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 0.000%

Price spread now: Bitget against BingX+0.113%7-day average +0.136% · you sell dearer than you buy

Net, funding: paid 7d − costs−$60as in the Funding arb table

Net, price: spread back to 7d avg − costs−$63as in the Price arb table

costs, in and out, $10k−$600.603% of the position

Long on BingX Short on Bitget

What this pair did over the last

the charts below follow

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

Price spread, last 7 days+0.049%+$5 · spread now +0.113%, 7d avg +0.136%

Together, before fees+0.049%+$5 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: Bitget is 0.023% cheaper against BingX than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of +0.136%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX PENGU-USDC	0.008817	0.0100	pay 0.0050% / 4h	1h 39m	—	$2.3M	—
Short	Bitget PENGUUSDT	0.008827	0.0100	get 0.0050% / 4h	1h 39m	$8.4M	$12.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against BingX. 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 BingXbpFee BitgetbpOrdersPrice spread, now +0.113%Rate

Funding earned: $0
Price spread: +0.113% → +0.136%: −$2.29
Slippage, 4 orders: −$38.32
Fee BingX: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$62.61
Costs to cover: 0.603%
Break-even: never at this rate

Slippage from BingX: live order book, 9 min ago; Bitget: live order book, 4 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 BingX live order book, 9 min ago	3.42 bp	20.5 bp −$21	63.9 bp −$639	393.4 bp −$39.3K	913.6 bp −$456.8K
Sell Bitget live order book, 4 min ago	0.57 bp	11.7 bp −$12	23.1 bp −$231	62.4 bp −$6,238	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	−0.0604%	1h	0.008834	+0.194%	$372K	$2.2M	50x	as long as short
Gate PENGU_USDT	−0.0308%	4h	0.008825	+0.091%	$3.5M	$15.5M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0203%	1h	0.008824	+0.079%	$19K	$9K	10x	as long as short
01 Exchange PENGUUSD	−0.0080%	1h	0.008836	+0.215%	$202	$59	5x	as long as short
Bybit PENGUUSDT	−0.0067%	4h	0.008818	+0.011%	$22.9M	$36.1M	75x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008835	+0.203%	$34K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008715	−1.157%	$3K	$81K	5.5x	as long as short
Variational Omni PENGU	+0.0082%	4h	0.008816	−0.006%	$839K	$768K	—	as long as short
Lighter PENGU	+0.0096%	1h	0.008828	+0.125%	$302K	$726K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008836	+0.215%	$684K	$757K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid PENGU	+0.0100%	1h	0.008828	+0.125%	$8.8M	$15.0M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008833	+0.182%	$175K	$465K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008838	+0.238%	$152K	$238K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008826	+0.102%	$36.6M	$151.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008822	+0.057%	$7.7M	$47.2M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008840	+0.261%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008824	+0.079%	$12.9M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008829	+0.136%	$4.8M	$8.8M	75x	as long as short
Bitget PENGUUSDTshort	+0.0100%	4h	0.008827	+0.113%	$8.4M	$12.6M	75x
BingX PENGU-USDClong	+0.0100%	4h	0.008817	long leg	—	$2.3M	—
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008823	+0.068%	$315K	$309K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008825	+0.091%	$462K	$2.3M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008824	+0.079%	$80K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008828	+0.125%	$24K	$186K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009044	+2.575%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008824	+0.079%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008843	+0.295%	$92K	$250K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008822	+0.057%	$182K	$682K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008820	+0.034%	$204K	$17K	3x	as long as short
dYdX PENGU-USD	+0.0141%	1h	0.008840	+0.264%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008831	+0.155%	$298	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008819	+0.023%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0511% / S −0.0711%	1h	0.008835	+0.204%	$115K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2504%	1h	0.008936	+1.350%	$95K	$105K	50x	as long as short