Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.061%

Price spread now: Binance against Deribit−0.033%7-day average — · you buy dearer than you sell

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

Long on Deribit Short on Binance

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

Funding pays, the price is against you. Binance is 0.033% cheaper against Deribit than usual: you would sell low and buy high (spread −0.033% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$3 on $10k: about 26 hours of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit PENGU_USDC-PERPETUAL	0.008808	0	get 0.0000% / 1h	1m 48s	$18K	$10K	10x
Short	Binance PENGUUSDT	0.008805	0.0100	get 0.0050% / 4h	2h 01m	$37.4M	$157.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Deribit. 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 DeribitbpFee BinancebpOrdersPrice spread, now −0.033%Rate

Funding earned: $21
Price spread: −0.033% → 0.000%: −$3.27
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: $0.73
Costs to cover: 0.170%
Break-even: 6.8 days

Slippage unknown: Deribit: no order-book sample; Binance: live order book, 11 min ago. 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 Deribit no order-book sample	—	—	—	—	—
Sell Binance live order book, 11 min ago	0.57 bp	8.0 bp −$8	20.0 bp −$200	70.0 bp −$7,001	doesn't fit

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 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-PERPETUALlong	0.0000%	1h	0.008808	long leg	$18K	$10K	10x
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008809	+0.011%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.216%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008798	−0.114%	$312K	$709K	8x	as long as short
01 Exchange PENGUUSD	+0.0096%	1h	0.008807	−0.011%	$201	$64	5x	as long as short
Gate PENGU_USDT	+0.0098%	4h	0.008799	−0.102%	$3.4M	$15.6M	75x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008810	+0.023%	$19K	$161K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008802	−0.068%	$593K	$987K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008800	−0.091%	$8.2M	$14.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008806	−0.023%	$138K	$520K	20x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica PENGU	+0.0100%	1h	0.008799	−0.102%	$155K	$245K	5x	as long as short
Binance PENGUUSDTshort	+0.0100%	4h	0.008805	−0.033%	$37.4M	$157.0M	75x
Bybit PENGUUSDT	+0.0100%	4h	0.008801	−0.079%	$23.2M	$38.1M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008799	−0.102%	$7.5M	$46.8M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008800	−0.091%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008802	−0.068%	$11.9M	$12.9M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008805	−0.034%	$4.7M	$9.1M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008802	−0.068%	$8.3M	$12.4M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008797	−0.125%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008805	−0.034%	$302K	$286K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008813	+0.056%	$876K	$987K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008794	−0.159%	$466K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008824	+0.182%	$80K	$243K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009014	+2.339%	$2K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008808	0.000%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008815	+0.079%	$94K	$337K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008800	−0.086%	$185K	$941K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008800	−0.091%	$203K	—	3x	as long as short
Kraken Futures PF_PENGUUSD	+0.0210%	1h	0.008815	+0.082%	$361K	$2.3M	50x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008806	−0.026%	$297	—	10x	as long as short
dYdX PENGU-USD	+0.0327%	1h	0.008801	−0.080%	$12K	$4K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0513% / S −0.0582%	1h	0.008810	+0.023%	$120K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1352%	1h	0.008967	+1.805%	$95K	$94K	50x	as long as short