Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.020%

Price spread now: Bybit against Binance−0.135%7-day average −0.047% · you buy dearer than you sell

Net, funding: paid 7d − costs−$55as in the Funding arb table

Net, price: spread back to 7d avg − costs−$51as in the Price arb table

costs, in and out, $10k−$420.425% of the position

Long on Binance Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.125%−$12 on $10k

Price spread, last 7 days+0.081%+$8 · spread now −0.135%, 7d avg −0.047%

Together, before fees−0.044%−$4 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: Bybit is 0.089% cheaper against Binance than usual: you would sell low and buy high, −$9 on $10k if it goes back to its 7-day average of −0.047%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance PENGUUSDT	0.008779	0.0100	pay 0.0050% / 4h	2h 43m	$37.0M	$175.8M	75x
Short	Bybit PENGUUSDT	0.008767	0.0100	get 0.0050% / 4h	2h 43m	$23.3M	$41.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.135%Rate

Funding earned: $0
Price spread: −0.135% → −0.047%: −$8.86
Slippage, 4 orders: −$21.47
Fee Binance: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$51.33
Costs to cover: 0.425%
Break-even: never at this rate

Slippage from Binance: live order book, 15 min ago; Bybit: live order book, 5 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, 15 min ago	0.57 bp	8.0 bp −$8	15.4 bp −$154	66.7 bp −$6,671	doesn't fit
Sell Bybit live order book, 5 min ago	0.57 bp	13.6 bp −$14	28.6 bp −$286	143.6 bp −$14.4K	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
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008801	+0.252%	$17K	$12K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008775	−0.049%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.115%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008793	+0.161%	$319K	$749K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008778	−0.010%	$589K	$1.1M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008786	+0.081%	$8.0M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008780	+0.010%	$120K	$667K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008788	+0.104%	$133K	$274K	5x	as long as short
Binance PENGUUSDTlong	+0.0100%	4h	0.008779	long leg	$37.0M	$175.8M	75x
Bybit PENGUUSDTshort	+0.0100%	4h	0.008767	−0.135%	$23.3M	$41.6M	75x

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008776	−0.033%	$7.5M	$50.3M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008790	+0.127%	$19K	$25K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.008783	+0.047%	$3.3M	$16.4M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008781	+0.024%	$10.4M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008780	+0.013%	$4.9M	$9.7M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008780	+0.013%	$8.4M	$13.2M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008778	−0.010%	—	$3.5M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008791	+0.138%	$291K	$337K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008796	+0.195%	$918K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008798	+0.218%	$460K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008802	+0.263%	$80K	$250K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008798	+0.218%	$23K	$152K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009010	+2.633%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008798	+0.218%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008818	+0.446%	$91K	$387K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008782	+0.038%	$182K	$865K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008791	+0.138%	$203K	—	3x	as long as short
01 Exchange PENGUUSD	+0.0184%	1h	0.008791	+0.138%	$201	$64	5x	as long as short
dYdX PENGU-USD	+0.0195%	1h	0.008789	+0.120%	$12K	$6K	5x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.008778	−0.006%	$296	—	10x	as long as short
Kraken Futures PF_PENGUUSD	+0.0321%	1h	0.008803	+0.279%	$322K	$2.4M	50x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008802	+0.263%	$1.5M	$4.3M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0540% / S −0.0513%	1h	0.008773	−0.067%	$134K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1752%	1h	0.008847	+0.776%	$93K	$58K	50x	as long as short