Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.004%

Price spread now: Binance against Nado+0.098%7-day average −0.011% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$370.372% of the position

Long on Nado Short on Binance

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.067%+$7 on $10k

Price spread, last 3 days (all we have)−0.575%−$58 · spread now +0.098%, 7d avg −0.011%

Together, before fees−0.508%+ Points / potential airdropNado: Active · farm board−$51 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: Binance is 0.109% dearer against Nado than usual: you sell high and buy low, +$11 on $10k if it goes back to its 7-day average of −0.011%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado PENGU-PERP	0.008665	0.0100	pay 0.0013% / 1h	37m 16s	$672K	$757K	5x
Short	Binance PENGUUSDT	0.008674	0.0100	get 0.0050% / 4h	2h 37m	$35.8M	$150.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Nado. 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 NadobpFee BinancebpOrdersPrice spread, now +0.098%Rate

Funding earned: $0
Price spread: +0.098% → −0.011%: $10.89
Slippage, 4 orders: −$20.19
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: −$26.3
Costs to cover: 0.372%
Break-even: never at this rate

Slippage from Nado: live order book, 51 min ago; Binance: 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 Nado live order book, 51 min ago	1.14 bp	10.3 bp −$10	21.6 bp −$216	doesn't fit	doesn't fit
Sell Binance live order book, 6 min ago	0.58 bp	9.1 bp −$9	16.2 bp −$162	66.0 bp −$6,596	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	−0.0552%	1h	0.008672	+0.080%	$384K	$2.1M	50x	as long as short
Gate PENGU_USDT	−0.0382%	4h	0.008672	+0.075%	$3.4M	$15.3M	75x	as long as short
Bybit PENGUUSDT	−0.0232%	4h	0.008665	−0.006%	$22.4M	$35.9M	75x	as long as short
Backpack PENGU_USDC_PERP	−0.0163%	1h	0.008657	−0.098%	$309K	$315K	10x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	+0.571%	$3K	$81K	5.5x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0096%	1h	0.008673	+0.087%	$19K	$9K	10x	as long as short
dYdX PENGU-USD	0.0000%	1h	0.008665	−0.009%	$11K	$4K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008674	+0.093%	$33K	—	150x	as long as short
01 Exchange PENGUUSD	+0.0016%	1h	0.008677	+0.133%	$199	$59	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008663	−0.029%	$294K	$719K	8x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid PENGU	+0.0100%	1h	0.008679	+0.156%	$8.7M	$15.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008666	+0.002%	$171K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008662	−0.040%	$142K	$232K	5x	as long as short
Binance PENGUUSDTshort	+0.0100%	4h	0.008674	+0.098%	$35.8M	$150.9M	75x
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008668	+0.029%	$7.7M	$46.3M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008670	+0.052%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008672	+0.075%	$12.9M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008672	+0.075%	$4.7M	$8.7M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008673	+0.087%	$8.2M	$12.5M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008657	−0.098%	—	$2.3M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008661	−0.057%	$794K	$713K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008663	−0.026%	$453K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008667	+0.017%	$79K	$253K	50x	as long as short
Nado PENGU-PERPlong	+0.0100%	1h	0.008665	long leg	$672K	$757K	5x
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008674	+0.098%	$21K	$184K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008885	+2.533%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008668	+0.029%	$979	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008691	+0.294%	$91K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008669	+0.036%	$177K	$681K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008668	+0.029%	$200K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008672	+0.074%	$293	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008644	−0.248%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0489% / S −0.0675%	1h	0.008673	+0.087%	$109K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008785	+1.379%	$92K	$96K	50x	as long as short