Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: BingX against Lighter−0.308%7-day average −0.052% · you buy dearer than you sell

Net, funding: paid 7d − costs−$57as in the Funding arb table

Net, price: spread back to 7d avg − costs−$84as in the Price arb table

costs, in and out, $10k−$580.584% of the position

Long on Lighter Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.011%+$1 on $10k

Price spread, last 4 days (all we have)+0.265%+$27 · spread now −0.308%, 7d avg −0.052%

Together, before fees+0.276%+ Points / potential airdropLighter: Season 3 · farm board+$28 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 0.256% cheaper against Lighter than usual: you would sell low and buy high, −$26 on $10k if it goes back to its 7-day average of −0.052%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PENGU	0.008764	0.0096	pay 0.0012% / 1h	57m 56s	$311K	$707K	8x
Short	BingX PENGU-USDT	0.008737	0.0100	get 0.0050% / 4h	1h 57m	—	$3.6M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Lighter. 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 LighterbpFee BingXbpOrdersPrice spread, now −0.308%Rate

Funding earned: $0.84
Price spread: −0.308% → −0.052%: −$25.63
Slippage, 4 orders: −$48.36
Fee Lighter: 0 bp × 2 orders: $0
Fee BingX: 5 bp × 2 orders: −$10
Net: −$83.15
Costs to cover: 0.584%
Break-even: 700.0 days

Slippage from Lighter: live order book, 2 min ago; BingX: live order book, 7 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 Lighter live order book, 2 min ago	3.41 bp	22.8 bp −$23	97.9 bp −$979	doesn't fit	doesn't fit
Sell BingX live order book, 7 min ago	0.57 bp	6.8 bp −$7	12.4 bp −$124	42.5 bp −$4,251	274.3 bp −$137.1K

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	0.008759	−0.057%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008760	−0.040%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.285%	$3K	$117K	5.5x	as long as short
01 Exchange PENGUUSD	+0.0088%	1h	0.008772	+0.091%	$201	$64	5x	as long as short
Gate PENGU_USDT	+0.0090%	4h	0.008734	−0.342%	$3.4M	$15.3M	75x	as long as short
Lighter PENGUlong	+0.0096%	1h	0.008764	long leg	$311K	$707K	8x
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008758	−0.068%	$19K	$161K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008760	−0.040%	$590K	$987K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008745	−0.217%	$8.2M	$14.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008743	−0.237%	$132K	$523K	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	0.008779	+0.171%	$154K	$243K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008737	−0.308%	$37.1M	$156.8M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008732	−0.365%	$23.0M	$38.0M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008735	−0.331%	$7.5M	$46.1M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008770	+0.068%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008736	−0.319%	$11.8M	$12.3M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008740	−0.274%	$4.7M	$9.1M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008738	−0.297%	$8.3M	$12.4M	75x	as long as short
BingX PENGU-USDTshort	+0.0100%	4h	0.008737	−0.308%	—	$3.6M	—
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008749	−0.171%	$300K	$282K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008789	+0.285%	$874K	$987K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008798	+0.388%	$466K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008797	+0.377%	$80K	$243K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008967	+2.316%	$3K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008759	−0.057%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008774	+0.114%	$93K	$337K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008732	−0.360%	$183K	$941K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008755	−0.103%	$202K	—	3x	as long as short
dYdX PENGU-USD	+0.0177%	1h	0.008780	+0.183%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008758	−0.074%	$296	—	10x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0511% / S −0.0582%	1h	0.008759	−0.057%	$119K	—	100x	as long as short
Kraken Futures PF_PENGUUSD	+0.0649%	1h	0.008768	+0.044%	$360K	$2.3M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2296%	1h	0.008967	+2.316%	$95K	$94K	50x	as long as short