Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment −$0.00 per $10,000 · paid last 24h −0.001%

Price spread now: Orderly against OKX+0.057%7-day average −0.002% · you sell dearer than you buy

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

Long on OKX Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days+0.042%+$4 on $10k

Price spread, last 3 days (all we have)−0.038%−$4 · spread now +0.057%, 7d avg −0.002%

Together, before fees+0.003%$0 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 0.059% dearer against OKX than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of −0.002%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX PENGU-USDT-SWAP	0.008721	0.0100	pay 0.0050% / 4h	23m 58s	$7.5M	$46.8M	50x
Short	Orderly PERP_PENGU_USDC	0.008726	0.0100	get 0.0050% / 4h	23m 58s	$23K	$186K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.057%Rate

Funding earned: −$0.08
Price spread: +0.057% → −0.002%: $5.88
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$10.19
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: OKX: live order book, 5 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 OKX live order book, 5 min ago	0.57 bp	9.7 bp −$10	25.4 bp −$254	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
Kraken Futures PF_PENGUUSD	−0.0343%	1h	0.008731	+0.116%	$367K	$2.3M	50x	as long as short
Bybit PENGUUSDT	−0.0289%	4h	0.008716	−0.057%	$22.6M	$36.7M	75x	as long as short
Gate PENGU_USDT	−0.0286%	4h	0.008719	−0.023%	$3.4M	$15.6M	75x	as long as short
01 Exchange PENGUUSD	−0.0240%	1h	0.008717	−0.046%	$199	$59	5x	as long as short
Variational Omni PENGU	−0.0238%	4h	0.008725	+0.052%	$797K	$802K	—	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0208%	1h	0.008725	+0.046%	$19K	$9K	10x	as long as short
Backpack PENGU_USDC_PERP	−0.0175%	1h	0.008720	−0.011%	$311K	$313K	10x	as long as short
Injective PENGU/USDC PERP	−0.0114%	1h	0.008789	+0.780%	$3K	$117K	5.5x	as long as short
Nado PENGU-PERP	−0.0001%	1h	0.008723	+0.023%	$692K	$775K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008727	+0.074%	$33K	—	150x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX PENGU-USD	+0.0026%	1h	0.008733	+0.143%	$12K	$4K	5x	as long as short
GRVT PENGU_USDT_Perp	+0.0094%	4h	0.008747	+0.296%	$458K	$2.1M	10x	as long as short
Lighter PENGU	+0.0096%	1h	0.008726	+0.057%	$305K	$741K	8x	as long as short
Orderly PERP_PENGU_USDCshort	+0.0100%	4h	0.008726	+0.057%	$23K	$186K	20x
Hyperliquid PENGU	+0.0100%	1h	0.008725	+0.046%	$8.4M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008730	+0.107%	$188K	$470K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008727	+0.069%	$151K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008721	0.000%	$36.1M	$154.8M	75x	as long as short
OKX PENGU-USDT-SWAPlong	+0.0100%	4h	0.008721	long leg	$7.5M	$46.8M	50x
Arcus PENGU-USD	+0.0100%	1h	0.008720	−0.011%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008720	−0.011%	$12.3M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008726	+0.057%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008724	+0.034%	$8.3M	$12.6M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008716	−0.057%	—	$2.3M	—	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008758	+0.424%	$80K	$254K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008934	+2.442%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008723	+0.023%	$996	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008737	+0.183%	$91K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008720	−0.015%	$180K	$622K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008720	−0.011%	$201K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008721	+0.004%	$295	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008733	+0.138%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0496% / S −0.0683%	1h	0.008727	+0.069%	$110K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2688%	1h	0.008724	+0.034%	$93K	$103K	50x	as long as short