Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Lighter against Binance+0.046%7-day average +0.050% · you sell dearer than you buy

Net, funding: paid 7d − costs−$37as in the Funding arb table

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$370.365% of the position

Long on Binance Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days0.000%$0 on $10k

Price spread, last 4 days (all we have)+0.015%+$1 · spread now +0.046%, 7d avg +0.050%

Together, before fees+0.015%+ Points / potential airdropLighter: Season 3 · farm board+$1 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance PENGUUSDT	0.008756	0.0100	pay 0.0050% / 4h	2h 34m	$36.9M	$176.5M	75x
Short	Lighter PENGU	0.008760	0.0096	get 0.0012% / 1h	34m 39s	$317K	$750K	8x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.046%Rate

Funding earned: −$0.84
Price spread: +0.046% → +0.050%: −$0.47
Slippage, 4 orders: −$26.53
Fee Binance: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$37.84
Costs to cover: 0.365%
Break-even: never at this rate

Slippage from Binance: live order book, 9 min ago; Lighter: live order book, 10 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 Binance live order book, 9 min ago	0.57 bp	7.9 bp −$8	17.4 bp −$174	67.7 bp −$6,766	doesn't fit
Sell Lighter live order book, 10 min ago	1.70 bp	8.0 bp −$8	73.4 bp −$734	doesn't fit	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	0.008819	+0.720%	$17K	$12K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008811	+0.628%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.377%	$3K	$117K	5.5x	as long as short
Lighter PENGUshort	+0.0096%	1h	0.008760	+0.046%	$317K	$750K	8x
Hyperliquid PENGU	+0.0100%	1h	0.008764	+0.091%	$8.0M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008759	+0.030%	$120K	$667K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008756	0.000%	$133K	$274K	5x	as long as short
Binance PENGUUSDTlong	+0.0100%	4h	0.008756	long leg	$36.9M	$176.5M	75x
Bybit PENGUUSDT	+0.0100%	4h	0.008750	−0.069%	$23.2M	$41.8M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008754	−0.023%	$7.5M	$50.3M	50x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus PENGU-USD	+0.0100%	1h	0.008810	+0.617%	$18K	$25K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.008778	+0.251%	$3.3M	$16.4M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008755	−0.011%	$10.4M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008752	−0.046%	$4.9M	$9.7M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008760	+0.046%	$8.4M	$13.3M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008780	+0.274%	—	$3.7M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008795	+0.445%	$290K	$339K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008760	+0.047%	$915K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008779	+0.264%	$459K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008777	+0.240%	$79K	$250K	50x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008815	+0.674%	$591K	$1.1M	5x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008816	+0.685%	$23K	$161K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009029	+3.118%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008812	+0.640%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008833	+0.879%	$91K	$387K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008773	+0.190%	$182K	$872K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008808	+0.594%	$203K	—	3x	as long as short
dYdX PENGU-USD	+0.0174%	1h	0.008760	+0.042%	$12K	$6K	5x	as long as short
01 Exchange PENGUUSD	+0.0176%	1h	0.008811	+0.628%	$202	$64	5x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.008816	+0.689%	$298	—	10x	as long as short
Kraken Futures PF_PENGUUSD	+0.0320%	1h	0.008815	+0.674%	$322K	$2.4M	50x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008822	+0.754%	$1.5M	$4.4M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0499% / S −0.0422%	1h	0.008812	+0.640%	$125K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1752%	1h	0.008825	+0.788%	$78K	$76K	50x	as long as short