Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0228%/8h= −25.0% APRpaid last 24h +0.004%

Price spread now: BingX against 01 Exchange−0.153%7-day average — · you buy dearer than you sell

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

Long on 01 Exchange Short on BingX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and BingX is 0.153% cheaper against 01 Exchange than usual: you would sell low and buy high (−$15 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	01 Exchange PENGUUSD	0.009171	0.0328	pay 0.0041% / 1h	14m 33s	$210	$41	5x
Short	BingX PENGU-USDT	0.009157	0.0100	get 0.0050% / 4h	14m 33s	—	$3.8M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against 01 Exchange. 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 01 ExchangebpFee BingXbpOrdersPrice spread, now −0.153%Rate

Funding earned: −$47.88
Price spread: −0.153% → 0.000%: −$15.27
Slippage, 4 orders: no order book: not counted
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Fee BingX: 5 bp × 2 orders: −$10
Net: −$80.15
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: 01 Exchange: no order-book sample; BingX: live order book, 10 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 01 Exchange no order-book sample	—	—	—	—	—
Sell BingX live order book, 10 min ago	1.64 bp	8.6 bp −$9	12.4 bp −$124	41.5 bp −$4,150	265.7 bp −$132.9K

01 Exchange: 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	0.009149	−0.240%	$1K	$29K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009143	−0.305%	$34K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−4.165%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.009168	−0.033%	$331K	$773K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009166	−0.060%	$645K	$1.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009163	−0.084%	$147K	$730K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009159	−0.131%	$138K	$267K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009173	+0.023%	$40.4M	$194.5M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.009166	−0.055%	$24.6M	$45.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009165	−0.065%	$8.3M	$57.4M	50x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus PENGU-USD	+0.0100%	1h	0.009170	−0.011%	$18K	$25K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.009157	−0.153%	$3.7M	$18.1M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009162	−0.098%	$11.3M	$13.1M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009164	−0.076%	$5.1M	$10.4M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009184	+0.142%	$9.1M	$14.5M	75x	as long as short
BingX PENGU-USDTshort	+0.0100%	4h	0.009157	−0.153%	—	$3.8M	—
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009151	−0.218%	$317K	$382K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.009127	−0.479%	$918K	$1.2M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009149	−0.243%	$480K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009155	−0.174%	$80K	$252K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009144	−0.294%	$24K	$298K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009368	+2.148%	$3K	$2.2M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009147	−0.262%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009172	+0.011%	$95K	$414K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009160	−0.119%	$188K	$744K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009141	−0.327%	$211K	—	3x	as long as short
Hyperliquid PENGU	+0.0221%	1h	0.009183	+0.131%	$9.4M	$16.6M	5x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.009137	−0.367%	$309	—	10x	as long as short
01 Exchange PENGUUSDlong	+0.0328%	1h	0.009171	long leg	$210	$41	5x
BloFin PENGU-USDT	+0.0340%	4h	0.009146	−0.273%	$1.6M	$5.0M	75x	as long as short
dYdX PENGU-USD	+0.0390%	1h	0.009159	−0.128%	$12K	$6K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0435% / S −0.0352%	1h	0.009143	−0.305%	$105K	—	100x	as long as short
Kraken Futures PF_PENGUUSD	+0.0534%	1h	0.009150	−0.233%	$355K	$2.6M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1928%	1h	0.009196	+0.273%	$81K	$74K	50x	as long as short