Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0284%/8h= +31.1% APRpaid last 24h +0.075%

Price spread now: BloFin against 01 Exchange+0.295%338s7-day average — · you sell dearer than you buy

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

Long on 01 Exchange 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—needs both histories

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and BloFin is 0.295% dearer against 01 Exchange than usual: you sell high and buy low: +$30 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 338 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	01 Exchange PENGUUSD	0.008806	0.0056	pay 0.0007% / 1h	43m 17s	$201	$64	5x
Short	BloFin PENGU-USDT	0.008832	0.0340	get 0.0170% / 4h	2h 43m	$1.5M	$3.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against 01 Exchange. 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 01 ExchangebpFee BloFinbpOrdersPrice spread, now +0.295%Rate

Funding earned: $59.64
Price spread: +0.295% → 0.000%: $29.53
Slippage, 4 orders: no order book: not counted
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: $70.17
Costs to cover: 0.190%
Break-even: from the start

Slippage unknown: 01 Exchange: no order-book sample; BloFin: live order book, 10 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 01 Exchange no order-book sample	—	—	—	—	—
Sell BloFin live order book, 10 min ago	3.97 bp	10.6 bp −$11	19.2 bp −$192	63.8 bp −$6,385	doesn't fit

01 Exchange: 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
Nado PENGU-PERP	−0.0102%	1h	0.008806	−0.003%	$562K	$960K	5x	as long as short
Variational Omni PENGU	−0.0050%	4h	0.008788	−0.203%	$876K	$1.0M	—	as long as short
ApeX Omni PENGUUSDT	−0.0034%	1h	0.008823	+0.193%	$80K	$248K	50x	as long as short
Gate PENGU_USDT	−0.0024%	4h	0.008806	0.000%	$3.4M	$15.4M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008801	−0.057%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008807	+0.016%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.193%	$3K	$117K	5.5x	as long as short
01 Exchange PENGUUSDlong	+0.0056%	1h	0.008806	long leg	$201	$64	5x
Lighter PENGU	+0.0096%	1h	0.008807	+0.011%	$311K	$706K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0097%	4h	0.008799	−0.079%	$19K	$173K	20x	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	0.008805	−0.011%	$8.3M	$15.0M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008805	−0.013%	$169K	$442K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008806	0.000%	$152K	$242K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008803	−0.033%	$37.4M	$156.8M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008793	−0.148%	$22.9M	$37.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008780	−0.295%	$7.5M	$47.5M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008800	−0.068%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008804	−0.023%	$12.2M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008806	0.000%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008802	−0.045%	$8.3M	$12.6M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008804	−0.023%	—	$3.6M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008812	+0.068%	$302K	$323K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008776	−0.339%	$469K	$2.1M	10x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009015	+2.373%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008802	−0.045%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008818	+0.136%	$89K	$327K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008799	−0.082%	$181K	$940K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008800	−0.068%	$203K	—	3x	as long as short
dYdX PENGU-USD	+0.0154%	1h	0.008807	+0.008%	$12K	$4K	5x	as long as short
Kraken Futures PF_PENGUUSD	+0.0210%	1h	0.008811	+0.054%	$364K	$2.3M	50x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008801	−0.059%	$297	—	10x	as long as short
BloFin PENGU-USDTshort	+0.0340%	4h	0.008832	+0.295%	$1.5M	$3.2M	75x
GMX PENGU/USD [WBTC.b-USDC]	L +0.0512% / S −0.0708%	1h	0.008807	+0.011%	$114K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1352%	1h	0.008967	+1.828%	$95K	$104K	50x	as long as short