Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0196%/8h= +21.5% APRpaid last 24h +0.052%

Price spread now: Binance against Deribit−0.039%7-day average — · you buy dearer than you sell

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

Long on Deribit Short on Binance

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

Funding pays, the price is against you. Binance is 0.039% cheaper against Deribit than usual: you would sell low and buy high (spread −0.039% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 16 hours of funding at the current rate (+$6 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit PENGU_USDC-PERPETUAL	0.008674	−0.0096	get 0.0012% / 1h	56m 33s	$21K	$8K	10x
Short	Binance PENGUUSDT	0.008671	0.0100	get 0.0050% / 4h	2h 56m	$35.9M	$150.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Deribit. 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 DeribitbpFee BinancebpOrdersPrice spread, now −0.039%Rate

Funding earned: $41.16
Price spread: −0.039% → 0.000%: −$3.86
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: $20.3
Costs to cover: 0.170%
Break-even: 3.5 days

Slippage unknown: Deribit: no order-book sample; Binance: live order book, 2 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 Deribit no order-book sample	—	—	—	—	—
Sell Binance live order book, 2 min ago	0.58 bp	9.5 bp −$10	20.4 bp −$204	68.1 bp −$6,813	doesn't fit

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
Kraken Futures PF_PENGUUSD	−0.0551%	1h	0.008679	+0.055%	$384K	$2.1M	50x	as long as short
Backpack PENGU_USDC_PERP	−0.0426%	1h	0.008673	−0.012%	$310K	$322K	10x	as long as short
Bybit PENGUUSDT	−0.0361%	4h	0.008663	−0.127%	$22.7M	$35.6M	75x	as long as short
Gate PENGU_USDT	−0.0308%	4h	0.008674	0.000%	$3.4M	$15.3M	75x	as long as short
01 Exchange PENGUUSD	−0.0136%	1h	0.008676	+0.023%	$198	$59	5x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	+0.473%	$3K	$81K	5.5x	as long as short
Deribit PENGU_USDC-PERPETUALlong	−0.0096%	1h	0.008674	long leg	$21K	$8K	10x
dYdX PENGU-USD	0.0000%	1h	0.008691	+0.196%	$11K	$4K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008678	+0.043%	$33K	—	150x	as long as short
Lighter PENGU	+0.0096%	1h	0.008683	+0.104%	$294K	$718K	8x	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	+0.0100%	1h	0.008671	−0.029%	$674K	$760K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008679	+0.058%	$8.7M	$15.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008687	+0.154%	$171K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008684	+0.115%	$143K	$232K	5x	as long as short
Binance PENGUUSDTshort	+0.0100%	4h	0.008671	−0.039%	$35.9M	$150.9M	75x
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008671	−0.035%	$7.7M	$46.5M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008670	−0.046%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008671	−0.035%	$12.8M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008672	−0.023%	$4.8M	$8.6M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008674	0.000%	$8.1M	$12.4M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008661	−0.150%	—	$2.3M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008738	+0.734%	$802K	$708K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008703	+0.334%	$455K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008712	+0.438%	$79K	$254K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008673	−0.012%	$21K	$185K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008878	+2.352%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008671	−0.035%	$980	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008698	+0.277%	$91K	$248K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008675	+0.012%	$178K	$681K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008671	−0.035%	$200K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008670	−0.043%	$293	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008662	−0.138%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0489% / S −0.0675%	1h	0.008674	0.000%	$109K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008903	+2.640%	$94K	$97K	50x	as long as short