Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: BingX against Lighter−0.196%7-day average −0.095% · you buy dearer than you sell

Net, funding: paid 7d − costs−$56as in the Funding arb table

Net, price: spread back to 7d avg − costs−$67as in the Price arb table

costs, in and out, $10k−$570.571% of the position

Long on Lighter Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.011%+$1 on $10k

Price spread, last 4 days (all we have)+0.158%+$16 · spread now −0.196%, 7d avg −0.095%

Together, before fees+0.169%+ Points / potential airdropLighter: Season 3 · farm board+$17 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 0.101% cheaper against Lighter than usual: you would sell low and buy high, −$10 on $10k if it goes back to its 7-day average of −0.095%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PENGU	0.008662	0.0096	pay 0.0012% / 1h	50m 47s	$294K	$718K	8x
Short	BingX PENGU-USDC	0.008645	0.0100	get 0.0050% / 4h	2h 50m	—	$2.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.196%Rate

Funding earned: $0.84
Price spread: −0.196% → −0.095%: −$10.15
Slippage, 4 orders: −$47.1
Fee Lighter: 0 bp × 2 orders: $0
Fee BingX: 5 bp × 2 orders: −$10
Net: −$66.41
Costs to cover: 0.571%
Break-even: 560.4 days

Slippage from Lighter: live order book, 34 min ago; BingX: live order book, 12 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, 34 min ago	4.58 bp	13.9 bp −$14	75.6 bp −$756	doesn't fit	doesn't fit
Sell BingX live order book, 12 min ago	1.72 bp	15.4 bp −$15	50.9 bp −$509	338.6 bp −$33.9K	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
Kraken Futures PF_PENGUUSD	−0.0553%	1h	0.008653	−0.102%	$383K	$2.1M	50x	as long as short
Bybit PENGUUSDT	−0.0411%	4h	0.008660	−0.023%	$22.7M	$35.7M	75x	as long as short
Gate PENGU_USDT	−0.0372%	4h	0.008652	−0.115%	$3.4M	$15.3M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0327%	1h	0.008656	−0.069%	$19K	$9K	10x	as long as short
Backpack PENGU_USDC_PERP	−0.0280%	1h	0.008650	−0.139%	$309K	$317K	10x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	+0.612%	$3K	$81K	5.5x	as long as short
dYdX PENGU-USD	0.0000%	1h	0.008669	+0.081%	$11K	$4K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008659	−0.037%	$33K	—	150x	as long as short
Nado PENGU-PERP	+0.0081%	1h	0.008645	−0.196%	$671K	$759K	5x	as long as short
Lighter PENGUlong	+0.0096%	1h	0.008662	long leg	$294K	$718K	8x

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid PENGU	+0.0100%	1h	0.008665	+0.035%	$8.7M	$15.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008655	−0.075%	$171K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008665	+0.035%	$142K	$232K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008668	+0.069%	$35.8M	$150.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008663	+0.012%	$7.7M	$46.5M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008650	−0.139%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008666	+0.046%	$12.7M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008650	−0.139%	$4.7M	$8.6M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008661	−0.012%	$8.2M	$12.5M	75x	as long as short
BingX PENGU-USDCshort	+0.0100%	4h	0.008645	−0.196%	—	$2.3M	—
Variational Omni PENGU	+0.0100%	4h	0.008676	+0.167%	$795K	$712K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008682	+0.227%	$454K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008657	−0.058%	$79K	$254K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008656	−0.069%	$21K	$185K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008860	+2.286%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008650	−0.139%	$982	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008672	+0.115%	$91K	$248K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008650	−0.141%	$177K	$681K	10x	as long as short
01 Exchange PENGUUSD	+0.0104%	1h	0.008642	−0.231%	$198	$59	5x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008651	−0.127%	$200K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008651	−0.122%	$292	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008647	−0.173%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0489% / S −0.0675%	1h	0.008658	−0.046%	$108K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008903	+2.782%	$94K	$97K	50x	as long as short