Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.002%

Price spread now: BingX against Nado−0.050%53s7-day average — · you buy dearer than you sell

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−$580.578% of the position

Long on Nado Short on BingX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropNado: Active · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: BingX is 0.050% cheaper against Nado than usual: you would sell low and buy high, −$5 on $10k if it goes back to zero (this spread has no 7-day history yet). The two prices were read 53 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	0.009061	0.0100	pay 0.0012% / 1h	52m 34s	$650K	$1.1M	5x
Short	BingX PENGU-USDC	0.009057	0.0100	get 0.0050% / 4h	1h 52m	—	$2.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.050%Rate

Funding earned: $0
Price spread: −0.050% → 0.000%: −$4.97
Slippage, 4 orders: −$40.79
Fee Nado: 3.5 bp × 2 orders: −$7
Fee BingX: 5 bp × 2 orders: −$10
Net: −$62.75
Costs to cover: 0.578%
Break-even: 56554824137478.9 days

Slippage from Nado: live order book, 4 min ago; BingX: live order book, 9 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, 4 min ago	2.20 bp	9.0 bp −$9	24.6 bp −$246	doesn't fit	doesn't fit
Sell BingX live order book, 9 min ago	3.30 bp	13.4 bp −$13	50.8 bp −$508	479.5 bp −$47.9K	doesn't fit

PENGU on 34 exchanges

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
dYdX PENGU-USD	0.0000%	1h	0.009060	−0.012%	$20K	$21K	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.009073	+0.127%	$1K	$27K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009067	+0.060%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−3.007%	$3K	$117K	5.5x	as long as short
Kraken Futures PF_PENGUUSD	+0.0064%	1h	0.009075	+0.144%	$332K	$2.6M	50x	as long as short
Lighter PENGU	+0.0096%	1h	0.009072	+0.116%	$325K	$699K	8x	as long as short
Nado PENGU-PERPlong	+0.0100%	1h	0.009061	long leg	$650K	$1.1M	5x
Aster PENGUUSDT	+0.0100%	4h	0.009068	+0.072%	$135K	$774K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009065	+0.039%	$137K	$225K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009068	+0.071%	$40.0M	$192.4M	75x	as long as short

Show all 34 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit PENGUUSDT	+0.0100%	4h	0.009057	−0.050%	$24.6M	$46.5M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009059	−0.028%	$8.4M	$56.3M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.009070	+0.094%	$18K	$26K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.009064	+0.028%	$3.7M	$17.9M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009069	+0.083%	$12.2M	$12.3M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009063	+0.017%	$5.1M	$10.5M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009071	+0.105%	$8.7M	$14.3M	75x	as long as short
BingX PENGU-USDCshort	+0.0100%	4h	0.009057	−0.050%	—	$2.3M	—
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009067	+0.061%	$302K	$366K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.009073	+0.129%	$917K	$1.2M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009084	+0.251%	$480K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009079	+0.193%	$82K	$247K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009070	+0.094%	$23K	$357K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009285	+2.466%	$3K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009071	+0.105%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009082	+0.226%	$93K	$368K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009061	−0.011%	$185K	$740K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009070	+0.094%	$210K	—	3x	as long as short
Hyperliquid PENGU	+0.0155%	1h	0.009073	+0.127%	$9.7M	$17.0M	5x	as long as short
Reya PENGURUSDPERP	+0.0241%	1h	0.009066	+0.049%	$306	—	10x	as long as short
01 Exchange PENGUUSD	+0.0288%	1h	0.009072	+0.116%	$208	$141	5x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009072	+0.116%	$1.6M	$5.3M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0433% / S −0.0357%	1h	0.009066	+0.050%	$105K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2136%	1h	0.009222	+1.771%	$84K	$95K	50x	as long as short