Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.019%

Price spread now: Bybit against Orderly−0.205%7-day average −0.038% · you buy dearer than you sell

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

Long on Orderly Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.115%−$12 on $10k

Price spread, last 4 days (all we have)+0.154%+$15 · spread now −0.205%, 7d avg −0.038%

Together, before fees+0.039%+$4 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: Bybit is 0.167% cheaper against Orderly than usual: you would sell low and buy high, −$17 on $10k if it goes back to its 7-day average of −0.038%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_PENGU_USDC	0.008783	0.0100	pay 0.0050% / 4h	3h 01m	$23K	$130K	20x
Short	Bybit PENGUUSDT	0.008765	0.0100	get 0.0050% / 4h	3h 01m	$23.3M	$41.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Orderly. 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 OrderlybpFee BybitbpOrdersPrice spread, now −0.205%Rate

Funding earned: $0
Price spread: −0.205% → −0.038%: −$16.7
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$33.7
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Bybit: live order book, 2 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 Bybit live order book, 2 min ago	0.57 bp	10.5 bp −$11	28.5 bp −$285	105.4 bp −$10.5K	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
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008785	+0.023%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008784	+0.006%	$32K	—	150x	as long as short
Gate PENGU_USDT	+0.0014%	4h	0.008769	−0.159%	$3.3M	$16.6M	75x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.068%	$3K	$117K	5.5x	as long as short
dYdX PENGU-USD	+0.0071%	1h	0.008770	−0.151%	$12K	$5K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008773	−0.114%	$318K	$754K	8x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008775	−0.091%	$8.1M	$15.4M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008769	−0.159%	$119K	$662K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008769	−0.159%	$134K	$273K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008767	−0.182%	$37.2M	$174.6M	75x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit PENGUUSDTshort	+0.0100%	4h	0.008765	−0.205%	$23.3M	$41.5M	75x
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008769	−0.159%	$7.6M	$49.7M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008790	+0.080%	$19K	$25K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008767	−0.182%	$10.5M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008769	−0.159%	$4.9M	$9.5M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008772	−0.125%	$8.5M	$13.1M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008764	−0.216%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008778	−0.057%	$291K	$337K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008848	+0.740%	$923K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008839	+0.639%	$469K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008834	+0.581%	$80K	$251K	50x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008779	−0.040%	$589K	$1.1M	5x	as long as short
Orderly PERP_PENGU_USDClong	+0.0100%	4h	0.008783	long leg	$23K	$130K	20x
SunX PENGU-USDT	+0.0100%	4h	0.008993	+2.391%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008787	+0.046%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008800	+0.194%	$91K	$378K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008771	−0.134%	$181K	$869K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008779	−0.046%	$203K	—	3x	as long as short
01 Exchange PENGUUSD	+0.0120%	1h	0.008781	−0.023%	$201	$64	5x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008787	+0.048%	$297	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008794	+0.125%	$1.5M	$4.1M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0497% / S −0.0415%	1h	0.008782	−0.011%	$125K	—	100x	as long as short
Kraken Futures PF_PENGUUSD	+0.0622%	1h	0.008794	+0.125%	$322K	$2.4M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2704%	1h	0.008886	+1.173%	$94K	$59K	50x	as long as short