Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.054%

Price spread now: Deribit against Binance+0.244%55s7-day average — · you sell dearer than you buy

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

Long on Binance Short on Deribit

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

The price spread pays, funding is against you. Deribit is 0.244% dearer against Binance than usual: you sell high and buy low (spread +0.244% now, against zero (this spread has no 7-day history yet)): +$24 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 8.1 days. The two prices were read 55 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	Binance PENGUUSDT	0.009011	0.0100	pay 0.0050% / 4h	3h 49m	$38.7M	$169.0M	75x
Short	Deribit PENGU_USDC-PERPETUAL	0.009033	0	get 0.0000% / 1h	49m 23s	$19K	$10K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Binance. 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 BinancebpFee DeribitbpOrdersPrice spread, now +0.244%Rate

Funding earned: −$21
Price spread: +0.244% → 0.000%: $24.41
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$13.59
Costs to cover: 0.170%
Break-even: from the start

Slippage unknown: Binance: live order book, 9 min ago; Deribit: no order-book sample. 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 Binance live order book, 9 min ago	0.56 bp	11.1 bp −$11	21.9 bp −$219	75.7 bp −$7,573	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

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 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-PERPETUALshort	0.0000%	1h	0.009033	+0.244%	$19K	$10K	10x
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009011	−0.004%	$33K	—	150x	as long as short
dYdX PENGU-USD	+0.0032%	1h	0.009019	+0.087%	$12K	$5K	5x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−2.464%	$3K	$117K	5.5x	as long as short
01 Exchange PENGUUSD	+0.0080%	1h	0.009014	+0.033%	$206	$64	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.009026	+0.166%	$334K	$737K	8x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.009016	+0.055%	$8.5M	$14.8M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009017	+0.071%	$130K	$600K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009018	+0.078%	$140K	$270K	5x	as long as short
Binance PENGUUSDTlong	+0.0100%	4h	0.009011	long leg	$38.7M	$169.0M	75x

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit PENGUUSDT	+0.0100%	4h	0.009003	−0.089%	$23.9M	$40.4M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009005	−0.067%	$7.8M	$49.7M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.009010	−0.011%	$19K	$24K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.009011	0.000%	$3.4M	$16.0M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009014	+0.033%	$11.0M	$12.4M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009015	+0.044%	$4.9M	$9.3M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009014	+0.033%	$8.8M	$12.8M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.009011	0.000%	—	$3.5M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009028	+0.189%	$302K	$330K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.009060	+0.543%	$945K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009065	+0.599%	$476K	$2.1M	10x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009012	+0.014%	$605K	$1.0M	5x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009010	−0.011%	$24K	$83K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009248	+2.630%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009034	+0.255%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009051	+0.444%	$94K	$378K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009008	−0.039%	$187K	$944K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009028	+0.189%	$209K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.009006	−0.053%	$304	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009071	+0.666%	$1.5M	$4.1M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0505% / S −0.0462%	1h	0.009011	0.000%	$124K	—	100x	as long as short
ApeX Omni PENGUUSDT	+0.0577%	1h	0.009083	+0.799%	$92K	$247K	50x	as long as short
Kraken Futures PF_PENGUUSD	+0.0605%	1h	0.009042	+0.346%	$352K	$2.4M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2704%	1h	0.008976	−0.388%	$96K	$61K	50x	as long as short