PINGU

On-chain perps for crypto & RWAs. Non-custodial.
Powered by @PythNetwork, running on @monad.
Discord:

[PINGU @PinguExchange]

What makes Pingu different ?

Pingu is built around transparency, efficiency, simplicity, and community. The product itself is fully on-chain, and the UX is intuitive and accessible, lowering the barrier for new traders while providing the features, performance, and guarantees that advanced users expect from an on-chain perpetuals trading platform.

Pingu enables native trading across virtually all assets, from crypto to RWAs. Not just with stablecoins, but also allowing margin and settlement directly with the gas token and, eventually, with selected ERC20s such as LSTs or blue-chip assets.

Pingu’s oracle-based design ensures that traders are takers of prices from the most liquid sources available on each market, while liquidity providers gain a vehicle to deploy their assets and earn passively from both protocol revenues and trading activity. Our pool design reduces drawdowns risks and stabilizes returns, creating a favorable environment for liquidity providers and generating sticky TVL through the protocol’s mechanisms.

Most importantly, Pingu grows with its community. The protocol is designed to align incentives between the platform, its users, and its token holders, ensuring sustainable and community-driven growth.

Pingu is choosing Monad as its home: while L2s are indeed efficient, they still rely on centralized sequencers and fragment liquidity overall. We believe in a vision where the L1 scales, is highly efficient, remains truly decentralized, and is EVM-compatible as this continues to be the dominant execution environment.

[PINGU @PinguExchange]

@orpheuskaze Thank you, Orpheuz 💜

[PINGU @PinguExchange]

@orpheuskaze Thank you for the kind words Orpheuz, wishing you the best 💜

[PINGU @PinguExchange]

@Nornor_247 Thank you, Nornor

[PINGU @PinguExchange]

This is a hard one to write.

Pingu will shut down permanently.

After 18 months on Arbitrum and a Monad mainnet we truly believed in, we're winding down Pingu Exchange.

The platform closes for good on July 31st, 2026.

We launched on Arbitrum in January 2024 with around $270K raised. From day one, Pingu ran on its own revenue: we wanted to build for the community. Over 18 months Pingu did close to $2.4B in volume and distributed roughly $650K in ETH and USDC back to stakers while building up its treasury.

That runway let us bet on Monad, but the bet didn't transform. 6 months in, volume sits around $80M, and the team hasn't paid itself since February to avoid draining the treasury.

Today, we have neither the treasury nor the energy to keep pushing. Dragging it out would only mean spending money on hope. We'd rather give it back.

So that's what we're doing.

64.46 ETH goes to the people who bought PINGU on Arbitrum in 2024 and still hold, placed as concentrated liquidity in the PINGU/ETH pool (CA: 0x83E60B9F7f4DB5cDb0877659b1740E73c662c55B). Same exit price for everyone, no race, no first mover game. The window is open now and closes July 31st.
The 57% of supply held by the treasury won't claim any ETH, which means a better exit price for everyone who does.

Timeline (UTC):

- Now, the platform runs normally.
- June 3rd, 1pm, markets switch to reduce only, no new positions.
- July 31st, 1pm, everything settles and the dApp goes offline.
Please don't wait for the last day. Close your positions and withdraw LP early.

The part we feel worst about is the Monad points campaign.

Many of you put in real enthusiasm for over a year. Yet we cannot honor the campaign. The treasury was earned almost entirely on Arbitrum, and there's no honest way to redistribute it as if both sides had contributed the same way. Money spent buying the token carries more weight than points earned using the platform. You deserved a better outcome than the one we can give, and we're sorry.

To the traders who enjoyed using Pingu for what it provided, the LPs who held through volatility, the bot runners, the bug reporters, the people who argued with us in Discord and pushed us further than we had any right to expect: thank you.

We made a bet on a thesis that didn't transform. We're closing it the way we tried to run it, with our cards on the table.

Discord stays open until the end. Bring your questions, your frustration, all of it, we'll be here to answer: https://t.co/ZZ7HUA2qKS

The Pingu Team

[PINGU @PinguExchange]

@Cattobreed Funds are unlocked, you can withdraw them now.

[PINGU @PinguExchange]

Full breakdown: https://t.co/bjYrId41xq

[PINGU @PinguExchange]

Week in Markets W22 is out!

