Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.2196%/8h= −240.5% APRpaid last 24h −0.593%

Price spread now: BingX against Coinbase International−2.487%7-day average −0.800% · you buy dearer than you sell

Net, funding: paid 7d − costs−$390as in the Funding arb table

Net, price: spread back to 7d avg − costs−$384as in the Price arb table

costs, in and out, $10k−$2152.151% of the position

Long on Coinbase International Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−1.746%−$175 on $10k

Price spread, last 3 days (all we have)+1.748%+$175 · spread now −2.487%, 7d avg −0.800%

Together, before fees+0.002%$0 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$66 a day on $10k at the current rate, and BingX is 1.687% cheaper against Coinbase International than usual: you would sell low and buy high (−$169 if the spread goes back to its 7-day average of −0.800%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International PENGU-PERP-INTX	0.008967	0.2296	pay 0.0287% / 1h	43m 29s	$95K	$94K	50x
Short	BingX PENGU-USDT	0.008744	0.0100	get 0.0050% / 4h	1h 43m	—	$3.6M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −2.487%Rate

Funding earned: −$461.16
Price spread: −2.487% → −0.800%: −$168.73
Slippage, 4 orders: −$195.12
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$845.01
Costs to cover: 2.151%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 50 min ago; BingX: live order book, 6 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 Coinbase International live order book, 50 min ago	84.41 bp	112.0 bp −$112	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 6 min ago	0.57 bp	7.4 bp −$7	12.9 bp −$129	59.9 bp −$5,990	295.4 bp −$147.7K

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-PERPETUAL	−0.0094%	1h	0.008728	−2.665%	$18K	$10K	10x	as long as short
01 Exchange PENGUUSD	−0.0008%	1h	0.008742	−2.509%	$200	$64	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008723	−2.722%	$32K	—	150x	as long as short
Gate PENGU_USDT	+0.0026%	4h	0.008742	−2.509%	$3.4M	$15.6M	75x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−1.985%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008745	−2.476%	$311K	$709K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008725	−2.699%	$23K	$165K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008745	−2.470%	$588K	$1.0M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008740	−2.532%	$8.1M	$14.6M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008743	−2.498%	$131K	$574K	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica PENGU	+0.0100%	1h	0.008743	−2.498%	$154K	$243K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008745	−2.476%	$36.7M	$159.4M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008741	−2.520%	$23.3M	$38.6M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008743	−2.498%	$7.5M	$46.3M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008740	−2.532%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008743	−2.498%	$11.6M	$12.3M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008741	−2.520%	$4.8M	$9.1M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008748	−2.442%	$8.2M	$12.4M	75x	as long as short
BingX PENGU-USDTshort	+0.0100%	4h	0.008744	−2.487%	—	$3.6M	—
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008727	−2.676%	$299K	$275K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008701	−2.967%	$863K	$986K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008688	−3.108%	$455K	$2.0M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008710	−2.866%	$79K	$243K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008928	−0.435%	$2K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008725	−2.699%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008743	−2.498%	$91K	$348K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008741	−2.524%	$183K	$941K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008721	−2.743%	$201K	—	3x	as long as short
dYdX PENGU-USD	+0.0210%	1h	0.008745	−2.473%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008746	−2.468%	$295	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008710	−2.866%	$1.5M	$3.3M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0510% / S −0.0582%	1h	0.008723	−2.721%	$119K	—	100x	as long as short
Kraken Futures PF_PENGUUSD	+0.0652%	1h	0.008730	−2.638%	$357K	$2.3M	50x	as long as short
Coinbase International PENGU-PERP-INTXlong	+0.2296%	1h	0.008967	long leg	$95K	$94K	50x