Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.004%

Price spread now: Nado against Binance+0.162%7-day average +0.011% · 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−$19as in the Price arb table

costs, in and out, $10k−$340.345% of the position

Long on Binance Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.067%−$7 on $10k

Price spread, last 3 days (all we have)+0.316%+$32 · spread now +0.162%, 7d avg +0.011%

Together, before fees+0.248%+ Points / potential airdropNado: Active · farm board+$25 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: Nado is 0.151% dearer against Binance than usual: you sell high and buy low, +$15 on $10k if it goes back to its 7-day average of +0.011%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance PENGUUSDT	0.008647	0.0100	pay 0.0050% / 4h	2h 07m	$35.7M	$151.4M	75x
Short	Nado PENGU-PERP	0.008661	0.0100	get 0.0012% / 1h	7m 04s	$673K	$757K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now +0.162%Rate

Funding earned: $0
Price spread: +0.162% → +0.011%: $15.11
Slippage, 4 orders: −$17.48
Fee Binance: 5 bp × 2 orders: −$10
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$19.37
Costs to cover: 0.345%
Break-even: never at this rate

Slippage from Binance: live order book, 6 min ago; Nado: live order book, 16 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, 6 min ago	1.16 bp	10.0 bp −$10	20.5 bp −$205	76.0 bp −$7,596	doesn't fit
Sell Nado live order book, 16 min ago	1.72 bp	7.8 bp −$8	25.1 bp −$251	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
Kraken Futures PF_PENGUUSD	−0.0553%	1h	0.008654	+0.086%	$383K	$2.1M	50x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0443%	1h	0.008650	+0.035%	$19K	$9K	10x	as long as short
Gate PENGU_USDT	−0.0286%	4h	0.008646	−0.012%	$3.4M	$15.4M	75x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	+0.786%	$3K	$81K	5.5x	as long as short
Backpack PENGU_USDC_PERP	−0.0067%	1h	0.008648	+0.012%	$308K	$314K	10x	as long as short
01 Exchange PENGUUSD	−0.0008%	1h	0.008655	+0.093%	$198	$59	5x	as long as short
Bybit PENGUUSDT	0.0000%	4h	0.008642	−0.058%	$22.5M	$36.0M	75x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008657	+0.118%	$33K	—	150x	as long as short
dYdX PENGU-USD	+0.0014%	1h	0.008674	+0.310%	$11K	$4K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008647	0.000%	$295K	$725K	8x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado PENGU-PERPshort	+0.0100%	1h	0.008661	+0.162%	$673K	$757K	5x
Hyperliquid PENGU	+0.0100%	1h	0.008651	+0.046%	$8.6M	$15.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008659	+0.135%	$171K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008660	+0.150%	$146K	$236K	5x	as long as short
Binance PENGUUSDTlong	+0.0100%	4h	0.008647	long leg	$35.7M	$151.4M	75x
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008647	0.000%	$7.6M	$46.2M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008660	+0.150%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008645	−0.023%	$12.8M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008651	+0.046%	$4.7M	$8.8M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008652	+0.058%	$8.2M	$12.5M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008636	−0.127%	—	$2.3M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008647	−0.002%	$799K	$726K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008663	+0.188%	$453K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008672	+0.289%	$79K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008652	+0.058%	$23K	$186K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008866	+2.533%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008645	−0.023%	$983	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008685	+0.439%	$91K	$250K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008645	−0.022%	$178K	$682K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008647	0.000%	$200K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008654	+0.083%	$292	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008648	+0.012%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0502% / S −0.0703%	1h	0.008656	+0.104%	$112K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008699	+0.601%	$93K	$97K	50x	as long as short