Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0011%/8h= +1.2% APRpaid last 24h +0.003%

Price spread now: Orderly against 01 Exchange−0.023%7-day average — · you buy dearer than you sell

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

Long on 01 Exchange Short on Orderly

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

Funding pays, the price is against you. Orderly is 0.023% cheaper against 01 Exchange than usual: you would sell low and buy high (spread −0.023% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$2 on $10k: about 7.2 days of funding at the current rate ($0 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	01 Exchange PENGUUSD	0.008787	0.0088	pay 0.0011% / 1h	20m 12s	$201	$64	5x
Short	Orderly PERP_PENGU_USDC	0.008785	0.0099	get 0.0049% / 4h	2h 20m	$19K	$161K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.023%Rate

Funding earned: $2.23
Price spread: −0.023% → 0.000%: −$2.28
Slippage, 4 orders: no order book: not counted
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$13.05
Costs to cover: 0.130%
Break-even: 48.0 days

Slippage unknown: 01 Exchange: 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 01 Exchange no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

01 Exchange 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 33 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	0.008788	+0.011%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008786	−0.009%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.023%	$3K	$117K	5.5x	as long as short
Gate PENGU_USDT	+0.0052%	4h	0.008789	+0.023%	$3.4M	$15.6M	75x	as long as short
Variational Omni PENGU	+0.0060%	4h	0.008804	+0.192%	$876K	$999K	—	as long as short
01 Exchange PENGUUSDlong	+0.0088%	1h	0.008787	long leg	$201	$64	5x
Lighter PENGU	+0.0096%	1h	0.008792	+0.057%	$311K	$707K	8x	as long as short
Orderly PERP_PENGU_USDCshort	+0.0099%	4h	0.008785	−0.023%	$19K	$161K	20x
Nado PENGU-PERP	+0.0100%	1h	0.008782	−0.054%	$591K	$990K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008794	+0.080%	$8.2M	$14.9M	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster PENGUUSDT	+0.0100%	4h	0.008787	+0.004%	$142K	$509K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008789	+0.023%	$155K	$245K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008790	+0.029%	$37.6M	$157.6M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008781	−0.068%	$23.0M	$38.3M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008790	+0.034%	$7.5M	$47.5M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008780	−0.080%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008789	+0.023%	$11.9M	$12.9M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008788	+0.011%	$4.7M	$9.1M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008795	+0.091%	$8.3M	$12.7M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008791	+0.046%	—	$3.6M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008792	+0.057%	$301K	$300K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008820	+0.376%	$472K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008813	+0.296%	$80K	$249K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008998	+2.401%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008787	0.000%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008812	+0.285%	$94K	$337K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008784	−0.033%	$181K	$939K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008779	−0.091%	$203K	—	3x	as long as short
Kraken Futures PF_PENGUUSD	+0.0210%	1h	0.008796	+0.101%	$359K	$2.3M	50x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008784	−0.032%	$297	—	10x	as long as short
dYdX PENGU-USD	+0.0299%	1h	0.008790	+0.036%	$12K	$4K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0512% / S −0.0708%	1h	0.008786	−0.011%	$114K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1352%	1h	0.008967	+2.048%	$95K	$94K	50x	as long as short