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: OKX against Orderly−0.364%7-day average +0.012% · you buy dearer than you sell

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

Long on Orderly Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.032%−$3 on $10k

Price spread, last 4 days (all we have)+0.250%+$25 · spread now −0.364%, 7d avg +0.012%

Together, before fees+0.218%+$22 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: OKX is 0.377% cheaper against Orderly than usual: you would sell low and buy high, −$38 on $10k if it goes back to its 7-day average of +0.012%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_PENGU_USDC	0.009059	0.0100	pay 0.0050% / 4h	3h 30m	$23K	$329K	20x
Short	OKX PENGU-USDT-SWAP	0.009026	0.0100	get 0.0050% / 4h	3h 30m	$8.1M	$57.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.364%Rate

Funding earned: $0
Price spread: −0.364% → +0.012%: −$37.66
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee OKX: 5 bp × 2 orders: −$10
Net: −$53.66
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; OKX: live order book, 3 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 OKX live order book, 3 min ago	0.55 bp	11.5 bp −$11	33.5 bp −$335	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
Gate PENGU_USDT	−0.0348%	4h	0.009036	−0.254%	$3.7M	$17.9M	75x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009027	−0.355%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−2.980%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.009039	−0.221%	$328K	$757K	8x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.009040	−0.210%	$9.2M	$16.8M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009039	−0.226%	$132K	$769K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009037	−0.243%	$137K	$274K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009039	−0.221%	$40.0M	$197.7M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.009031	−0.309%	$24.4M	$47.1M	75x	as long as short
OKX PENGU-USDT-SWAPshort	+0.0100%	4h	0.009026	−0.364%	$8.1M	$57.9M	50x

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus PENGU-USD	+0.0100%	1h	0.009040	−0.210%	$18K	$26K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009045	−0.155%	$11.5M	$13.0M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009039	−0.221%	$5.0M	$10.6M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009037	−0.243%	$8.8M	$15.2M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.009040	−0.210%	—	$3.8M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009042	−0.188%	$314K	$388K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.009017	−0.463%	$933K	$1.2M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009076	+0.188%	$473K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009072	+0.144%	$80K	$252K	50x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009027	−0.353%	$642K	$1.1M	5x	as long as short
Orderly PERP_PENGU_USDClong	+0.0100%	4h	0.009059	long leg	$23K	$329K	20x
SunX PENGU-USDT	+0.0100%	4h	0.009273	+2.362%	$3K	$2.2M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009059	0.000%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009056	−0.033%	$94K	$416K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009025	−0.374%	$189K	$744K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009065	+0.066%	$209K	—	3x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0192%	1h	0.009063	+0.044%	$1K	$29K	10x	as long as short
Reya PENGURUSDPERP	+0.0241%	1h	0.009027	−0.351%	$305	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009062	+0.033%	$1.6M	$5.3M	75x	as long as short
01 Exchange PENGUUSD	+0.0352%	1h	0.009040	−0.210%	$207	$41	5x	as long as short
Kraken Futures PF_PENGUUSD	+0.0381%	1h	0.009068	+0.099%	$337K	$2.7M	50x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0430% / S −0.0351%	1h	0.009045	−0.155%	$103K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2088%	1h	0.009211	+1.678%	$81K	$73K	50x	as long as short
dYdX PENGU-USD	+0.2291%	1h	0.009046	−0.141%	$21K	$18K	5x	as long as short