Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Binance against OKX+0.031%7-day average 0.000% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$430.430% of the position

Long on OKX Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.041%+$4 on $10k

Price spread, last 7 days−0.045%−$5 · spread now +0.031%, 7d avg 0.000%

Together, before fees−0.004%$0 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 0.031% dearer against OKX than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of 0.000%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX PENGU-USDT-SWAP	0.008664	0.0100	pay 0.0050% / 4h	2h 50m	$7.7M	$46.5M	50x
Short	Binance PENGUUSDT	0.008667	0.0100	get 0.0050% / 4h	2h 50m	$35.8M	$150.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against OKX. 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 OKXbpFee BinancebpOrdersPrice spread, now +0.031%Rate

Funding earned: $0
Price spread: +0.031% → 0.000%: $3.1
Slippage, 4 orders: −$23.02
Fee OKX: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$39.92
Costs to cover: 0.430%
Break-even: never at this rate

Slippage from OKX: live order book, 3 min ago; Binance: live order book, 8 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 OKX live order book, 3 min ago	0.58 bp	12.0 bp −$12	27.7 bp −$277	doesn't fit	doesn't fit
Sell Binance live order book, 8 min ago	0.58 bp	9.5 bp −$10	20.4 bp −$204	68.1 bp −$6,813	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	0.008668	+0.045%	$383K	$2.1M	50x	as long as short
Bybit PENGUUSDT	−0.0405%	4h	0.008660	−0.046%	$22.7M	$35.7M	75x	as long as short
Gate PENGU_USDT	−0.0362%	4h	0.008659	−0.058%	$3.4M	$15.3M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0326%	1h	0.008669	+0.058%	$19K	$9K	10x	as long as short
Backpack PENGU_USDC_PERP	−0.0280%	1h	0.008650	−0.162%	$309K	$317K	10x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	+0.589%	$3K	$81K	5.5x	as long as short
dYdX PENGU-USD	0.0000%	1h	0.008669	+0.058%	$11K	$4K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008670	+0.070%	$33K	—	150x	as long as short
01 Exchange PENGUUSD	+0.0064%	1h	0.008669	+0.058%	$198	$59	5x	as long as short
Nado PENGU-PERP	+0.0078%	1h	0.008665	+0.012%	$672K	$759K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter PENGU	+0.0096%	1h	0.008667	+0.035%	$294K	$719K	8x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008677	+0.150%	$8.7M	$15.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008669	+0.060%	$171K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008665	+0.012%	$142K	$232K	5x	as long as short
Binance PENGUUSDTshort	+0.0100%	4h	0.008667	+0.031%	$35.8M	$150.9M	75x
OKX PENGU-USDT-SWAPlong	+0.0100%	4h	0.008664	long leg	$7.7M	$46.5M	50x
Arcus PENGU-USD	+0.0100%	1h	0.008670	+0.069%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008667	+0.035%	$12.7M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008664	0.000%	$4.7M	$8.6M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008669	+0.058%	$8.2M	$12.5M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008665	+0.012%	—	$4.0M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008646	−0.213%	$794K	$712K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008682	+0.203%	$454K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008657	−0.081%	$79K	$254K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008668	+0.046%	$21K	$185K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008873	+2.412%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008665	+0.012%	$980	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008678	+0.162%	$91K	$248K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008663	−0.008%	$177K	$681K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008665	+0.012%	$200K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008665	+0.016%	$293	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008647	−0.196%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0489% / S −0.0675%	1h	0.008668	+0.046%	$108K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008903	+2.759%	$94K	$97K	50x	as long as short