Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0001%/8h= −0.2% APRpaid last 24h −0.001%

Price spread now: Orderly against Pacifica−0.204%7-day average −0.026% · you buy dearer than you sell

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

Long on Pacifica Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.021%−$2 on $10k

Price spread, last 3 days (all we have)+0.191%+$19 · spread now −0.204%, 7d avg −0.026%

Together, before fees+0.170%+ Points / potential airdropPacifica: Active · farm board+$17 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: Orderly is 0.178% cheaper against Pacifica than usual: you would sell low and buy high, −$18 on $10k if it goes back to its 7-day average of −0.026%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Pacifica PENGU	0.008832	0.0100	pay 0.0013% / 1h	22m 32s	$155K	$245K	5x
Short	Orderly PERP_PENGU_USDC	0.008814	0.0099	get 0.0049% / 4h	2h 22m	$19K	$161K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Pacifica. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 PacificabpFee OrderlybpOrdersPrice spread, now −0.204%Rate

Funding earned: −$0.29
Price spread: −0.204% → −0.026%: −$17.77
Slippage, 4 orders: no order book: not counted
Fee Pacifica: 4 bp × 2 orders: −$8
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$32.06
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Pacifica: live order book, 45 min ago; Orderly: 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 Pacifica live order book, 45 min ago	3.36 bp	11.1 bp −$11	doesn't fit	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

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	0.008814	−0.204%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008810	−0.250%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.487%	$3K	$117K	5.5x	as long as short
Gate PENGU_USDT	+0.0042%	4h	0.008836	+0.045%	$3.4M	$15.6M	75x	as long as short
Variational Omni PENGU	+0.0043%	4h	0.008835	+0.034%	$879K	$1.0M	—	as long as short
01 Exchange PENGUUSD	+0.0088%	1h	0.008826	−0.068%	$202	$64	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008833	+0.011%	$312K	$707K	8x	as long as short
Orderly PERP_PENGU_USDCshort	+0.0099%	4h	0.008814	−0.204%	$19K	$161K	20x
Nado PENGU-PERP	+0.0100%	1h	0.008816	−0.181%	$594K	$988K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008831	−0.011%	$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	0.008828	−0.043%	$143K	$509K	20x	as long as short
Pacifica PENGUlong	+0.0100%	1h	0.008832	long leg	$155K	$245K	5x
Binance PENGUUSDT	+0.0100%	4h	0.008828	−0.040%	$37.7M	$157.5M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008822	−0.113%	$23.1M	$38.3M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008838	+0.068%	$7.5M	$47.8M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008830	−0.023%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008842	+0.113%	$12.0M	$12.9M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008826	−0.068%	$4.7M	$9.1M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008840	+0.091%	$8.3M	$12.7M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008819	−0.147%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008814	−0.204%	$302K	$300K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008817	−0.167%	$472K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008824	−0.091%	$80K	$249K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009028	+2.219%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008814	−0.204%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008833	+0.011%	$94K	$337K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008834	+0.020%	$182K	$939K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008807	−0.283%	$203K	—	3x	as long as short
Kraken Futures PF_PENGUUSD	+0.0210%	1h	0.008824	−0.093%	$360K	$2.3M	50x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008810	−0.247%	$298	—	10x	as long as short
dYdX PENGU-USD	+0.0294%	1h	0.008822	−0.111%	$12K	$4K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0513% / S −0.0708%	1h	0.008811	−0.238%	$115K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1352%	1h	0.008967	+1.529%	$95K	$94K	50x	as long as short