Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0005%/8h= +0.6% APRpaid last 24h +0.002%

Price spread now: Extended against Orderly−0.033%7-day average −0.036% · you buy dearer than you sell

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

Long on Orderly Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.006%+$1 on $10k

Price spread, last 3 days (all we have)−0.017%−$2 · spread now −0.033%, 7d avg −0.036%

Together, before fees−0.011%+ Points / potential airdropExtended: Active · farm board−$1 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_PENGU_USDC	0.008810	0.0099	pay 0.0049% / 4h	2h 21m	$19K	$161K	20x
Short	Extended PENGU-USD	0.008807	0.0104	get 0.0013% / 1h	21m 03s	$182K	$939K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.033%Rate

Funding earned: $1.13
Price spread: −0.033% → −0.036%: $0.27
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$9.59
Costs to cover: 0.110%
Break-even: 66.2 days

Slippage unknown: Orderly: no order-book sample; Extended: live order book, 47 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 Extended live order book, 47 min ago	1.68 bp	10.6 bp −$11	45.8 bp −$458	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 33 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	0.008812	+0.023%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008813	+0.032%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.238%	$3K	$117K	5.5x	as long as short
Gate PENGU_USDT	+0.0048%	4h	0.008799	−0.125%	$3.4M	$15.6M	75x	as long as short
Variational Omni PENGU	+0.0060%	4h	0.008804	−0.070%	$876K	$999K	—	as long as short
01 Exchange PENGUUSD	+0.0088%	1h	0.008812	+0.023%	$202	$64	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008809	−0.011%	$311K	$707K	8x	as long as short
Orderly PERP_PENGU_USDClong	+0.0099%	4h	0.008810	long leg	$19K	$161K	20x
Nado PENGU-PERP	+0.0100%	1h	0.008812	+0.023%	$593K	$990K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008800	−0.114%	$8.3M	$14.9M	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster PENGUUSDT	+0.0100%	4h	0.008813	+0.034%	$143K	$509K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008810	0.000%	$155K	$245K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008799	−0.124%	$37.6M	$157.6M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008788	−0.250%	$23.1M	$38.3M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008792	−0.204%	$7.5M	$47.5M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008810	0.000%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008801	−0.102%	$12.0M	$12.9M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008806	−0.045%	$4.7M	$9.1M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008797	−0.148%	$8.3M	$12.7M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008789	−0.238%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008798	−0.136%	$301K	$300K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008820	+0.114%	$472K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008813	+0.034%	$80K	$249K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009029	+2.486%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008811	+0.011%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008832	+0.250%	$94K	$337K	25x	as long as short
Extended PENGU-USDshort	+0.0104%	1h	0.008807	−0.033%	$182K	$939K	10x
Aevo PENGU-PERP	+0.0104%	1h	0.008805	−0.057%	$203K	—	3x	as long as short
Kraken Futures PF_PENGUUSD	+0.0210%	1h	0.008817	+0.078%	$360K	$2.3M	50x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008814	+0.041%	$298	—	10x	as long as short
dYdX PENGU-USD	+0.0296%	1h	0.008808	−0.021%	$12K	$4K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0513% / S −0.0708%	1h	0.008813	+0.034%	$114K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1352%	1h	0.008967	+1.782%	$95K	$94K	50x	as long as short