Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.2892%/8h= +316.7% APRpaid last 24h +0.526%

Price spread now: Coinbase International against Binance+2.530%7-day average +0.771% · you sell dearer than you buy

Net, funding: paid 7d − costs+$103as in the Funding arb table

Net, price: spread back to 7d avg − costs+$111as in the Price arb table

costs, in and out, $10k−$650.647% of the position

Long on Binance Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+1.678%+$168 on $10k

Price spread, last 3 days (all we have)−2.170%−$217 · spread now +2.530%, 7d avg +0.771%

Together, before fees−0.492%−$49 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$87 a day on $10k at the current rate, and Coinbase International is 1.759% dearer against Binance than usual: you sell high and buy low: +$176 more if the spread goes back to its 7-day average of +0.771%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 1.678% in total (about 87.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance PENGUUSDT	0.008683	0.0100	pay 0.0050% / 4h	2h 56m	$35.9M	$151.0M	75x
Short	Coinbase International PENGU-PERP-INTX	0.008903	0.2992	get 0.0374% / 1h	56m 46s	$94K	$97K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +2.530%Rate

Funding earned: $607.32
Price spread: +2.530% → +0.771%: $175.88
Slippage, 4 orders: −$44.74
Fee Binance: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $718.46
Costs to cover: 0.647%
Break-even: from the start

Slippage from Binance: live order book, 1 min ago; Coinbase International: live order book, 51 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, 1 min ago	0.58 bp	8.6 bp −$9	18.2 bp −$182	72.2 bp −$7,215	doesn't fit
Sell Coinbase International live order book, 51 min ago	15.76 bp	25.8 bp −$26	doesn't fit	doesn't fit	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	−0.0551%	1h	0.008679	−0.052%	$384K	$2.1M	50x	as long as short
Backpack PENGU_USDC_PERP	−0.0426%	1h	0.008673	−0.119%	$310K	$322K	10x	as long as short
Bybit PENGUUSDT	−0.0343%	4h	0.008675	−0.096%	$22.8M	$35.6M	75x	as long as short
Gate PENGU_USDT	−0.0318%	4h	0.008675	−0.096%	$3.4M	$15.3M	75x	as long as short
01 Exchange PENGUUSD	−0.0144%	1h	0.008673	−0.119%	$198	$59	5x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	+0.365%	$3K	$81K	5.5x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0096%	1h	0.008674	−0.107%	$21K	$8K	10x	as long as short
dYdX PENGU-USD	0.0000%	1h	0.008682	−0.015%	$11K	$5K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008675	−0.099%	$33K	—	150x	as long as short
Lighter PENGU	+0.0096%	1h	0.008677	−0.073%	$294K	$718K	8x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado PENGU-PERP	+0.0100%	1h	0.008672	−0.130%	$674K	$766K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008688	+0.054%	$8.7M	$15.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008681	−0.029%	$171K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008672	−0.130%	$143K	$232K	5x	as long as short
Binance PENGUUSDTlong	+0.0100%	4h	0.008683	long leg	$35.9M	$151.0M	75x
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008682	−0.015%	$7.7M	$46.7M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008670	−0.153%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008688	+0.054%	$12.8M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008688	+0.054%	$4.8M	$8.6M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008687	+0.042%	$8.1M	$12.4M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008682	−0.015%	—	$4.0M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008738	+0.625%	$802K	$708K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008703	+0.227%	$455K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008712	+0.330%	$79K	$254K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008673	−0.119%	$21K	$185K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008878	+2.242%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008671	−0.142%	$980	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008698	+0.169%	$91K	$248K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008688	+0.049%	$178K	$681K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008671	−0.142%	$200K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008672	−0.127%	$293	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008662	−0.246%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0489% / S −0.0675%	1h	0.008674	−0.107%	$109K	—	100x	as long as short
Coinbase International PENGU-PERP-INTXshort	+0.2992%	1h	0.008903	+2.530%	$94K	$97K	50x