Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0103%/8h= +11.3% APRpaid last 24h +0.032%

Price spread now: BloFin against Reya+0.091%106s7-day average — · you sell dearer than you buy

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

Long on Reya Short on BloFin

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—+ Points / potential airdropReya: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and BloFin is 0.091% dearer against Reya than usual: you sell high and buy low: +$9 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 106 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya PENGURUSDPERP	0.008765	0.0237	pay 0.0030% / 1h	49m 24s	$296	—	10x
Short	BloFin PENGU-USDT	0.008773	0.0340	get 0.0170% / 4h	1h 49m	$1.5M	$2.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Reya. 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 ReyabpFee BloFinbpOrdersPrice spread, now +0.091%Rate

Funding earned: $21.59
Price spread: +0.091% → 0.000%: $9.06
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee BloFin: 6 bp × 2 orders: −$12
Net: $12.65
Costs to cover: 0.180%
Break-even: 2.9 days

Slippage unknown: Reya: no order-book sample; BloFin: live order book, 4 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 Reya no order-book sample	—	—	—	—	—
Sell BloFin live order book, 4 min ago	1.14 bp	9.0 bp −$9	15.4 bp −$154	38.6 bp −$3,864	doesn't fit

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
Kraken Futures PF_PENGUUSD	−0.0608%	1h	0.008765	−0.002%	$387K	$2.2M	50x	as long as short
Gate PENGU_USDT	−0.0288%	4h	0.008755	−0.115%	$3.4M	$15.5M	75x	as long as short
01 Exchange PENGUUSD	−0.0112%	1h	0.008758	−0.081%	$200	$59	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0092%	1h	0.008762	−0.035%	$19K	$9K	10x	as long as short
Bybit PENGUUSDT	−0.0017%	4h	0.008755	−0.115%	$22.7M	$36.1M	75x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008769	+0.044%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008715	−0.571%	$3K	$81K	5.5x	as long as short
dYdX PENGU-USD	+0.0034%	1h	0.008769	+0.047%	$12K	$4K	5x	as long as short
Nado PENGU-PERP	+0.0051%	1h	0.008761	−0.046%	$679K	$758K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008763	−0.024%	$299K	$726K	8x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid PENGU	+0.0100%	1h	0.008769	+0.045%	$8.7M	$15.0M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008768	+0.033%	$173K	$449K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008764	−0.012%	$148K	$236K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008769	+0.045%	$36.3M	$151.6M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008764	−0.012%	$7.7M	$46.8M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008750	−0.172%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008766	+0.011%	$13.1M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008761	−0.046%	$4.8M	$8.8M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008768	+0.034%	$8.4M	$12.6M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008755	−0.115%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008761	−0.046%	$312K	$310K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008761	−0.049%	$811K	$726K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008763	−0.023%	$458K	$2.3M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008763	−0.024%	$80K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008763	−0.024%	$23K	$186K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008973	+2.372%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008760	−0.058%	$997	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008786	+0.239%	$92K	$250K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008756	−0.108%	$180K	$682K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008765	−0.001%	$202K	$17K	3x	as long as short
Reya PENGURUSDPERPlong	+0.0237%	1h	0.008765	long leg	$296	—	10x
BloFin PENGU-USDTshort	+0.0340%	4h	0.008773	+0.091%	$1.5M	$2.7M	75x
GMX PENGU/USD [WBTC.b-USDC]	L +0.0506% / S −0.0703%	1h	0.008770	+0.056%	$113K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2504%	1h	0.008785	+0.227%	$93K	$101K	50x	as long as short