Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.001%

Price spread now: Aster against Orderly−0.046%7-day average +0.053% · you buy dearer than you sell

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

Long on Orderly Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days+0.017%+$2 on $10k

Price spread, last 4 days (all we have)+0.067%+$7 · spread now −0.046%, 7d avg +0.053%

Together, before fees+0.084%+ Points / potential airdropAster: Stage 5 · farm board+$8 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: Aster is 0.100% cheaper against Orderly than usual: you would sell low and buy high, −$10 on $10k if it goes back to its 7-day average of +0.053%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_PENGU_USDC	0.009120	0.0100	pay 0.0050% / 4h	3h 57m	$23K	$314K	20x
Short	Aster PENGUUSDT	0.009116	0.0100	get 0.0050% / 4h	3h 57m	$143K	$737K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Orderly. 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 OrderlybpFee AsterbpOrdersPrice spread, now −0.046%Rate

Funding earned: $0
Price spread: −0.046% → +0.053%: −$9.97
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Aster: 4 bp × 2 orders: −$8
Net: −$23.97
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Aster: live order book, 41 min ago. 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 Orderly no order-book sample	—	—	—	—	—
Sell Aster live order book, 41 min ago	6.01 bp	13.2 bp −$13	49.6 bp −$496	doesn't fit	doesn't fit

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
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009114	−0.062%	$34K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−3.629%	$3K	$117K	5.5x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0079%	1h	0.009122	+0.022%	$1K	$29K	10x	as long as short
Lighter PENGU	+0.0096%	1h	0.009128	+0.088%	$329K	$747K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009105	−0.164%	$646K	$1.1M	5x	as long as short
Aster PENGUUSDTshort	+0.0100%	4h	0.009116	−0.046%	$143K	$737K	20x
Pacifica PENGU	+0.0100%	1h	0.009089	−0.340%	$137K	$270K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009117	−0.031%	$40.1M	$195.9M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.009122	+0.022%	$24.5M	$46.4M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009121	+0.011%	$8.2M	$57.9M	50x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus PENGU-USD	+0.0100%	1h	0.009100	−0.219%	$18K	$25K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.009116	−0.044%	$3.7M	$17.4M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009123	+0.033%	$11.4M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009121	+0.011%	$5.1M	$10.5M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009127	+0.077%	$8.8M	$14.9M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.009121	+0.011%	—	$3.8M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009124	+0.044%	$313K	$388K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.009072	−0.523%	$934K	$1.2M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009085	−0.379%	$477K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009067	−0.581%	$80K	$252K	50x	as long as short
Orderly PERP_PENGU_USDClong	+0.0100%	4h	0.009120	long leg	$23K	$314K	20x
SunX PENGU-USDT	+0.0100%	4h	0.009327	+2.270%	$3K	$2.2M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009121	+0.011%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009127	+0.077%	$94K	$414K	25x	as long as short
dYdX PENGU-USD	+0.0104%	1h	0.009088	−0.347%	$12K	$6K	5x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009118	−0.026%	$187K	$743K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009116	−0.044%	$211K	—	3x	as long as short
Hyperliquid PENGU	+0.0188%	1h	0.009130	+0.110%	$9.3M	$16.8M	5x	as long as short
Reya PENGURUSDPERP	+0.0241%	1h	0.009103	−0.188%	$307	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009117	−0.033%	$1.7M	$5.1M	75x	as long as short
Kraken Futures PF_PENGUUSD	+0.0378%	1h	0.009128	+0.089%	$354K	$2.6M	50x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0432% / S −0.0351%	1h	0.009116	−0.044%	$104K	—	100x	as long as short
01 Exchange PENGUUSD	+0.0448%	1h	0.009104	−0.175%	$208	$41	5x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2088%	1h	0.009233	+1.239%	$81K	$74K	50x	as long as short