Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0138%/8h= −15.1% APRpaid last 24h −0.040%

Price spread now: Binance against Reya+0.028%7-day average — · you sell dearer than you buy

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

Long on Reya Short on Binance

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 airdropReya: Active · farm boardneeds both histories

The price spread pays, funding is against you. Binance is 0.028% dearer against Reya than usual: you sell high and buy low (spread +0.028% now, against zero (this spread has no 7-day history yet)): +$3 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 16 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya PENGURUSDPERP	0.008952	0.0238	pay 0.0030% / 1h	15m 20s	$302	—	10x
Short	Binance PENGUUSDT	0.008954	0.0100	get 0.0050% / 4h	3h 15m	$37.6M	$155.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Reya. 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 ReyabpFee BinancebpOrdersPrice spread, now +0.028%Rate

Funding earned: −$28.99
Price spread: +0.028% → 0.000%: $2.8
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Binance: 5 bp × 2 orders: −$10
Net: −$42.19
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; Binance: live order book, 13 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 Reya no order-book sample	—	—	—	—	—
Sell Binance live order book, 13 min ago	0.57 bp	9.4 bp −$9	17.1 bp −$171	58.6 bp −$5,862	doesn't fit

Reya: 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
Kraken Futures PF_PENGUUSD	−0.0386%	1h	0.008960	+0.096%	$373K	$2.3M	50x	as long as short
Gate PENGU_USDT	−0.0310%	4h	0.008951	−0.009%	$3.5M	$15.8M	75x	as long as short
01 Exchange PENGUUSD	−0.0200%	1h	0.008941	−0.121%	$205	$59	5x	as long as short
Variational Omni PENGU	−0.0157%	4h	0.008900	−0.577%	$913K	$970K	—	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008954	+0.025%	$19K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008951	−0.008%	$34K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−1.819%	$3K	$117K	5.5x	as long as short
dYdX PENGU-USD	+0.0086%	1h	0.008941	−0.125%	$12K	$4K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008948	−0.042%	$311K	$730K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008952	+0.002%	$24K	$175K	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado PENGU-PERP	+0.0100%	1h	0.008952	+0.008%	$709K	$766K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008952	+0.002%	$8.4M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008951	−0.014%	$192K	$465K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008945	−0.076%	$154K	$240K	5x	as long as short
Binance PENGUUSDTshort	+0.0100%	4h	0.008954	+0.028%	$37.6M	$155.6M	75x
Bybit PENGUUSDT	+0.0100%	4h	0.008946	−0.065%	$23.5M	$37.4M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008946	−0.065%	$7.7M	$48.2M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008950	−0.020%	$20K	$25K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008955	+0.036%	$13.2M	$12.9M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008953	+0.013%	$4.8M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008955	+0.036%	$8.5M	$12.7M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008939	−0.143%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008938	−0.154%	$307K	$323K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008880	−0.806%	$475K	$2.0M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008869	−0.925%	$81K	$250K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009161	+2.337%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008948	−0.042%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008956	+0.047%	$92K	$300K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008947	−0.053%	$184K	$935K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008944	−0.087%	$207K	—	3x	as long as short
Reya PENGURUSDPERPlong	+0.0238%	1h	0.008952	long leg	$302	—	10x
BloFin PENGU-USDT	+0.0340%	4h	0.008882	−0.780%	$1.5M	$2.9M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0522% / S −0.0723%	1h	0.008953	+0.013%	$118K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1648%	1h	0.009008	+0.628%	$96K	$104K	50x	as long as short