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: Binance against Coinbase International−2.019%7-day average −0.797% · you buy dearer than you sell

Net, funding: paid 7d − costs−$392as in the Funding arb table

Net, price: spread back to 7d avg − costs−$340as in the Price arb table

costs, in and out, $10k−$2182.182% of the position

Long on Coinbase International Short on Binance

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)+1.251%+$125 · spread now −2.019%, 7d avg −0.797%

Together, before fees−0.490%−$49 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$38 a day on $10k at the current rate, and Binance is 1.221% cheaper against Coinbase International than usual: you would sell low and buy high (−$122 if the spread goes back to its 7-day average of −0.797%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International PENGU-PERP-INTX	0.008967	0.1352	pay 0.0169% / 1h	20m 30s	$95K	$94K	50x
Short	Binance PENGUUSDT	0.008786	0.0100	get 0.0050% / 4h	2h 20m	$37.5M	$157.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Coinbase International. 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 Coinbase InternationalbpFee BinancebpOrdersPrice spread, now −2.019%Rate

Funding earned: −$262.92
Price spread: −2.019% → −0.797%: −$122.1
Slippage, 4 orders: −$198.21
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$603.23
Costs to cover: 2.182%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 13 min ago; Binance: live order book, 8 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 Coinbase International live order book, 13 min ago	84.41 bp	112.0 bp −$112	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 8 min ago	0.56 bp	9.2 bp −$9	18.7 bp −$187	61.3 bp −$6,135	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	0.0000%	1h	0.008812	−1.729%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008813	−1.719%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−1.985%	$3K	$117K	5.5x	as long as short
Gate PENGU_USDT	+0.0052%	4h	0.008782	−2.063%	$3.4M	$15.6M	75x	as long as short
Variational Omni PENGU	+0.0060%	4h	0.008804	−1.819%	$876K	$999K	—	as long as short
01 Exchange PENGUUSD	+0.0088%	1h	0.008787	−2.007%	$201	$64	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008793	−1.940%	$311K	$707K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008810	−1.751%	$19K	$161K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008782	−2.060%	$591K	$990K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008789	−1.985%	$8.2M	$14.9M	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster PENGUUSDT	+0.0100%	4h	0.008794	−1.930%	$142K	$509K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008789	−1.985%	$155K	$245K	5x	as long as short
Binance PENGUUSDTshort	+0.0100%	4h	0.008786	−2.019%	$37.5M	$157.6M	75x
Bybit PENGUUSDT	+0.0100%	4h	0.008778	−2.108%	$23.0M	$38.3M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008784	−2.041%	$7.5M	$47.5M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008780	−2.085%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008786	−2.019%	$11.9M	$12.9M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008788	−1.996%	$4.7M	$9.1M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008788	−1.996%	$8.3M	$12.7M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008782	−2.063%	—	$3.6M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008798	−1.885%	$301K	$300K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008820	−1.639%	$472K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008813	−1.717%	$80K	$249K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009029	+0.691%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008811	−1.740%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008832	−1.506%	$94K	$337K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008781	−2.078%	$181K	$939K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008805	−1.807%	$203K	—	3x	as long as short
Kraken Futures PF_PENGUUSD	+0.0210%	1h	0.008817	−1.674%	$360K	$2.3M	50x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008784	−2.039%	$297	—	10x	as long as short
dYdX PENGU-USD	+0.0299%	1h	0.008790	−1.972%	$12K	$4K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0513% / S −0.0708%	1h	0.008813	−1.717%	$114K	—	100x	as long as short
Coinbase International PENGU-PERP-INTXlong	+0.1352%	1h	0.008967	long leg	$95K	$94K	50x