Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0022%/8h= −2.4% APRpaid last 24h −0.041%

Price spread now: Deribit against BingX+0.099%7-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 Deribit

What this pair did over the last

the charts below follow

Funding, last 5 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

The price spread pays, funding is against you. Deribit is 0.099% dearer against BingX than usual: you sell high and buy low (spread +0.099% now, against zero (this spread has no 7-day history yet)): +$10 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 15 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX PENGU-USDT	0.009133	0.0100	pay 0.0050% / 4h	3h 44m	—	$3.8M	—
Short	Deribit PENGU_USDC-PERPETUAL	0.009142	0.0078	get 0.0010% / 1h	44m 51s	$1K	$29K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.099%Rate

Funding earned: −$4.62
Price spread: +0.099% → 0.000%: $9.85
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$11.77
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: BingX: live order book, 5 min ago; Deribit: 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, 5 min ago	0.55 bp	11.0 bp −$11	14.5 bp −$145	53.7 bp −$5,367	370.5 bp −$185.3K
Sell Deribit no order-book sample	—	—	—	—	—

Deribit: 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
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009134	+0.016%	$34K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−3.767%	$3K	$117K	5.5x	as long as short
Gate PENGU_USDT	+0.0062%	4h	0.009127	−0.066%	$3.7M	$17.7M	75x	as long as short
Deribit PENGU_USDC-PERPETUALshort	+0.0078%	1h	0.009142	+0.099%	$1K	$29K	10x
Lighter PENGU	+0.0096%	1h	0.009148	+0.164%	$330K	$747K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009136	+0.033%	$649K	$1.1M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.009147	+0.153%	$9.3M	$16.8M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009139	+0.066%	$132K	$753K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009129	−0.044%	$138K	$274K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009137	+0.048%	$40.3M	$196.6M	75x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit PENGUUSDT	+0.0100%	4h	0.009128	−0.055%	$24.7M	$46.7M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009129	−0.044%	$8.2M	$58.1M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.009150	+0.186%	$18K	$25K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009138	+0.055%	$11.5M	$12.9M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009139	+0.066%	$5.1M	$10.6M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009143	+0.109%	$8.9M	$15.1M	75x	as long as short
BingX PENGU-USDTlong	+0.0100%	4h	0.009133	long leg	—	$3.8M	—
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009137	+0.044%	$314K	$388K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.009105	−0.307%	$941K	$1.2M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009136	+0.033%	$483K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009124	−0.099%	$80K	$252K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009137	+0.044%	$24K	$323K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009337	+2.234%	$3K	$2.2M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009142	+0.099%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009156	+0.252%	$95K	$414K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009131	−0.021%	$190K	$744K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009138	+0.055%	$211K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0241%	1h	0.009137	+0.041%	$309	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009158	+0.274%	$1.6M	$5.3M	75x	as long as short
Kraken Futures PF_PENGUUSD	+0.0377%	1h	0.009146	+0.138%	$351K	$2.6M	50x	as long as short
01 Exchange PENGUUSD	+0.0416%	1h	0.009152	+0.208%	$209	$41	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0433% / S −0.0351%	1h	0.009133	0.000%	$104K	—	100x	as long as short
dYdX PENGU-USD	+0.1154%	1h	0.009128	−0.055%	$12K	$6K	5x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2088%	1h	0.009211	+0.854%	$81K	$74K	50x	as long as short