Oil collapsed from a $116 weekend spike to $103 as Trump called off an Iran strike and said the war would end "very quickly." The S&P 500 posted an 8th straight weekly gain, the Dow closed at a record. Then consumer sentiment hit an all-time low and the FOMC minutes opened the door to hikes.

▹ Read our weekly article to stay up to date with the most relevant news to stay informed.

Full breakdown below ▾

[PINGU @PinguExchange]

▸ Iran de-escalation drove everything. Brent opened the week near $116 on the weekend escalation, then collapsed to ~$103.54 (-6% week) after Trump called off a planned strike Tuesday and said the war would end "very quickly" Wednesday. WTI broke below $100 to ~$96.60 (-8%). No deal was signed. Khamenei barred surrendering enriched uranium.

▸ FOMC minutes (Apr 28-29, released Wed) showed 4 dissents, the most divided Fed since 1992. Miran wanted a cut. Hammack, Kashkari, Logan opposed the easing bias. A majority signaled firming would be appropriate if inflation persists above 2%. Year-end hike odds rose to ~51% from ~40%.

▸ University of Michigan consumer sentiment printed a final 44.8, an all-time record low, vs 48.2 expected. 1-year inflation expectations 4.8%, 5-year jumped to 3.9%. Philly Fed collapsed to -0.4 from 26.7. Flash Manufacturing PMI surged to 55.3 (strongest since 2022). A textbook stagflation split.

▸ Kevin Warsh sworn in as 17th Fed Chair Friday at the White House. 30-year Treasury touched 5.19% Monday, 10-year 4.61% (1-yr high), both easing by Friday as oil fell. 30-year held above 5% for a 2nd week. 10-year closed ~4.56%, 2-year ~4.13%.

▸ S&P 500 closed 7,473.47 (+0.9%, 8th consecutive weekly gain, longest since 2023). Dow 50,579.70 (+2.1%, record close). Nasdaq 26,343.97 (+0.5%). VIX 16.70 (-9%). Europe outpaced the US: DAX +3.9%, Stoxx 600 +3.0%, Nikkei +3.1%. Hang Seng -1.4%.

▸ Nvidia Q1 FY27 (Wed AMC): record rev $81.6B (+85% YoY), Data Center $75.2B (+92%), non-GAAP EPS $1.87, $80B buyback. Stock dipped after-hours on the H20 China ban (~$10.5B lost revenue across two quarters). AI thesis intact, China cap structural.

▸ Walmart Q1 FY27 (Thu): rev beat, eCommerce +26%, but FY EPS guide $2.75-2.85 (below $2.91) disappointed on fuel-cost drag. Stock fell. The cleanest read on a consumer under pressure. Target beat (EPS $1.71, comps +5.6%, guide raised). Home Depot +3.6%, Lowe's dipped on margin.

▸ Bitcoin held a tight ~$132 range all week near $77,000, rejected below $80K for a 3rd straight week. Flat Mon-to-Fri. Spot BTC ETFs bled ~$1.26B over 6 straight days (IBIT -$448M). ETH stuck below $2,200 on an Ethereum Foundation exodus. Crypto did not join the equity relief.

▸ HYPE surged +40%+, the asset class's only real bid, on the launch of the first US spot ETFs (21Shares THYP, Bitwise BHYP). Crossed $50, later set an ATH near $64. Strategy added 24,869 BTC (~$2.01B, already underwater at ~$80,985 avg). SpaceX IPO filing revealed 18,712 BTC at $1.29B fair value.

▸ On-chain stayed constructive: exchange reserves at 7-year lows, ~270K BTC whale accumulation (largest since 2013), MVRV Z ~1.0. Derivatives calm vs the W21 cascade: OI steady, funding low, ~$200M balanced liquidations Friday. The selling was ETF and macro, not long-term holders.

[PINGU @PinguExchange]

Full details and breakdown here:

https://t.co/79hlZiwIRR

[PINGU @PinguExchange]

Week in Markets W21 is here!

April CPI printed 3.8% YoY, PPI surged 6.0% YoY. The 30-year Treasury crossed 5% for the first time since May 2025. The Senate confirmed Kevin Warsh as the 17th Fed Chair on Wednesday, 54-45.

The new chair inherited a regime change before he was sworn in.

▹ Read our weekly article to stay up to date with the most relevant news to stay informed.

