Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0137%/8h= −15.0% APRpaid last 24h −0.040%

Price spread now: OKX against Reya−0.046%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 OKX

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 −$4 a day on $10k at the current rate, and OKX is 0.046% cheaper against Reya 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	Reya PENGURUSDPERP	0.008782	0.0237	pay 0.0030% / 1h	46m 45s	$297	—	10x
Short	OKX PENGU-USDT-SWAP	0.008778	0.0100	get 0.0050% / 4h	1h 46m	$7.7M	$46.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.046%Rate

Funding earned: −$28.81
Price spread: −0.046% → 0.000%: −$4.63
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee OKX: 5 bp × 2 orders: −$10
Net: −$49.44
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; OKX: 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 OKX live order book, 2 min ago	0.57 bp	10.8 bp −$11	25.3 bp −$253	doesn't fit	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	−0.0607%	1h	0.008783	+0.014%	$390K	$2.2M	50x	as long as short
Gate PENGU_USDT	−0.0290%	4h	0.008777	−0.058%	$3.4M	$15.5M	75x	as long as short
01 Exchange PENGUUSD	−0.0104%	1h	0.008791	+0.102%	$201	$59	5x	as long as short
Bybit PENGUUSDT	−0.0018%	4h	0.008776	−0.069%	$22.8M	$36.1M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008783	+0.011%	$19K	$9K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008782	−0.005%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008715	−0.764%	$3K	$81K	5.5x	as long as short
Nado PENGU-PERP	+0.0059%	1h	0.008783	+0.016%	$680K	$758K	5x	as long as short
dYdX PENGU-USD	+0.0079%	1h	0.008787	+0.053%	$12K	$4K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008767	−0.172%	$300K	$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	0.008779	−0.035%	$8.7M	$15.0M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008787	+0.056%	$174K	$449K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008785	+0.033%	$148K	$236K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008770	−0.137%	$36.3M	$151.6M	75x	as long as short
OKX PENGU-USDT-SWAPshort	+0.0100%	4h	0.008778	−0.046%	$7.7M	$46.9M	50x
Arcus PENGU-USD	+0.0100%	1h	0.008790	+0.090%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008782	−0.001%	$13.1M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008783	+0.011%	$4.8M	$8.8M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008781	−0.012%	$8.4M	$12.6M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008768	−0.160%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008782	−0.001%	$313K	$310K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008761	−0.243%	$811K	$726K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008763	−0.216%	$458K	$2.3M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008766	−0.183%	$80K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008781	−0.012%	$23K	$186K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008999	+2.470%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008780	−0.023%	$998	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008804	+0.250%	$92K	$250K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008778	−0.044%	$180K	$682K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008780	−0.023%	$203K	$17K	3x	as long as short
Reya PENGURUSDPERPlong	+0.0237%	1h	0.008782	long leg	$297	—	10x
BloFin PENGU-USDT	+0.0340%	4h	0.008783	+0.011%	$1.5M	$2.7M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0510% / S −0.0711%	1h	0.008781	−0.012%	$114K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2504%	1h	0.008760	−0.251%	$92K	$102K	50x	as long as short