Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.001%

Price spread now: Binance against Orderly+0.019%7-day average +0.013% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Orderly Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.010%+$1 on $10k

Price spread, last 4 days (all we have)−0.061%−$6 · spread now +0.019%, 7d avg +0.013%

Together, before fees−0.052%−$5 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_PENGU_USDC	0.008766	0.0100	pay 0.0050% / 4h	2h 41m	$23K	$153K	20x
Short	Binance PENGUUSDT	0.008768	0.0100	get 0.0050% / 4h	2h 41m	$37.0M	$175.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Orderly. 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 OrderlybpFee BinancebpOrdersPrice spread, now +0.019%Rate

Funding earned: $0
Price spread: +0.019% → +0.013%: $0.56
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Binance: 5 bp × 2 orders: −$10
Net: −$15.44
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Binance: live order book, 1 min ago. Net counts fees only.

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 Orderly no order-book sample	—	—	—	—	—
Sell Binance live order book, 1 min ago	0.57 bp	8.9 bp −$9	15.9 bp −$159	55.9 bp −$5,586	doesn't fit

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	0.008768	+0.023%	$17K	$12K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008759	−0.078%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.262%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008768	+0.023%	$318K	$749K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008753	−0.148%	$587K	$1.1M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008770	+0.046%	$8.0M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008767	+0.016%	$120K	$667K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008769	+0.034%	$133K	$274K	5x	as long as short
Binance PENGUUSDTshort	+0.0100%	4h	0.008768	+0.019%	$37.0M	$175.9M	75x
Bybit PENGUUSDT	+0.0100%	4h	0.008758	−0.091%	$23.3M	$41.7M	75x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008761	−0.057%	$7.5M	$50.2M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008760	−0.068%	$19K	$25K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.008760	−0.068%	$3.3M	$16.4M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008765	−0.011%	$10.4M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008761	−0.057%	$4.9M	$9.7M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008765	−0.011%	$8.4M	$13.2M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008754	−0.137%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008759	−0.080%	$290K	$337K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008796	+0.342%	$918K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008798	+0.365%	$460K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008802	+0.411%	$80K	$250K	50x	as long as short
Orderly PERP_PENGU_USDClong	+0.0100%	4h	0.008766	long leg	$23K	$153K	20x
SunX PENGU-USDT	+0.0100%	4h	0.008970	+2.327%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008769	+0.034%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008777	+0.125%	$91K	$387K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008757	−0.102%	$181K	$866K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008757	−0.103%	$202K	—	3x	as long as short
01 Exchange PENGUUSD	+0.0184%	1h	0.008763	−0.034%	$200	$64	5x	as long as short
dYdX PENGU-USD	+0.0196%	1h	0.008779	+0.144%	$12K	$6K	5x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.008756	−0.114%	$296	—	10x	as long as short
Kraken Futures PF_PENGUUSD	+0.0322%	1h	0.008774	+0.093%	$321K	$2.4M	50x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008781	+0.171%	$1.5M	$4.3M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0525% / S −0.0491%	1h	0.008759	−0.080%	$129K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1752%	1h	0.008812	+0.525%	$78K	$76K	50x	as long as short