Full breakdown below ▾

[PINGU @PinguExchange]

▸ April CPI hit 3.8% YoY (highest since May 2023), with 0.6% MoM (vs 0.3% F). Core 2.8% YoY, 0.4% MoM. Energy drove ~40% of the gain. Shelter re-accelerated to 0.6% MoM. CME FedWatch June cut odds collapsed from ~48% to under 1% within hours.

▸ April PPI followed Wednesday at +1.4% MoM, the largest single-month gain since March 2022. Annual rate jumped to 6.0% from 4.3%. Final demand services +1.2% MoM. Core PPI +0.6% MoM. The "stagflation print" labelled across desks.

▸ 30-year Treasury yield crossed 5% for the first time since May 2025, closing the week at 5.12%. 10-year at 4.595% (+21 bps). 2-year at 4.09% (+19 bps). The $25B 30-year auction cleared at 5.05% with weaker-than-expected demand. CME FedWatch year-end hike probability rose to ~40%.

▸ Senate confirmed Kevin Warsh as 17th Fed Chair Wednesday 54-45 (closest in modern Fed history). Only Fetterman crossed party lines. Powell's chair term expired Friday. Powell remains on the Board through January 2028 with full voting rights. Warsh's first FOMC: June 16-17.

▸ Trump-Xi summit (May 13-15 Beijing) delivered 200 Boeing jets (potential 750), $17B/year US agri purchases, beef market access, a "Board of Trade" and "Board of Investment" framework. No tariff text. No semis deal. No AI guardrails. NBC: "few clear wins." Nvidia $NVDA -4.4% Friday on H200 standoff.

▸ Iran ceasefire returned to open hostility. Brent closed week ~$108 (+8%). $WTI ~$106 (+11%). Trump Sunday Truth Social: "clock is ticking, they better get moving fast." UAE drone strike on power plant. National security team convened in Situation Room. MOU framework still unsigned.

▸ S&P 500 closed 7,408.50 (+0.3%, 7th consecutive weekly gain, longest since Dec 2023). Nasdaq 26,225.14 (+0.3%). Dow 49,526.17 (-0.05%). Friday wiped Wednesday's ATH: SPX -1.24%, NDX -1.54%, Dow -537 pts. VIX 18.43 (+1.24 pts). XLE leads, SMH -4.06%, Qualcomm -13%, Intel -6%.

▸ Cisco crushed Q3 (Wed AMC): rev $15.84B (+12%, record), AI orders $5.3B YTD, FY AI order guide raised to $9B from $5B, FY revenue guide raised to $62.8-63B. Stock +15% Thursday (best day since 2002). Applied Materials Friday AMC: record rev $7.91B, GAAP EPS $3.51, Q3 guide $8.95B.

▸ Bitcoin opened Monday at $82,164 (200-DMA $82,028 rejected again, 2nd consecutive week), closed Friday $80,832 (-1.6% intraweek). Weekend cascade hit $76,869 Saturday on $527M/hr liquidations. Spot $BTC ETFs: $1.0B weekly outflow ends 6-week positive streak. Wed -$635M was worst day.

▸ Solana diverged: +13-15% on the week to ~$96 on Alpenglow upgrade activation (validator test, finality target 150ms from 12.8s) + $39.23M spot ETF inflows. $ETH closed $2,254, ETH/BTC printed fresh 10-month low at 0.02835. CLARITY Act cleared Senate Banking 15-9 Thursday, HYPE +17% intraday.

[PINGU @PinguExchange]

Read the full breakdown here:
https://t.co/9hBUdNLM3R

[PINGU @PinguExchange]

Week in Markets W20 is out.

Brent crashed 14% on a Trump-paused Hormuz escort and a one-page Iran MOU scoop. S&P 500 closed at a record. Nasdaq broke 26,000. April NFP printed +115K against +60K consensus.

The fear premium evaporated faster than it was priced in.

▹ Read our weekly article to stay up to date with the most relevant news to stay informed.

Full breakdown below ▾

[PINGU @PinguExchange]

▸ Project Freedom launched Monday May 4, paused Tuesday by Trump citing "great progress" on a deal. Axios broke Wednesday that the White House awaits Iran's response to a one-page MOU. Brent fell from ~$116 to ~$101 in three sessions.

▸ Iran attacked three US destroyers in Hormuz Thursday (USS Truxtun, USS Rafael Peralta, USS Mason). All intercepted. US struck back on Qeshm Island and Bandar Abbas. Iran's Friday counter-proposal demanded Hormuz sovereignty and a 5-year nuclear moratorium.

