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 −0.001%

Price spread now: Orderly against Binance−0.104%49s7-day average −0.007% · you buy dearer than you sell

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

Long on Binance Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days0.000%$0 on $10k

Price spread, last 3 days (all we have)+0.247%+$25 · spread now −0.104%, 7d avg −0.007%

Together, before fees+0.248%+$25 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: Orderly is 0.097% cheaper against Binance than usual: you would sell low and buy high, −$10 on $10k if it goes back to its 7-day average of −0.007%. 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	0.008684	0.0100	pay 0.0050% / 4h	2h 55m	$35.9M	$150.6M	75x
Short	Orderly PERP_PENGU_USDC	0.008675	0.0100	get 0.0050% / 4h	2h 55m	$21K	$185K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.104%Rate

Funding earned: $0
Price spread: −0.104% → −0.007%: −$9.71
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$25.71
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Binance: live order book, 3 min ago; Orderly: 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, 3 min ago	0.58 bp	8.6 bp −$9	18.2 bp −$182	72.2 bp −$7,215	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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	0.008689	+0.053%	$384K	$2.1M	50x	as long as short
Backpack PENGU_USDC_PERP	−0.0359%	1h	0.008675	−0.104%	$310K	$319K	10x	as long as short
Bybit PENGUUSDT	−0.0344%	4h	0.008678	−0.069%	$22.8M	$35.6M	75x	as long as short
Gate PENGU_USDT	−0.0302%	4h	0.008674	−0.115%	$3.4M	$15.3M	75x	as long as short
01 Exchange PENGUUSD	−0.0120%	1h	0.008679	−0.058%	$199	$59	5x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	+0.357%	$3K	$81K	5.5x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0096%	1h	0.008676	−0.092%	$21K	$8K	10x	as long as short
dYdX PENGU-USD	0.0000%	1h	0.008684	0.000%	$11K	$4K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008678	−0.072%	$33K	—	150x	as long as short
Nado PENGU-PERP	+0.0088%	1h	0.008679	−0.052%	$674K	$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	0.008675	−0.104%	$294K	$718K	8x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008683	−0.012%	$8.7M	$15.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008681	−0.040%	$171K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008674	−0.115%	$143K	$232K	5x	as long as short
Binance PENGUUSDTlong	+0.0100%	4h	0.008684	long leg	$35.9M	$150.6M	75x
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008683	−0.012%	$7.7M	$46.6M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008680	−0.046%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008673	−0.127%	$12.8M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008675	−0.104%	$4.7M	$8.6M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008681	−0.035%	$8.1M	$12.4M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008671	−0.150%	—	$2.3M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008676	−0.087%	$795K	$712K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008675	−0.104%	$454K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008677	−0.081%	$79K	$254K	50x	as long as short
Orderly PERP_PENGU_USDCshort	+0.0100%	4h	0.008675	−0.104%	$21K	$185K	20x
SunX PENGU-USDT	+0.0100%	4h	0.008890	+2.372%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008680	−0.046%	$983	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008691	+0.081%	$91K	$248K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008678	−0.069%	$178K	$681K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008677	−0.081%	$200K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008670	−0.158%	$293	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008662	−0.253%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0489% / S −0.0675%	1h	0.008676	−0.092%	$109K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008903	+2.522%	$94K	$97K	50x	as long as short