Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0101%/8h= +11.0% APRpaid last 24h +0.004%

Price spread now: BingX against Nado−0.051%53s7-day average — · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$340.336% of the position

Long on Nado Short on BingX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropNado: Active · farm boardneeds both histories

Funding pays, the price is against you. BingX is 0.051% cheaper against Nado than usual: you would sell low and buy high (spread −0.051% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$5 on $10k: about 41 hours of funding at the current rate (+$3 a day). The two prices were read 53 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado PENGU-PERP	0.008751	−0.0001	get 0.0000% / 1h	28m 35s	$695K	$774K	5x
Short	BingX PENGU-USDT	0.008747	0.0100	get 0.0050% / 4h	28m 35s	—	$3.9M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.051%Rate

Funding earned: $21.19
Price spread: −0.051% → 0.000%: −$5.14
Slippage, 4 orders: −$16.63
Fee Nado: 3.5 bp × 2 orders: −$7
Fee BingX: 5 bp × 2 orders: −$10
Net: −$17.58
Costs to cover: 0.336%
Break-even: 12.8 days

Slippage from Nado: live order book, 50 min ago; BingX: live order book, 7 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, 50 min ago	1.71 bp	9.8 bp −$10	56.7 bp −$567	doesn't fit	doesn't fit
Sell BingX live order book, 7 min ago	0.57 bp	7.0 bp −$7	10.2 bp −$102	39.8 bp −$3,979	223.1 bp −$111.5K

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	−0.0342%	1h	0.008759	+0.090%	$368K	$2.3M	50x	as long as short
Gate PENGU_USDT	−0.0272%	4h	0.008743	−0.097%	$3.4M	$15.6M	75x	as long as short
Bybit PENGUUSDT	−0.0269%	4h	0.008740	−0.131%	$22.7M	$36.7M	75x	as long as short
01 Exchange PENGUUSD	−0.0240%	1h	0.008747	−0.051%	$200	$59	5x	as long as short
Variational Omni PENGU	−0.0209%	4h	0.008739	−0.137%	$798K	$802K	—	as long as short
Backpack PENGU_USDC_PERP	−0.0128%	1h	0.008755	+0.040%	$312K	$313K	10x	as long as short
Injective PENGU/USDC PERP	−0.0114%	1h	0.008789	+0.428%	$3K	$117K	5.5x	as long as short
Nado PENGU-PERPlong	−0.0001%	1h	0.008751	long leg	$695K	$774K	5x
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008757	+0.063%	$19K	$9K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008755	+0.040%	$33K	—	150x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX PENGU-USD	+0.0026%	1h	0.008758	+0.071%	$12K	$4K	5x	as long as short
GRVT PENGU_USDT_Perp	+0.0094%	4h	0.008745	−0.075%	$458K	$2.1M	10x	as long as short
Lighter PENGU	+0.0096%	1h	0.008752	+0.006%	$306K	$741K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008756	+0.051%	$23K	$186K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008753	+0.017%	$8.4M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008761	+0.111%	$189K	$468K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008750	−0.017%	$151K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008753	+0.013%	$36.3M	$154.6M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008745	−0.074%	$7.5M	$47.0M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008750	−0.017%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008753	+0.017%	$12.4M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008752	+0.006%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008753	+0.017%	$8.3M	$12.6M	75x	as long as short
BingX PENGU-USDTshort	+0.0100%	4h	0.008747	−0.051%	—	$3.9M	—
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008754	+0.029%	$80K	$254K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008965	+2.440%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008754	+0.029%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008770	+0.211%	$92K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008745	−0.070%	$180K	$622K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008751	−0.006%	$202K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008751	−0.010%	$295	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008750	−0.017%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0496% / S −0.0683%	1h	0.008756	+0.051%	$111K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2688%	1h	0.008788	+0.417%	$94K	$103K	50x	as long as short