Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.020%

Price spread now: BingX against Bybit+0.195%7-day average +0.040% · you sell dearer than you buy

Net, funding: paid 7d − costs−$21as in the Funding arb table

Net, price: spread back to 7d avg − costs−$19as in the Price arb table

costs, in and out, $10k−$350.346% of the position

Long on Bybit Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.136%+$14 on $10k

Price spread, last 7 days−0.159%−$16 · spread now +0.195%, 7d avg +0.040%

Together, before fees−0.023%−$2 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: BingX is 0.155% dearer against Bybit than usual: you sell high and buy low, +$15 on $10k if it goes back to its 7-day average of +0.040%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit PENGUUSDT	0.008737	0.0100	pay 0.0050% / 4h	2h 34m	$23.2M	$41.8M	75x
Short	BingX PENGU-USDT	0.008754	0.0100	get 0.0050% / 4h	2h 34m	—	$3.7M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Bybit. 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 BybitbpFee BingXbpOrdersPrice spread, now +0.195%Rate

Funding earned: $0
Price spread: +0.195% → +0.040%: $15.48
Slippage, 4 orders: −$13.58
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee BingX: 5 bp × 2 orders: −$10
Net: −$19.11
Costs to cover: 0.346%
Break-even: never at this rate

Slippage from Bybit: live order book, 9 min ago; BingX: live order book, 10 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 Bybit live order book, 9 min ago	0.57 bp	10.6 bp −$11	24.1 bp −$241	111.7 bp −$11.2K	doesn't fit
Sell BingX live order book, 10 min ago	0.57 bp	8.7 bp −$9	14.1 bp −$141	40.4 bp −$4,045	262.4 bp −$131.2K

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	0.008819	+0.939%	$17K	$12K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008811	+0.847%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.595%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008760	+0.263%	$317K	$750K	8x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008764	+0.309%	$8.0M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008751	+0.162%	$120K	$667K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008756	+0.217%	$133K	$274K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008743	+0.071%	$36.9M	$176.5M	75x	as long as short
Bybit PENGUUSDTlong	+0.0100%	4h	0.008737	long leg	$23.2M	$41.8M	75x
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008737	0.000%	$7.5M	$50.2M	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	0.008750	+0.149%	$18K	$25K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.008750	+0.149%	$3.3M	$16.4M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008755	+0.206%	$10.4M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008752	+0.172%	$4.9M	$9.7M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008756	+0.217%	$8.4M	$13.3M	75x	as long as short
BingX PENGU-USDTshort	+0.0100%	4h	0.008754	+0.195%	—	$3.7M	—
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008795	+0.664%	$290K	$339K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008760	+0.265%	$915K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008779	+0.482%	$459K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008777	+0.458%	$79K	$250K	50x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008745	+0.097%	$587K	$1.1M	5x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008816	+0.904%	$23K	$161K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009029	+3.342%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008812	+0.858%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008833	+1.099%	$91K	$387K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008750	+0.145%	$182K	$872K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008808	+0.813%	$203K	—	3x	as long as short
dYdX PENGU-USD	+0.0174%	1h	0.008760	+0.260%	$12K	$6K	5x	as long as short
01 Exchange PENGUUSD	+0.0176%	1h	0.008753	+0.183%	$200	$64	5x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.008816	+0.908%	$298	—	10x	as long as short
Kraken Futures PF_PENGUUSD	+0.0320%	1h	0.008815	+0.893%	$322K	$2.4M	50x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008822	+0.973%	$1.5M	$4.4M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0499% / S −0.0422%	1h	0.008812	+0.858%	$125K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1752%	1h	0.008825	+1.007%	$78K	$76K	50x	as long as short