Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: Binance against Lighter−0.039%7-day average −0.050% · you buy dearer than you sell

Net, funding: paid 7d − costs−$45as in the Funding arb table

Net, price: spread back to 7d avg − costs−$44as in the Price arb table

costs, in and out, $10k−$450.451% of the position

Long on Lighter Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days0.000%$0 on $10k

Price spread, last 4 days (all we have)−0.025%−$3 · spread now −0.039%, 7d avg −0.050%

Together, before fees−0.025%+ Points / potential airdropLighter: Season 3 · farm board−$3 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PENGU	0.009010	0.0096	pay 0.0012% / 1h	53m 09s	$323K	$769K	8x
Short	Binance PENGUUSDT	0.009007	0.0100	get 0.0050% / 4h	53m 09s	$39.2M	$190.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Lighter. 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 LighterbpFee BinancebpOrdersPrice spread, now −0.039%Rate

Funding earned: $0.84
Price spread: −0.039% → −0.050%: $1.12
Slippage, 4 orders: −$35.12
Fee Lighter: 0 bp × 2 orders: $0
Fee Binance: 5 bp × 2 orders: −$10
Net: −$43.16
Costs to cover: 0.451%
Break-even: 366.6 days

Slippage from Lighter: live order book, 47 min ago; Binance: live order book, 5 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 Lighter live order book, 47 min ago	5.52 bp	17.8 bp −$18	83.5 bp −$835	doesn't fit	doesn't fit
Sell Binance live order book, 5 min ago	0.55 bp	8.9 bp −$9	15.5 bp −$155	60.6 bp −$6,059	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
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.009003	−0.078%	$1K	$29K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008998	−0.135%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−2.453%	$3K	$117K	5.5x	as long as short
ApeX Omni PENGUUSDT	+0.0056%	1h	0.008989	−0.233%	$79K	$252K	50x	as long as short
Lighter PENGUlong	+0.0096%	1h	0.009010	long leg	$323K	$769K	8x
Nado PENGU-PERP	+0.0100%	1h	0.009009	−0.006%	$635K	$1.1M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.009013	+0.033%	$9.0M	$16.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009010	+0.003%	$142K	$715K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009011	+0.011%	$136K	$264K	5x	as long as short
Binance PENGUUSDTshort	+0.0100%	4h	0.009007	−0.039%	$39.2M	$190.7M	75x

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit PENGUUSDT	+0.0100%	4h	0.009002	−0.089%	$24.1M	$44.5M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009006	−0.044%	$8.0M	$54.7M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.009020	+0.111%	$18K	$25K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.008995	−0.166%	$3.6M	$17.5M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009002	−0.089%	$10.8M	$12.9M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009001	−0.100%	$5.0M	$10.2M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009007	−0.033%	$8.6M	$14.0M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008999	−0.122%	—	$3.8M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009002	−0.089%	$292K	$369K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008962	−0.534%	$913K	$1.1M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009024	+0.159%	$473K	$2.1M	10x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008999	−0.122%	$23K	$256K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009218	+2.309%	$3K	$2.2M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009001	−0.100%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009013	+0.033%	$93K	$404K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008996	−0.154%	$185K	$517K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008997	−0.144%	$208K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.009001	−0.099%	$304	—	10x	as long as short
01 Exchange PENGUUSD	+0.0304%	1h	0.009024	+0.155%	$206	$41	5x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009008	−0.022%	$1.6M	$4.9M	75x	as long as short
dYdX PENGU-USD	+0.0382%	1h	0.009012	+0.017%	$12K	$6K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0431% / S −0.0352%	1h	0.008994	−0.178%	$103K	—	100x	as long as short
Kraken Futures PF_PENGUUSD	+0.0542%	1h	0.009006	−0.045%	$334K	$2.5M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1928%	1h	0.009135	+1.387%	$80K	$70K	50x	as long as short