDT-SWAPlong	+0.0100%	4h	0.008661	long leg	$7.7M	$46.3M	50x
Arcus PENGU-USD	+0.0100%	1h	0.008670	+0.104%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008667	+0.069%	$13.0M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008667	+0.069%	$4.7M	$8.8M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008672	+0.127%	$8.2M	$12.5M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008653	−0.092%	—	$2.3M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008657	−0.044%	$800K	$726K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008640	−0.246%	$452K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008642	−0.219%	$79K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008668	+0.081%	$23K	$186K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008877	+2.494%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008665	+0.046%	$990	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008689	+0.323%	$91K	$250K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008663	+0.028%	$178K	$682K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008665	+0.046%	$200K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008664	+0.038%	$293	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008674	+0.150%	$1.5M	$2.7M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0502% / S −0.0703%	1h	0.008670	+0.104%	$112K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008699	+0.439%	$93K	$97K	50x	as long as short