Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0399%/8h= +43.7% APRpaid last 24h +0.327%

Price spread now: dYdX against Orderly−0.043%7-day average — · you buy dearer than you sell

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

Long on Orderly Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. dYdX is 0.043% cheaper against Orderly than usual: you would sell low and buy high (spread −0.043% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 9 hours of funding at the current rate (+$12 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_PENGU_USDC	0.008808	0.0099	pay 0.0050% / 4h	20m 35s	$23K	$118K	20x
Short	dYdX PENGU-USD	0.008804	0.0498	get 0.0062% / 1h	20m 35s	$12K	$5K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now −0.043%Rate

Funding earned: $83.79
Price spread: −0.043% → 0.000%: −$4.27
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee dYdX: 5 bp × 2 orders: −$10
Net: $63.52
Costs to cover: 0.160%
Break-even: 1.7 days

Slippage unknown: Orderly: no order-book sample; dYdX: 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 Orderly no order-book sample	—	—	—	—	—
Sell dYdX no order-book sample	—	—	—	—	—

Orderly and dYdX: 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	0.008811	+0.034%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008808	+0.002%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.216%	$3K	$117K	5.5x	as long as short
Gate PENGU_USDT	+0.0080%	4h	0.008801	−0.079%	$3.3M	$15.7M	75x	as long as short
Lighter PENGU	+0.0096%	1h	0.008805	−0.034%	$313K	$719K	8x	as long as short
Orderly PERP_PENGU_USDClong	+0.0099%	4h	0.008808	long leg	$23K	$118K	20x
Nado PENGU-PERP	+0.0100%	1h	0.008794	−0.153%	$590K	$1.0M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008810	+0.023%	$8.2M	$14.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008804	−0.046%	$118K	$589K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008802	−0.068%	$155K	$241K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance PENGUUSDT	+0.0100%	4h	0.008796	−0.135%	$36.8M	$163.2M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008791	−0.193%	$23.3M	$39.5M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008787	−0.238%	$7.4M	$47.3M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008800	−0.091%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008801	−0.079%	$10.8M	$12.4M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008802	−0.068%	$4.9M	$9.2M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008800	−0.091%	$8.3M	$12.3M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008800	−0.091%	—	$3.5M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008801	−0.079%	$292K	$314K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008803	−0.058%	$914K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008819	+0.123%	$460K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008843	+0.397%	$80K	$242K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009019	+2.396%	$3K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008811	+0.034%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008832	+0.272%	$92K	$372K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008798	−0.117%	$185K	$941K	10x	as long as short
01 Exchange PENGUUSD	+0.0104%	1h	0.008800	−0.091%	$201	$64	5x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008803	−0.057%	$203K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008807	−0.015%	$297	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008815	+0.079%	$1.5M	$3.7M	75x	as long as short
Kraken Futures PF_PENGUUSD	+0.0363%	1h	0.008819	+0.122%	$345K	$2.3M	50x	as long as short
dYdX PENGU-USDshort	+0.0498%	1h	0.008804	−0.043%	$12K	$5K	5x
GMX PENGU/USD [WBTC.b-USDC]	L +0.0498% / S −0.0492%	1h	0.008807	−0.011%	$119K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2928%	1h	0.008950	+1.612%	$96K	$62K	50x	as long as short