Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.003%

Price spread now: Binance against Nado+0.226%48s7-day average −0.003% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$340.344% of the position

Long on Nado Short on Binance

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.070%+$7 on $10k

Price spread, last 4 days (all we have)−0.589%−$59 · spread now +0.226%, 7d avg −0.003%

Together, before fees−0.519%+ Points / potential airdropNado: Active · farm board−$52 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: Binance is 0.229% dearer against Nado than usual: you sell high and buy low, +$23 on $10k if it goes back to its 7-day average of −0.003%. The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado PENGU-PERP	0.008900	0.0100	pay 0.0012% / 1h	25m 36s	$597K	$1.0M	5x
Short	Binance PENGUUSDT	0.008920	0.0100	get 0.0050% / 4h	3h 25m	$38.1M	$172.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Nado. 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 NadobpFee BinancebpOrdersPrice spread, now +0.226%Rate

Funding earned: $0
Price spread: +0.226% → −0.003%: $22.92
Slippage, 4 orders: −$17.37
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: −$11.45
Costs to cover: 0.344%
Break-even: 10134920428158.7 days

Slippage from Nado: live order book, 3 min ago; Binance: 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 Nado live order book, 3 min ago	0.56 bp	10.7 bp −$11	25.4 bp −$254	doesn't fit	doesn't fit
Sell Binance live order book, 3 min ago	0.56 bp	7.2 bp −$7	18.7 bp −$187	63.5 bp −$6,346	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
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008906	+0.067%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008905	+0.053%	$33K	—	150x	as long as short
Gate PENGU_USDT	+0.0030%	4h	0.008914	+0.157%	$3.3M	$16.4M	75x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−1.247%	$3K	$117K	5.5x	as long as short
dYdX PENGU-USD	+0.0034%	1h	0.008918	+0.205%	$12K	$5K	5x	as long as short
01 Exchange PENGUUSD	+0.0080%	1h	0.008924	+0.270%	$204	$64	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008920	+0.225%	$325K	$751K	8x	as long as short
Nado PENGU-PERPlong	+0.0100%	1h	0.008900	long leg	$597K	$1.0M	5x
Hyperliquid PENGU	+0.0100%	1h	0.008918	+0.202%	$8.5M	$15.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008923	+0.260%	$138K	$642K	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica PENGU	+0.0100%	1h	0.008916	+0.180%	$136K	$272K	5x	as long as short
Binance PENGUUSDTshort	+0.0100%	4h	0.008920	+0.226%	$38.1M	$172.0M	75x
Bybit PENGUUSDT	+0.0100%	4h	0.008912	+0.135%	$23.7M	$41.0M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008914	+0.157%	$7.8M	$50.0M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008920	+0.225%	$19K	$25K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008920	+0.225%	$10.9M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008910	+0.112%	$5.0M	$9.5M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008919	+0.213%	$8.7M	$12.9M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008901	+0.011%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008901	+0.011%	$297K	$327K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008894	−0.069%	$928K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008959	+0.666%	$476K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009018	+1.326%	$82K	$251K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008908	+0.090%	$24K	$103K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009117	+2.438%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008905	+0.056%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008920	+0.225%	$92K	$379K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008909	+0.101%	$185K	$939K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008896	−0.045%	$205K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008902	+0.017%	$301	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008939	+0.438%	$1.5M	$4.1M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0502% / S −0.0415%	1h	0.008903	+0.034%	$127K	—	100x	as long as short
Kraken Futures PF_PENGUUSD	+0.0614%	1h	0.008914	+0.156%	$349K	$2.4M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2704%	1h	0.008940	+0.449%	$94K	$62K	50x	as long as short