Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.054%

Price spread now: Deribit against BingX−0.023%7-day average — · you buy dearer than you sell

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

Long on BingX 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

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Deribit is 0.023% cheaper against BingX than usual: you would sell low and buy high (−$2 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX PENGU-USDC	0.008776	0.0100	pay 0.0050% / 4h	2h 42m	—	$2.3M	—
Short	Deribit PENGU_USDC-PERPETUAL	0.008774	0	get 0.0000% / 1h	42m 40s	$17K	$12K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.023%Rate

Funding earned: −$21
Price spread: −0.023% → 0.000%: −$2.28
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$40.28
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: BingX: live order book, 10 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 BingX live order book, 10 min ago	2.84 bp	18.2 bp −$18	60.2 bp −$602	325.5 bp −$32.6K	869.7 bp −$434.8K
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
Deribit PENGU_USDC-PERPETUALshort	0.0000%	1h	0.008774	−0.023%	$17K	$12K	10x
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008775	−0.016%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.148%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008780	+0.046%	$318K	$749K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008778	+0.023%	$589K	$1.1M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008786	+0.114%	$8.0M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008773	−0.036%	$120K	$667K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008769	−0.080%	$133K	$274K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008766	−0.108%	$37.0M	$175.9M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008757	−0.216%	$23.3M	$41.7M	75x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008757	−0.216%	$7.5M	$50.2M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008790	+0.160%	$19K	$25K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.008782	+0.068%	$3.3M	$16.4M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008763	−0.148%	$10.4M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008777	+0.011%	$4.9M	$9.7M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008783	+0.080%	$8.4M	$13.2M	75x	as long as short
BingX PENGU-USDClong	+0.0100%	4h	0.008776	long leg	—	$2.3M	—
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008771	−0.057%	$291K	$337K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008796	+0.227%	$918K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008798	+0.251%	$460K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008802	+0.296%	$80K	$250K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008773	−0.034%	$23K	$153K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008991	+2.450%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008772	−0.046%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008789	+0.148%	$91K	$387K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008774	−0.025%	$181K	$865K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008765	−0.125%	$202K	—	3x	as long as short
01 Exchange PENGUUSD	+0.0184%	1h	0.008791	+0.171%	$201	$64	5x	as long as short
dYdX PENGU-USD	+0.0196%	1h	0.008779	+0.030%	$12K	$6K	5x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.008778	+0.026%	$296	—	10x	as long as short
Kraken Futures PF_PENGUUSD	+0.0322%	1h	0.008779	+0.035%	$322K	$2.4M	50x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008781	+0.057%	$1.5M	$4.3M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0540% / S −0.0513%	1h	0.008773	−0.034%	$134K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1752%	1h	0.008847	+0.809%	$93K	$58K	50x	as long as short