Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0237%/8h= −26.0% APRpaid last 24h −0.040%

Price spread now: Bybit against Reya−0.140%7-day average — · you buy dearer than you sell

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

Long on Reya Short on Bybit

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 against this trade now: funding costs −$7 a day on $10k at the current rate, and Bybit is 0.140% cheaper against Reya than usual: you would sell low and buy high (−$14 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	Reya PENGURUSDPERP	0.008654	0.0237	pay 0.0030% / 1h	7m 10s	$292	—	10x
Short	Bybit PENGUUSDT	0.008642	0	get 0.0000% / 4h	2h 07m	$22.5M	$36.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.140%Rate

Funding earned: −$49.79
Price spread: −0.140% → 0.000%: −$14.05
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$80.83
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; Bybit: live order book, 2 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 Bybit live order book, 2 min ago	1.15 bp	13.4 bp −$13	25.2 bp −$252	137.8 bp −$13.8K	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	−0.0553%	1h	0.008654	+0.003%	$383K	$2.1M	50x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0443%	1h	0.008650	−0.048%	$19K	$9K	10x	as long as short
Gate PENGU_USDT	−0.0286%	4h	0.008646	−0.094%	$3.4M	$15.4M	75x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	+0.703%	$3K	$81K	5.5x	as long as short
Backpack PENGU_USDC_PERP	−0.0067%	1h	0.008648	−0.071%	$308K	$314K	10x	as long as short
01 Exchange PENGUUSD	−0.0008%	1h	0.008655	+0.010%	$198	$59	5x	as long as short
Bybit PENGUUSDTshort	0.0000%	4h	0.008642	−0.140%	$22.5M	$36.0M	75x
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008657	+0.035%	$33K	—	150x	as long as short
dYdX PENGU-USD	+0.0014%	1h	0.008674	+0.227%	$11K	$4K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008647	−0.083%	$295K	$725K	8x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado PENGU-PERP	+0.0100%	1h	0.008661	+0.079%	$673K	$757K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008651	−0.036%	$8.6M	$15.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008659	+0.053%	$171K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008660	+0.068%	$146K	$236K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008647	−0.083%	$35.7M	$151.4M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008647	−0.083%	$7.6M	$46.2M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008660	+0.068%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008645	−0.106%	$12.8M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008651	−0.036%	$4.7M	$8.8M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008652	−0.025%	$8.2M	$12.5M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008636	−0.210%	—	$2.3M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008647	−0.085%	$799K	$726K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008663	+0.105%	$453K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008672	+0.206%	$79K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008652	−0.025%	$23K	$186K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008866	+2.448%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008645	−0.106%	$983	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008685	+0.356%	$91K	$250K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008645	−0.105%	$178K	$682K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008647	−0.083%	$200K	$17K	3x	as long as short
Reya PENGURUSDPERPlong	+0.0237%	1h	0.008654	long leg	$292	—	10x
BloFin PENGU-USDT	+0.0340%	4h	0.008648	−0.071%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0502% / S −0.0703%	1h	0.008656	+0.021%	$112K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008699	+0.518%	$93K	$97K	50x	as long as short