Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0041%/8h= −4.5% APRpaid last 24h −0.003%

Price spread now: 01 Exchange against Orderly−0.045%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 01 Exchange

What this pair did over the last

the charts below follow

Funding, last 3 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

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and 01 Exchange is 0.045% cheaper against Orderly than usual: you would sell low and buy high (−$5 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_PENGU_USDC	0.008800	0.0097	pay 0.0049% / 4h	2h 44m	$19K	$176K	20x
Short	01 Exchange PENGUUSD	0.008796	0.0056	get 0.0007% / 1h	44m 19s	$201	$64	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

01 Exchange 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 01 ExchangebpOrdersPrice spread, now −0.045%Rate

Funding earned: −$8.69
Price spread: −0.045% → 0.000%: −$4.55
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Net: −$26.24
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; 01 Exchange: 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 01 Exchange no order-book sample	—	—	—	—	—

Orderly and 01 Exchange: 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
Nado PENGU-PERP	−0.0116%	1h	0.008799	−0.011%	$562K	$960K	5x	as long as short
Variational Omni PENGU	−0.0050%	4h	0.008788	−0.135%	$876K	$1.0M	—	as long as short
Gate PENGU_USDT	−0.0038%	4h	0.008794	−0.068%	$3.4M	$15.4M	75x	as long as short
ApeX Omni PENGUUSDT	−0.0034%	1h	0.008823	+0.261%	$80K	$248K	50x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008808	+0.091%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008803	+0.033%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.125%	$3K	$117K	5.5x	as long as short
01 Exchange PENGUUSDshort	+0.0056%	1h	0.008796	−0.045%	$201	$64	5x
Lighter PENGU	+0.0096%	1h	0.008784	−0.182%	$310K	$706K	8x	as long as short
Orderly PERP_PENGU_USDClong	+0.0097%	4h	0.008800	long leg	$19K	$176K	20x

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid PENGU	+0.0100%	1h	0.008801	+0.011%	$8.3M	$15.0M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008790	−0.111%	$168K	$441K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008785	−0.170%	$152K	$242K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008802	+0.018%	$37.4M	$157.0M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008803	+0.034%	$22.9M	$38.0M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008804	+0.045%	$7.5M	$47.6M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008790	−0.114%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008798	−0.023%	$12.2M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008797	−0.034%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008810	+0.114%	$8.3M	$12.6M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008792	−0.091%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008772	−0.318%	$301K	$323K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008848	+0.543%	$471K	$2.1M	10x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009012	+2.409%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008804	+0.045%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008795	−0.057%	$89K	$327K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008808	+0.094%	$181K	$940K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008808	+0.091%	$203K	—	3x	as long as short
dYdX PENGU-USD	+0.0164%	1h	0.008779	−0.242%	$12K	$4K	5x	as long as short
Kraken Futures PF_PENGUUSD	+0.0210%	1h	0.008815	+0.166%	$364K	$2.3M	50x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008791	−0.099%	$297	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008832	+0.364%	$1.5M	$3.2M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0512% / S −0.0708%	1h	0.008800	0.000%	$114K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1352%	1h	0.008967	+1.898%	$95K	$104K	50x	as long as short