▸ April NFP printed +115K against +55-60K F. Unemployment 4.3% in-line. AHE +0.2% MoM (miss). First back-to-back monthly gain in nearly a year. The "stronger jobs, softer wages" combination is the textbook risk-on configuration.

▸ S&P 500 closed at 7,398.93 (+2.3% week, 6th consecutive weekly gain). Nasdaq closed 26,247.08, first close above 26,000. Russell 2000 at 2,861.21. Dow flat at 49,609.16. Nikkei +5.38% on Golden Week 3-day window. VIX at 17.19.

▸ AMD reported Q1 revenue $10.3B (+38%), data center +57% to $5.8B. Q2 guide $11.2B (+46% YoY). Mag-7 handed the baton to second-tier semis. Micron +15.4%, Sandisk +16.4%, Qualcomm +8.17%, Broadcom +4.27% on the week.

▸ Disney streaming income hit $582M (+88%), revenue $25.17B (+7%). Stock +8%. Uber bookings $53.7B (+25%), Q2 guide beat consensus. Stock +8%. XLE -5.36% as the oil unwind hit energy hard.

▸ $BTC opened Monday at $76,960, hit $82,000 intraweek (rejected at 200-DMA $82,228), closed Friday $79,743. Up 1.98% on the week. Monday liquidations $370M with $302M on shorts (81% skew). $ETH closed $2,279 (-1.60%), SOL +11.7% to ~$88.

▸ Spot BTC ETFs traced a V. Mon-Wed +$999M+ combined, then Thursday -$268.5M and Friday -$145.6M. 7-day net still +$1.48B. 6th consecutive week of positive flows. BTC dominance held 58-60%, no altseason confirmation.

▸ Strategy Q1 net loss $12.54B. Saylor signaled for the first time Strategy could sell BTC to fund $1.5B in preferred dividend obligations, framed as "inoculation" not plan. No purchases during W20 earnings pause. "Back to work, BTC" posted May 10.

▸ CME launched SUI and AVAX futures Monday May 4. Hyperliquid activated HIP-4 Outcome Markets May 2 ($533M TVL, $9.3B OI, ~73% perp DEX share). RBA hiked 25 bps (3rd of 2026). BoE held with first hawkish dissent since 2023. ECB held April 30 with June-July hikes priced.

[PINGU @PinguExchange]

Full breakdown here: https://t.co/buhWbzDz50

Trade on Pingu: https://t.co/0khvAWaP0i

[PINGU @PinguExchange]

Week in Markets W19 has shipped.

Brent printed $126 intraday. The Fed held with 4 dissents, the most since 1992. Q1 stagflation: 2% GDP, 4.5% PCE.

The S&P closed at a fresh record. Big tech raised AI capex by $25B in a single week.

▹ Read our weekly article to stay up to date with the most relevant news to stay informed.

Full breakdown below ▾

[PINGU @PinguExchange]

▸ Brent intraday $126.41 Thursday, the highest in 4 years. $WTI to $110.90. Trump rejected Iran's Pakistan-mediated proposal Wednesday, vowed to maintain the blockade until a nuclear deal is signed.

▸ FOMC held at 3.50–3.75% with 4 dissents, the most since October 1992. Miran wanted a cut. Hammack, Kashkari, Logan opposed an easing bias. Powell's final FOMC as chair.

▸ Q1 GDP missed at 2.0% vs 2.3% consensus. Q1 PCE deflator jumped to 4.5% from 2.9%. March core PCE at 3.2% YoY, highest since November 2023. Textbook stagflation print.

▸ Powell announced he stays on the Board indefinitely past May 15, citing the renovation investigation. First time the Fed will have a former chair sitting as governor with active mandate.

▸ Mag-7 carried the tape. Apple $111.2B revenue +17%, $100B buyback added. Alphabet GCP +63%. AWS +28% (15-quarter high). Meta capex raised to $125-145B (-10% on week). Aggregate capex revisions ≈$25B upward.

▸ S&P 500 closed at record 7,230.12 (+0.9% week, 5th straight weekly gain). Nasdaq broke 25,000 for the first time, closing 25,114.44. Dow flat. SOXX up another 0.93% Friday, ~50% YTD.

