Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.2828%/8h= −309.7% APRpaid last 24h −0.609%

Price spread now: Binance against Coinbase International−0.970%7-day average — · you buy dearer than you sell

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

Long on Coinbase International Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−1.795%−$180 on $10k

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 −$85 a day on $10k at the current rate, and Binance is 0.970% cheaper against Coinbase International than usual: you would sell low and buy high (−$97 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -1.795% in total (about -93.6% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International PENGU-PERP-INTX	0.008962	0.2928	pay 0.0366% / 1h	4m 16s	$95K	$63K	50x
Short	Binance PENGUUSDT	0.008875	0.0100	get 0.0050% / 4h	4m 16s	$37.8M	$166.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Coinbase International. 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 Coinbase InternationalbpFee BinancebpOrdersPrice spread, now −0.970%Rate

Funding earned: −$593.88
Price spread: −0.970% → 0.000%: −$97.03
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$710.91
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Coinbase International: no order-book sample; Binance: live order book, 9 min ago. 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 Coinbase International no order-book sample	—	—	—	—	—
Sell Binance live order book, 9 min ago	0.56 bp	7.4 bp −$7	17.6 bp −$176	65.9 bp −$6,594	doesn't fit

Coinbase International: 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
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008872	−1.006%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−1.930%	$3K	$117K	5.5x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0088%	1h	0.008881	−0.904%	$18K	$10K	10x	as long as short
Lighter PENGU	+0.0096%	1h	0.008902	−0.669%	$317K	$720K	8x	as long as short
Gate PENGU_USDT	+0.0096%	4h	0.008872	−1.004%	$3.3M	$15.9M	75x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008877	−0.948%	$23K	$94K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008869	−1.032%	$596K	$1.0M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008873	−0.993%	$8.2M	$14.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008864	−1.092%	$126K	$599K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008860	−1.138%	$156K	$243K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance PENGUUSDTshort	+0.0100%	4h	0.008875	−0.970%	$37.8M	$166.0M	75x
Bybit PENGUUSDT	+0.0100%	4h	0.008870	−1.027%	$23.5M	$39.8M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008875	−0.971%	$7.5M	$48.1M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008870	−1.027%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008870	−1.027%	$10.9M	$12.4M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008867	−1.060%	$4.8M	$9.2M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008884	−0.870%	$8.7M	$12.7M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008866	−1.071%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008870	−1.027%	$295K	$326K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008853	−1.217%	$922K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008865	−1.087%	$473K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008865	−1.082%	$80K	$242K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009090	+1.428%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008882	−0.893%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008902	−0.669%	$92K	$377K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008875	−0.966%	$183K	$943K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008872	−1.004%	$205K	—	3x	as long as short
01 Exchange PENGUUSD	+0.0112%	1h	0.008859	−1.149%	$203	$64	5x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008868	−1.046%	$299	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008877	−0.948%	$1.5M	$3.7M	75x	as long as short
Kraken Futures PF_PENGUUSD	+0.0360%	1h	0.008896	−0.734%	$349K	$2.4M	50x	as long as short
dYdX PENGU-USD	+0.0439%	1h	0.008858	−1.164%	$12K	$5K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0510% / S −0.0572%	1h	0.008874	−0.982%	$119K	—	100x	as long as short
Coinbase International PENGU-PERP-INTXlong	+0.2928%	1h	0.008962	long leg	$95K	$63K	50x