Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Lighter against BingX+0.045%7-day average +0.097% · you sell dearer than you buy

Net, funding: paid 7d − costs−$63as in the Funding arb table

Net, price: spread back to 7d avg − costs−$67as in the Price arb table

costs, in and out, $10k−$620.621% of the position

Long on BingX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.011%−$1 on $10k

Price spread, last 4 days (all we have)+0.076%+$8 · spread now +0.045%, 7d avg +0.097%

Together, before fees+0.064%+ Points / potential airdropLighter: Season 3 · farm board+$6 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: Lighter is 0.051% cheaper against BingX than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of +0.097%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX PENGU-USDC	0.008823	0.0100	pay 0.0050% / 4h	3h 42m	—	$2.3M	—
Short	Lighter PENGU	0.008827	0.0096	get 0.0012% / 1h	42m 21s	$309K	$727K	8x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.045%Rate

Funding earned: −$0.84
Price spread: +0.045% → +0.097%: −$5.12
Slippage, 4 orders: −$52.08
Fee BingX: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$68.04
Costs to cover: 0.621%
Break-even: never at this rate

Slippage from BingX: live order book, 1 min ago; Lighter: live order book, 28 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, 1 min ago	2.84 bp	23.0 bp −$23	63.1 bp −$631	395.2 bp −$39.5K	884.9 bp −$442.5K
Sell Lighter live order book, 28 min ago	3.44 bp	11.3 bp −$11	75.2 bp −$752	doesn't fit	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	−0.0391%	1h	0.008846	+0.257%	$370K	$2.3M	50x	as long as short
Gate PENGU_USDT	−0.0338%	4h	0.008828	+0.057%	$3.4M	$15.5M	75x	as long as short
Variational Omni PENGU	−0.0298%	4h	0.008761	−0.701%	$867K	$931K	—	as long as short
01 Exchange PENGUUSD	−0.0224%	1h	0.008833	+0.113%	$202	$59	5x	as long as short
Bybit PENGUUSDT	−0.0211%	4h	0.008823	0.000%	$23.1M	$37.2M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0203%	1h	0.008829	+0.068%	$18K	$10K	10x	as long as short
Backpack PENGU_USDC_PERP	−0.0020%	1h	0.008826	+0.034%	$310K	$311K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008833	+0.115%	$34K	—	150x	as long as short
GRVT PENGU_USDT_Perp	+0.0024%	4h	0.008798	−0.283%	$466K	$2.1M	10x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.385%	$3K	$117K	5.5x	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	+0.0051%	1h	0.008833	+0.113%	$700K	$773K	5x	as long as short
dYdX PENGU-USD	+0.0061%	1h	0.008828	+0.052%	$12K	$4K	5x	as long as short
Lighter PENGUshort	+0.0096%	1h	0.008827	+0.045%	$309K	$727K	8x
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008833	+0.113%	$24K	$183K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008831	+0.091%	$8.3M	$15.6M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008836	+0.143%	$189K	$481K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008829	+0.068%	$152K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008832	+0.102%	$36.9M	$155.3M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008832	+0.102%	$7.6M	$47.5M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008830	+0.079%	$19K	$25K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008829	+0.068%	$12.4M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008832	+0.102%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008834	+0.125%	$8.4M	$12.7M	75x	as long as short
BingX PENGU-USDClong	+0.0100%	4h	0.008823	long leg	—	$2.3M	—
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008789	−0.385%	$80K	$254K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009034	+2.391%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008831	+0.091%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008825	+0.023%	$90K	$295K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008828	+0.059%	$181K	$797K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008822	−0.011%	$204K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008829	+0.066%	$298	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008823	0.000%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0499% / S −0.0683%	1h	0.008831	+0.091%	$111K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1648%	1h	0.008850	+0.306%	$94K	$103K	50x	as long as short