Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.001%

Price spread now: BingX against GRVT−0.094%7-day average −0.008% · you buy dearer than you sell

Net, funding: paid 7d − costs−$39as in the Funding arb table

Net, price: spread back to 7d avg − costs−$53as in the Price arb table

costs, in and out, $10k−$450.447% of the position

Long on GRVT Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.054%+$5 on $10k

Price spread, last 7 days+0.063%+$6 · spread now −0.094%, 7d avg −0.008%

Together, before fees+0.118%+ Points / potential airdropGRVT: Active · farm board+$12 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: BingX is 0.086% cheaper against GRVT than usual: you would sell low and buy high, −$9 on $10k if it goes back to its 7-day average of −0.008%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT PENGU_USDT_Perp	0.008914	0.0100	pay 0.0050% / 4h	3h 13m	$473K	$2.1M	10x
Short	BingX PENGU-USDT	0.008906	0.0100	get 0.0050% / 4h	3h 13m	—	$3.5M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against GRVT. 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 GRVTbpFee BingXbpOrdersPrice spread, now −0.094%Rate

Funding earned: $0
Price spread: −0.094% → −0.008%: −$8.56
Slippage, 4 orders: −$25.68
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee BingX: 5 bp × 2 orders: −$10
Net: −$53.24
Costs to cover: 0.447%
Break-even: never at this rate

Slippage from GRVT: live order book, 5 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 GRVT live order book, 5 min ago	2.24 bp	14.8 bp −$15	24.4 bp −$244	doesn't fit	doesn't fit
Sell BingX live order book, 6 min ago	0.56 bp	7.9 bp −$8	15.3 bp −$153	54.8 bp −$5,478	259.2 bp −$129.6K

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	0.0000%	1h	0.008901	−0.150%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008905	−0.107%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−1.406%	$3K	$117K	5.5x	as long as short
Gate PENGU_USDT	+0.0042%	4h	0.008901	−0.150%	$3.3M	$16.5M	75x	as long as short
dYdX PENGU-USD	+0.0062%	1h	0.008909	−0.061%	$12K	$5K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008910	−0.049%	$324K	$752K	8x	as long as short
01 Exchange PENGUUSD	+0.0096%	1h	0.008913	−0.015%	$204	$64	5x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008904	−0.116%	$597K	$1.1M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008911	−0.038%	$8.5M	$15.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008910	−0.053%	$137K	$643K	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	0.008904	−0.116%	$136K	$273K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008905	−0.101%	$37.8M	$173.1M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008894	−0.229%	$23.6M	$41.2M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008895	−0.217%	$7.7M	$50.1M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008910	−0.049%	$19K	$25K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008908	−0.072%	$10.9M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008903	−0.128%	$4.9M	$9.5M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008901	−0.150%	$8.6M	$13.0M	75x	as long as short
BingX PENGU-USDTshort	+0.0100%	4h	0.008906	−0.094%	—	$3.5M	—
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008904	−0.116%	$298K	$327K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008910	−0.050%	$930K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perplong	+0.0100%	4h	0.008914	long leg	$473K	$2.1M	10x
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008933	+0.209%	$81K	$252K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008899	−0.172%	$23K	$119K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009110	+2.194%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008903	−0.128%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008924	+0.108%	$92K	$378K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008894	−0.229%	$184K	$869K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008892	−0.251%	$205K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008906	−0.092%	$301	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008905	−0.105%	$1.5M	$4.1M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0502% / S −0.0415%	1h	0.008905	−0.105%	$127K	—	100x	as long as short
Kraken Futures PF_PENGUUSD	+0.0614%	1h	0.008908	−0.066%	$326K	$2.4M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2704%	1h	0.008954	+0.444%	$94K	$59K	50x	as long as short