Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0141%/8h= +15.4% APRpaid last 24h +0.042%

Price spread now: Reya against Orderly+0.025%7-day average — · you sell dearer than you buy

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

Long on Orderly Short on Reya

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropReya: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Reya is 0.025% dearer against Orderly than usual: you sell high and buy low: +$2 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_PENGU_USDC	0.009128	0.0100	pay 0.0050% / 4h	3h 21m	$23K	$335K	20x
Short	Reya PENGURUSDPERP	0.009130	0.0241	get 0.0030% / 1h	21m 57s	$308	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now +0.025%Rate

Funding earned: $29.55
Price spread: +0.025% → 0.000%: $2.49
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Reya: 3 bp × 2 orders: −$6
Net: $20.03
Costs to cover: 0.120%
Break-even: 2.3 days

Slippage unknown: Orderly: no order-book sample; Reya: 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 Reya no order-book sample	—	—	—	—	—

Orderly and Reya: 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	−0.0266%	4h	0.009113	−0.164%	$3.7M	$18.1M	75x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009130	+0.027%	$34K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−3.714%	$3K	$117K	5.5x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0079%	1h	0.009133	+0.055%	$1K	$29K	10x	as long as short
Lighter PENGU	+0.0096%	1h	0.009126	−0.022%	$327K	$769K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009134	+0.063%	$648K	$1.1M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.009131	+0.033%	$9.3M	$16.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009123	−0.057%	$131K	$770K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009139	+0.121%	$139K	$275K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009127	−0.011%	$40.6M	$198.0M	75x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit PENGUUSDT	+0.0100%	4h	0.009119	−0.099%	$24.6M	$47.3M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009123	−0.055%	$8.2M	$58.5M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.009140	+0.131%	$19K	$26K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009122	−0.066%	$11.7M	$13.0M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009119	−0.099%	$5.0M	$10.6M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009116	−0.131%	$8.8M	$15.2M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.009120	−0.088%	—	$3.8M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009123	−0.055%	$300K	$390K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.009015	−1.241%	$923K	$1.2M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009062	−0.724%	$476K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009053	−0.822%	$80K	$252K	50x	as long as short
Orderly PERP_PENGU_USDClong	+0.0100%	4h	0.009128	long leg	$23K	$335K	20x
SunX PENGU-USDT	+0.0100%	4h	0.009350	+2.432%	$3K	$2.2M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009130	+0.022%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009153	+0.274%	$96K	$418K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009117	−0.118%	$190K	$744K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009125	−0.033%	$211K	—	3x	as long as short
Reya PENGURUSDPERPshort	+0.0241%	1h	0.009130	+0.025%	$308	—	10x
BloFin PENGU-USDT	+0.0340%	4h	0.009139	+0.121%	$1.7M	$5.3M	75x	as long as short
01 Exchange PENGUUSD	+0.0344%	1h	0.009138	+0.110%	$259	$91	5x	as long as short
Kraken Futures PF_PENGUUSD	+0.0378%	1h	0.009132	+0.047%	$339K	$2.7M	50x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0433% / S −0.0351%	1h	0.009141	+0.142%	$105K	—	100x	as long as short
dYdX PENGU-USD	+0.1776%	1h	0.009132	+0.046%	$22K	$18K	5x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2088%	1h	0.009211	+0.909%	$81K	$73K	50x	as long as short