Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h +0.354%

Price spread now: dYdX against Binance−0.028%49s7-day average — · you buy dearer than you sell

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

Long on Binance Short on dYdX

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

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and dYdX is 0.028% cheaper against Binance than usual: you would sell low and buy high (−$3 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 49 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance PENGUUSDT	0.008669	0.0100	pay 0.0050% / 4h	2h 34m	$35.8M	$150.9M	75x
Short	dYdX PENGU-USD	0.008666	0	get 0.0000% / 1h	34m 51s	$11K	$4K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now −0.028%Rate

Funding earned: −$21
Price spread: −0.028% → 0.000%: −$2.78
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$43.78
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Binance: live order book, 8 min ago; dYdX: 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, 8 min ago	0.58 bp	10.4 bp −$10	20.3 bp −$203	73.0 bp −$7,301	doesn't fit
Sell dYdX no order-book sample	—	—	—	—	—

dYdX: 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	−0.0551%	1h	0.008678	+0.105%	$385K	$2.1M	50x	as long as short
Gate PENGU_USDT	−0.0386%	4h	0.008659	−0.113%	$3.4M	$15.4M	75x	as long as short
Bybit PENGUUSDT	−0.0215%	4h	0.008657	−0.136%	$22.4M	$35.9M	75x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	+0.533%	$3K	$81K	5.5x	as long as short
Backpack PENGU_USDC_PERP	−0.0109%	1h	0.008673	+0.049%	$309K	$315K	10x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0096%	1h	0.008676	+0.083%	$19K	$9K	10x	as long as short
dYdX PENGU-USDshort	0.0000%	1h	0.008666	−0.028%	$11K	$4K	5x
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008675	+0.073%	$33K	—	150x	as long as short
01 Exchange PENGUUSD	+0.0016%	1h	0.008677	+0.095%	$199	$59	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008674	+0.060%	$295K	$720K	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	0.008670	+0.008%	$672K	$758K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008670	+0.014%	$8.6M	$15.2M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008673	+0.043%	$171K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008666	−0.032%	$142K	$232K	5x	as long as short
Binance PENGUUSDTlong	+0.0100%	4h	0.008669	long leg	$35.8M	$150.9M	75x
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008664	−0.055%	$7.7M	$46.3M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008670	+0.014%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008672	+0.037%	$12.9M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008669	+0.003%	$4.7M	$8.7M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008670	+0.014%	$8.2M	$12.5M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008650	−0.217%	—	$2.3M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008647	−0.249%	$794K	$713K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008666	−0.032%	$453K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008672	+0.037%	$79K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008674	+0.060%	$21K	$184K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008884	+2.483%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008671	+0.026%	$979	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008694	+0.291%	$91K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008667	−0.026%	$177K	$681K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008670	+0.014%	$200K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008673	+0.047%	$293	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008675	+0.072%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0490% / S −0.0675%	1h	0.008675	+0.072%	$109K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008785	+1.341%	$92K	$96K	50x	as long as short