Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.1252%/8h= +137.1% APRpaid last 24h +0.585%

Price spread now: Coinbase International against Binance+2.064%7-day average +0.797% · you sell dearer than you buy

Net, funding: paid 7d − costs−$43as in the Funding arb table

Net, price: spread back to 7d avg − costs−$91as in the Price arb table

costs, in and out, $10k−$2172.173% of the position

Long on Binance Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+1.741%+$174 on $10k

Price spread, last 3 days (all we have)−1.296%−$130 · spread now +2.064%, 7d avg +0.797%

Together, before fees+0.445%+$44 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$38 a day on $10k at the current rate, and Coinbase International is 1.266% dearer against Binance than usual: you sell high and buy low: +$127 more if the spread goes back to its 7-day average of +0.797%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance PENGUUSDT	0.008786	0.0100	pay 0.0050% / 4h	1h 59m	$37.3M	$156.9M	75x
Short	Coinbase International PENGU-PERP-INTX	0.008967	0.1352	get 0.0169% / 1h	59m 28s	$95K	$94K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Binance. 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 BinancebpFee Coinbase InternationalbpOrdersPrice spread, now +2.064%Rate

Funding earned: $262.92
Price spread: +2.064% → +0.797%: $126.63
Slippage, 4 orders: −$197.28
Fee Binance: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $172.27
Costs to cover: 2.173%
Break-even: 2.4 days

Slippage from Binance: live order book, 14 min ago; Coinbase International: live order book, 34 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 Binance live order book, 14 min ago	0.57 bp	7.0 bp −$7	16.7 bp −$167	67.8 bp −$6,781	doesn't fit
Sell Coinbase International live order book, 34 min ago	84.41 bp	90.2 bp −$90	doesn't fit	doesn't fit	doesn't fit

PENGU on 33 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	−0.0091%	1h	0.008789	+0.038%	$18K	$10K	10x	as long as short
Hyperliquid PENGU	−0.0023%	1h	0.008781	−0.053%	$8.2M	$14.7M	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008782	−0.042%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.038%	$3K	$117K	5.5x	as long as short
Gate PENGU_USDT	+0.0090%	4h	0.008788	+0.026%	$3.4M	$15.3M	75x	as long as short
Lighter PENGU	+0.0096%	1h	0.008801	+0.174%	$312K	$706K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008789	+0.038%	$19K	$161K	20x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008799	+0.157%	$132K	$520K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008796	+0.117%	$155K	$243K	5x	as long as short
Binance PENGUUSDTlong	+0.0100%	4h	0.008786	long leg	$37.3M	$156.9M	75x

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit PENGUUSDT	+0.0100%	4h	0.008779	−0.076%	$23.1M	$38.1M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008776	−0.110%	$7.5M	$46.5M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008790	+0.049%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008781	−0.053%	$11.9M	$12.3M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008780	−0.065%	$4.7M	$9.1M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008784	−0.019%	$8.3M	$12.4M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008776	−0.110%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008785	−0.008%	$301K	$285K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008789	+0.037%	$874K	$987K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008798	+0.140%	$466K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008797	+0.129%	$80K	$243K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008997	+2.405%	$3K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008789	+0.038%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008811	+0.288%	$94K	$337K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008783	−0.031%	$184K	$941K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008782	−0.042%	$203K	—	3x	as long as short
01 Exchange PENGUUSD	+0.0136%	1h	0.008786	+0.004%	$201	$64	5x	as long as short
Nado PENGU-PERP	+0.0210%	1h	0.008786	+0.004%	$592K	$987K	5x	as long as short
Kraken Futures PF_PENGUUSD	+0.0210%	1h	0.008796	+0.118%	$360K	$2.3M	50x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008780	−0.068%	$296	—	10x	as long as short
dYdX PENGU-USD	+0.0319%	1h	0.008797	+0.123%	$12K	$4K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0513% / S −0.0582%	1h	0.008789	+0.038%	$119K	—	100x	as long as short
Coinbase International PENGU-PERP-INTXshort	+0.1352%	1h	0.008967	+2.064%	$95K	$94K	50x