Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.2828%/8h= +309.7% APRpaid last 24h +0.609%

Price spread now: Coinbase International against BingX+0.092%53s7-day average — · you sell dearer than you buy

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

Long on BingX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+1.778%+$178 on $10k

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

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$85 a day on $10k at the current rate, and Coinbase International is 0.092% dearer against BingX than usual: you sell high and buy low: +$9 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 53 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 1.778% in total (about 92.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX PENGU-USDT	0.008724	0.0100	pay 0.0050% / 4h	42m 25s	—	$3.6M	—
Short	Coinbase International PENGU-PERP-INTX	0.008732	0.2928	get 0.0366% / 1h	42m 25s	$93K	$60K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against BingX. 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 BingXbpFee Coinbase InternationalbpOrdersPrice spread, now +0.092%Rate

Funding earned: $593.88
Price spread: +0.092% → 0.000%: $9.17
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $583.05
Costs to cover: 0.200%
Break-even: 0.1 days

Slippage unknown: BingX: live order book, 8 min ago; Coinbase International: no order-book sample. 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 BingX live order book, 8 min ago	0.58 bp	7.6 bp −$8	14.3 bp −$143	60.8 bp −$6,078	413.4 bp −$206.7K
Sell Coinbase International no order-book sample	—	—	—	—	—

Coinbase International: 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	0.008707	−0.195%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008720	−0.043%	$32K	—	150x	as long as short
01 Exchange PENGUUSD	+0.0024%	1h	0.008718	−0.069%	$199	$64	5x	as long as short
Gate PENGU_USDT	+0.0032%	4h	0.008721	−0.034%	$3.3M	$15.6M	75x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.745%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008714	−0.115%	$310K	$714K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008717	−0.080%	$23K	$127K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008719	−0.057%	$8.1M	$14.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008720	−0.041%	$120K	$579K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008716	−0.092%	$153K	$241K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance PENGUUSDT	+0.0100%	4h	0.008721	−0.036%	$36.3M	$161.6M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008714	−0.115%	$23.0M	$39.1M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008714	−0.115%	$7.2M	$46.5M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008710	−0.160%	$19K	$23K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008717	−0.080%	$11.0M	$12.3M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008721	−0.034%	$4.8M	$9.2M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008719	−0.057%	$8.2M	$12.3M	75x	as long as short
BingX PENGU-USDTlong	+0.0100%	4h	0.008724	long leg	—	$3.6M	—
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008705	−0.218%	$289K	$307K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008693	−0.357%	$863K	$985K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008698	−0.298%	$463K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008692	−0.367%	$79K	$242K	50x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008715	−0.103%	$583K	$1.0M	5x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008932	+2.384%	$2K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008709	−0.172%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008739	+0.172%	$91K	$372K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008712	−0.134%	$180K	$946K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008700	−0.275%	$201K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008718	−0.067%	$294	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008712	−0.138%	$1.5M	$3.5M	75x	as long as short
Kraken Futures PF_PENGUUSD	+0.0368%	1h	0.008715	−0.108%	$341K	$2.4M	50x	as long as short
dYdX PENGU-USD	+0.0372%	1h	0.008714	−0.116%	$12K	$5K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0495% / S −0.0419%	1h	0.008713	−0.126%	$124K	—	100x	as long as short
Coinbase International PENGU-PERP-INTXshort	+0.2928%	1h	0.008732	+0.092%	$93K	$60K	50x