Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.2404%/8h= −263.2% APRpaid last 24h −0.568%

Price spread now: BingX against Coinbase International−1.755%7-day average — · you buy dearer than you sell

Net, funding: paid 7d − costs−$256as in the Funding arb table

Net, price: spread back to 7d avg − costs−$263as in the Price arb table

costs, in and out, $10k−$870.873% of the position

Long on Coinbase International Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−1.686%−$169 on $10k

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

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$72 a day on $10k at the current rate, and BingX is 1.755% cheaper against Coinbase International than usual: you would sell low and buy high (−$176 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International PENGU-PERP-INTX	0.008945	0.2504	pay 0.0313% / 1h	20m 31s	$95K	$105K	50x
Short	BingX PENGU-USDC	0.008788	0.0100	get 0.0050% / 4h	1h 20m	—	$2.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −1.755%Rate

Funding earned: −$504.84
Price spread: −1.755% → 0.000%: −$175.52
Slippage, 4 orders: −$67.31
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$767.67
Costs to cover: 0.873%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 28 min ago; BingX: live order book, 3 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, 28 min ago	19.92 bp	24.9 bp −$25	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 3 min ago	2.28 bp	13.3 bp −$13	46.7 bp −$467	658.5 bp −$65.8K	doesn't fit

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
Kraken Futures PF_PENGUUSD	−0.0605%	1h	0.008809	−1.524%	$369K	$2.2M	50x	as long as short
Gate PENGU_USDT	−0.0290%	4h	0.008795	−1.677%	$3.4M	$15.6M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0204%	1h	0.008797	−1.655%	$19K	$9K	10x	as long as short
Bybit PENGUUSDT	−0.0149%	4h	0.008783	−1.811%	$22.9M	$36.5M	75x	as long as short
01 Exchange PENGUUSD	−0.0080%	1h	0.008795	−1.677%	$201	$59	5x	as long as short
Variational Omni PENGU	+0.0001%	4h	0.008766	−1.997%	$801K	$802K	—	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008801	−1.606%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−1.744%	$3K	$117K	5.5x	as long as short
Nado PENGU-PERP	+0.0094%	1h	0.008801	−1.610%	$685K	$759K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008797	−1.655%	$309K	$736K	8x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid PENGU	+0.0100%	1h	0.008802	−1.599%	$8.7M	$15.0M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008802	−1.604%	$189K	$466K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008800	−1.621%	$151K	$238K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008790	−1.735%	$36.5M	$153.0M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008786	−1.778%	$7.7M	$47.2M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008800	−1.621%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008797	−1.655%	$12.7M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008795	−1.677%	$4.8M	$8.9M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008799	−1.632%	$8.4M	$12.6M	75x	as long as short
BingX PENGU-USDCshort	+0.0100%	4h	0.008788	−1.755%	—	$2.3M	—
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008795	−1.677%	$314K	$309K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008788	−1.750%	$460K	$2.3M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008792	−1.710%	$80K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008799	−1.632%	$23K	$186K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009011	+0.738%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008796	−1.666%	$997	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008816	−1.442%	$92K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008794	−1.685%	$181K	$682K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008795	−1.677%	$203K	$17K	3x	as long as short
dYdX PENGU-USD	+0.0129%	1h	0.008799	−1.629%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008793	−1.699%	$297	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008797	−1.655%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0510% / S −0.0711%	1h	0.008801	−1.610%	$115K	—	100x	as long as short
Coinbase International PENGU-PERP-INTXlong	+0.2504%	1h	0.008945	long leg	$95K	$105K	50x