Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0114%/8h= −12.5% APRpaid last 24h −0.004%

Price spread now: Nado against BingX+0.188%7-day average +0.053% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$45as in the Price arb table

costs, in and out, $10k−$580.583% of the position

Long on BingX Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.069%−$7 on $10k

Price spread, last 3 days (all we have)+0.344%+$34 · spread now +0.188%, 7d avg +0.053%

Together, before fees+0.275%+ Points / potential airdropNado: Active · farm board+$27 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Nado is 0.135% dearer against BingX than usual: you sell high and buy low (spread +0.188% now, against its 7-day average of +0.053%): +$14 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 4.0 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX PENGU-USDC	0.008760	0.0100	pay 0.0050% / 4h	1h 54m	—	$2.3M	—
Short	Nado PENGU-PERP	0.008776	−0.0014	pay 0.0002% / 1h	54m 08s	$681K	$757K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now +0.188%Rate

Funding earned: −$23.89
Price spread: +0.188% → +0.053%: $13.5
Slippage, 4 orders: −$41.31
Fee BingX: 5 bp × 2 orders: −$10
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$68.7
Costs to cover: 0.583%
Break-even: never at this rate

Slippage from BingX: live order book, 9 min ago; Nado: live order book, 29 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	2.31 bp	23.1 bp −$23	63.7 bp −$637	445.1 bp −$44.5K	1029.7 bp −$514.8K
Sell Nado live order book, 29 min ago	1.72 bp	7.8 bp −$8	25.1 bp −$251	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	−0.0608%	1h	0.008766	+0.064%	$387K	$2.2M	50x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0548%	1h	0.008769	+0.103%	$19K	$9K	10x	as long as short
Gate PENGU_USDT	−0.0276%	4h	0.008769	+0.103%	$3.4M	$15.4M	75x	as long as short
01 Exchange PENGUUSD	−0.0088%	1h	0.008780	+0.228%	$201	$59	5x	as long as short
Nado PENGU-PERPshort	−0.0014%	1h	0.008776	+0.188%	$681K	$757K	5x
Bybit PENGUUSDT	0.0000%	4h	0.008756	−0.046%	$22.8M	$36.0M	75x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008773	+0.144%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008715	−0.514%	$3K	$81K	5.5x	as long as short
dYdX PENGU-USD	+0.0037%	1h	0.008775	+0.175%	$12K	$4K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008762	+0.023%	$299K	$726K	8x	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	0.008779	+0.217%	$8.7M	$15.0M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008778	+0.202%	$173K	$449K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008778	+0.205%	$148K	$236K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008758	−0.022%	$36.2M	$151.5M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008758	−0.023%	$7.7M	$46.8M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008780	+0.228%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008758	−0.023%	$13.1M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008780	+0.228%	$4.8M	$8.8M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008767	+0.080%	$8.4M	$12.6M	75x	as long as short
BingX PENGU-USDClong	+0.0100%	4h	0.008760	long leg	—	$2.3M	—
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008772	+0.137%	$313K	$310K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008727	−0.379%	$805K	$726K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008715	−0.517%	$456K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008706	−0.616%	$79K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008772	+0.137%	$23K	$186K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008980	+2.511%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008762	+0.023%	$996	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008790	+0.342%	$92K	$250K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008759	−0.017%	$180K	$682K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008760	0.000%	$202K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008773	+0.149%	$296	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008767	+0.080%	$1.5M	$2.7M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0506% / S −0.0703%	1h	0.008772	+0.137%	$113K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2504%	1h	0.008716	−0.502%	$92K	$99K	50x	as long as short