▸ Japan intervened April 30. ~$35B yen-buying op pushed $USD/ $JPY from 160.7 to 156.57 (-2.3%). Largest intervention since July 2024. DXY fell to ~98 on the move.

▸ $BTC printed $80,529 intraday Tuesday on Trump's "Project Freedom" Hormuz escort op, then failed. Wednesday FOMC flush to $74,900. Thursday $541M short squeeze. Friday close $78,292, +0.2% on week.

▸ Spot BTC ETFs net negative for the first week in 3 months. -$651M Mon-Thu, then +$630M Friday (IBIT $284M, FBTC $213M, ARKB $88M). April $2.44B total, best month since October 2025.

▸ $VIX closed Friday at 16.89 with Brent at $126 mid-week and the worst stagflation print of the cycle. The market is not pricing the regime as fragile.

[PINGU @PinguExchange]

Full breakdown:
https://t.co/prY23sKFdE

Trade on Pingu: https://t.co/o37Sb8Yioz

[PINGU @PinguExchange]

Week in Markets W18!

Brent at $105. S&P at a record. Intel had its best day since 1987.

Iran seized two tankers in Hormuz Wednesday. Trump ordered "shoot and kill" Thursday. Markets shrugged.

▹ Read our weekly article to stay up to date with the most relevant news to stay informed.

Full breakdown below ▾

[PINGU @PinguExchange]

▸ S&P 500 +0.55% to record 7,165.08. Nasdaq +1.50% to record 24,836.60. Dow -0.44%. VIX 18.71. Stoxx 600 -2.54%, DAX -2.32%, CAC -3.17%. The trans-Atlantic spread is the cleanest of the cycle.

▸ Intel +24% Friday, best single session since 1987. Q1 revenue $13.58B vs $12.42B est. Data Center & AI revenue +22% YoY to $5.1B. Q2 guide $13.8-14.8B vs $13.07B est. AMD +12% on no news. Nvidia reclaimed $5T. SOXX 18 consecutive up days, an outright record.

▸ Brent closed Friday at $105.33, +16% on the week, the largest weekly move in years. Iran's IRGC seized MSC Francesca and Epaminondas in Hormuz Wednesday. Trump ordered "shoot and kill" on Iranian boats Thursday. US Navy seized another Iran tanker. Pakistan talks collapsed Friday.

▸ Warsh confirmation hearing killed the Fed cut path. Testimony Tuesday: would abandon forward guidance, smaller balance sheet, "won't be the president's sock puppet." CME FedWatch repriced 2026 to zero or one cut maximum. 10Y to 4.31%. DXY +5 days to 98.52.

▸ March retail sales +1.7% MoM vs +1.4% expected, strongest in 3+ years. Gas stations +15.5% on the Hormuz pass-through. Ex-gas still +0.6%. The energy shock is showing up in consumer data while the Fed is repositioning hawkish.

▸ Flash PMIs split US and Europe. US manufacturing 54.0, services 51.3, both expansion. Eurozone composite 48.6 contraction. German services 46.9, worst reading in series history. The energy import bill is breaking European industry.

▸ Tesla missed revenue $22.38B vs $22.64B, beat EPS, raised capex guide to $25B from $20B. Stock -3.6% Thursday. Netflix EPS beat aided by $2.8B Warner Bros termination fee, Q2 guide soft, stock -9 to -12%. RTX backlog hit a record $271B. LMT and NOC missed despite the defense boom.

▸ Bitcoin closed $78,126 (+5.8%), high $79,486 Wednesday. Did not break $80K. Spot BTC ETFs +$824M week, 8-day inflow streak +$2.1B. Strategy bought 34,164 BTC for $2.54B at $74,395. Exchange reserves at 7-9 year low. Whale accumulation 270K BTC over the past month, the largest since 2013.

▸ Gold -3% on the week, first weekly loss in five. Brent +16%, gold -3%, the safe-haven correlation broke as real yields rose on the Warsh regime. Stablecoin market crossed $321B (ATH). USDT supply +$5B in two weeks. ETH ETFs cumulative ATH $11.94B, ETH price flat.

▸ Week ahead: April 28-29 FOMC (hold ~certain, press conference is everything), April 30 Advance Q1 GDP + Core PCE + ECB + BoE, mega-cap earnings cluster (Visa, Coca-Cola, Alphabet, Amazon, Apple). Iran retaliation window is open.