Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0428%/8h= −46.9% APRpaid last 24h −0.052%

Price spread now: Deribit against Binance+0.035%7-day average — · you sell dearer than you buy

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

Long on Binance Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 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

The price spread pays, funding is against you. Deribit is 0.035% dearer against Binance than usual: you sell high and buy low (spread +0.035% now, against zero (this spread has no 7-day history yet)): +$3 on $10k if it goes back. Holding the pair costs −$13 a day in funding at the current rate, which eats that in about 6 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance PENGUUSDT	0.008637	0.0100	pay 0.0050% / 4h	2h 54m	$35.7M	$150.8M	75x
Short	Deribit PENGU_USDC-PERPETUAL	0.008640	−0.0328	pay 0.0041% / 1h	54m 23s	$19K	$9K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.035%Rate

Funding earned: −$89.88
Price spread: +0.035% → 0.000%: $3.47
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$103.41
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Binance: live order book, 4 min ago; Deribit: 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 Binance live order book, 4 min ago	0.58 bp	8.6 bp −$9	18.2 bp −$182	72.2 bp −$7,215	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

Deribit: 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 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	−0.0553%	1h	0.008649	+0.139%	$383K	$2.1M	50x	as long as short
Bybit PENGUUSDT	−0.0358%	4h	0.008631	−0.069%	$22.7M	$35.6M	75x	as long as short
Backpack PENGU_USDC_PERP	−0.0355%	1h	0.008687	+0.579%	$311K	$318K	10x	as long as short
Deribit PENGU_USDC-PERPETUALshort	−0.0328%	1h	0.008640	+0.035%	$19K	$9K	10x
Gate PENGU_USDT	−0.0320%	4h	0.008630	−0.081%	$3.4M	$15.3M	75x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	+0.903%	$3K	$81K	5.5x	as long as short
01 Exchange PENGUUSD	−0.0072%	1h	0.008679	+0.486%	$199	$59	5x	as long as short
dYdX PENGU-USD	0.0000%	1h	0.008658	+0.249%	$11K	$4K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008642	+0.060%	$33K	—	150x	as long as short
Nado PENGU-PERP	+0.0093%	1h	0.008623	−0.162%	$670K	$758K	5x	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	0.008662	+0.289%	$294K	$718K	8x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008633	−0.046%	$8.7M	$15.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008641	+0.045%	$170K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008653	+0.185%	$142K	$232K	5x	as long as short
Binance PENGUUSDTlong	+0.0100%	4h	0.008637	long leg	$35.7M	$150.8M	75x
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008637	0.000%	$7.7M	$46.3M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008630	−0.081%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008630	−0.081%	$12.7M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008627	−0.116%	$4.7M	$8.6M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008643	+0.069%	$8.1M	$12.4M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008623	−0.162%	—	$2.3M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008676	+0.457%	$795K	$712K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008675	+0.440%	$454K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008677	+0.463%	$79K	$254K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008641	+0.046%	$21K	$185K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008835	+2.292%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008641	+0.046%	$981	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008659	+0.255%	$90K	$248K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008637	+0.001%	$177K	$681K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008637	0.000%	$200K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008627	−0.112%	$291	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008675	+0.440%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0488% / S −0.0675%	1h	0.008642	+0.058%	$108K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008903	+3.080%	$94K	$97K	50x	as long as short