Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Bitget against Binance+0.159%7-day average +0.052% · you sell dearer than you buy

Net, funding: paid 7d − costs−$40as in the Funding arb table

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$420.420% of the position

Long on Binance Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.022%+$2 on $10k

Price spread, last 7 days−0.102%−$10 · spread now +0.159%, 7d avg +0.052%

Together, before fees−0.080%−$8 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bitget is 0.107% dearer against Binance than usual: you sell high and buy low, +$11 on $10k if it goes back to its 7-day average of +0.052%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance PENGUUSDT	0.008781	0.0100	pay 0.0050% / 4h	1h 01m	$36.5M	$153.6M	75x
Short	Bitget PENGUUSDT	0.008795	0.0100	get 0.0050% / 4h	1h 01m	$8.4M	$12.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Binance. 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 BinancebpFee BitgetbpOrdersPrice spread, now +0.159%Rate

Funding earned: $0
Price spread: +0.159% → +0.052%: $10.68
Slippage, 4 orders: −$20.01
Fee Binance: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$31.34
Costs to cover: 0.420%
Break-even: never at this rate

Slippage from Binance: live order book, 12 min ago; Bitget: live order book, 2 min ago.

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 Binance live order book, 12 min ago	0.57 bp	9.8 bp −$10	18.2 bp −$182	68.7 bp −$6,870	doesn't fit
Sell Bitget live order book, 2 min ago	0.57 bp	13.4 bp −$13	29.1 bp −$291	71.4 bp −$7,141	doesn't fit

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	0.008787	+0.072%	$367K	$2.2M	50x	as long as short
Gate PENGU_USDT	−0.0268%	4h	0.008773	−0.092%	$3.4M	$15.6M	75x	as long as short
Bybit PENGUUSDT	−0.0204%	4h	0.008785	+0.045%	$22.8M	$36.5M	75x	as long as short
01 Exchange PENGUUSD	−0.0120%	1h	0.008772	−0.103%	$201	$59	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0092%	1h	0.008777	−0.046%	$19K	$9K	10x	as long as short
Variational Omni PENGU	−0.0087%	4h	0.008784	+0.037%	$802K	$802K	—	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008778	−0.041%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.090%	$3K	$117K	5.5x	as long as short
Nado PENGU-PERP	+0.0054%	1h	0.008771	−0.115%	$683K	$760K	5x	as long as short
Backpack PENGU_USDC_PERP	+0.0076%	1h	0.008788	+0.079%	$313K	$309K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter PENGU	+0.0096%	1h	0.008777	−0.046%	$308K	$736K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008777	−0.046%	$23K	$186K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008774	−0.080%	$8.5M	$15.2M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008780	−0.009%	$190K	$467K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008774	−0.080%	$151K	$239K	5x	as long as short
Binance PENGUUSDTlong	+0.0100%	4h	0.008781	long leg	$36.5M	$153.6M	75x
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008790	+0.102%	$7.6M	$47.2M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008780	−0.012%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008789	+0.090%	$12.6M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008793	+0.136%	$4.8M	$8.9M	75x	as long as short
Bitget PENGUUSDTshort	+0.0100%	4h	0.008795	+0.159%	$8.4M	$12.6M	75x
BingX PENGU-USDC	+0.0100%	4h	0.008777	−0.046%	—	$2.3M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008795	+0.153%	$460K	$2.3M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008782	+0.011%	$80K	$253K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008988	+2.357%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008774	−0.080%	$998	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008791	+0.113%	$92K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008771	−0.111%	$181K	$622K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008773	−0.092%	$203K	$17K	3x	as long as short
dYdX PENGU-USD	+0.0124%	1h	0.008781	−0.006%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008770	−0.121%	$296	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008782	+0.011%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0510% / S −0.0711%	1h	0.008779	−0.023%	$114K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2504%	1h	0.008914	+1.514%	$95K	$105K	50x	as long as short