Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0140%/8h= −15.4% APRpaid last 24h −0.042%

Price spread now: Orderly against Reya+0.072%7-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 Orderly

What this pair did over the last

the charts below follow

Funding, last 4 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

The price spread pays, funding is against you. Orderly is 0.072% dearer against Reya than usual: you sell high and buy low (spread +0.072% now, against zero (this spread has no 7-day history yet)): +$7 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 41 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya PENGURUSDPERP	0.009137	0.0240	pay 0.0030% / 1h	15m 14s	$309	—	10x
Short	Orderly PERP_PENGU_USDC	0.009144	0.0100	get 0.0050% / 4h	15m 14s	$24K	$298K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.072%Rate

Funding earned: −$29.48
Price spread: +0.072% → 0.000%: $7.24
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$34.24
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; 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 Reya no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Reya and 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 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
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.009149	+0.127%	$1K	$29K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009143	+0.061%	$34K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−3.813%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.009154	+0.182%	$330K	$773K	8x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009147	+0.110%	$146K	$730K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009156	+0.204%	$138K	$267K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009149	+0.130%	$40.3M	$194.3M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.009142	+0.051%	$24.6M	$45.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009147	+0.105%	$8.2M	$57.3M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.009160	+0.248%	$18K	$25K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate PENGU_USDT	+0.0100%	4h	0.009137	−0.004%	$3.7M	$18.1M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009150	+0.138%	$11.3M	$13.1M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009149	+0.127%	$5.1M	$10.4M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009146	+0.094%	$9.0M	$14.5M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.009143	+0.061%	—	$3.8M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009156	+0.204%	$317K	$382K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.009127	−0.113%	$918K	$1.2M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009149	+0.125%	$480K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009155	+0.193%	$80K	$252K	50x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009147	+0.100%	$644K	$1.1M	5x	as long as short
Orderly PERP_PENGU_USDCshort	+0.0100%	4h	0.009144	+0.072%	$24K	$298K	20x
SunX PENGU-USDT	+0.0100%	4h	0.009368	+2.524%	$3K	$2.2M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009147	+0.105%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009172	+0.379%	$95K	$414K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009141	+0.038%	$188K	$744K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009141	+0.040%	$211K	—	3x	as long as short
Hyperliquid PENGU	+0.0212%	1h	0.009154	+0.182%	$9.3M	$16.6M	5x	as long as short
Reya PENGURUSDPERPlong	+0.0240%	1h	0.009137	long leg	$309	—	10x
01 Exchange PENGUUSD	+0.0328%	1h	0.009155	+0.193%	$209	$41	5x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009146	+0.094%	$1.6M	$5.0M	75x	as long as short
dYdX PENGU-USD	+0.0380%	1h	0.009158	+0.227%	$12K	$6K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0435% / S −0.0352%	1h	0.009143	+0.061%	$105K	—	100x	as long as short
Kraken Futures PF_PENGUUSD	+0.0534%	1h	0.009150	+0.134%	$355K	$2.6M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1928%	1h	0.009196	+0.642%	$81K	$74K	50x	as long as short