Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.020%

Price spread now: Bybit against BingX−0.067%7-day average −0.040% · you buy dearer than you sell

Net, funding: paid 7d − costs−$53as in the Funding arb table

Net, price: spread back to 7d avg − costs−$42as in the Price arb table

costs, in and out, $10k−$390.389% of the position

Long on BingX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.136%−$14 on $10k

Price spread, last 7 days+0.032%+$3 · spread now −0.067%, 7d avg −0.040%

Together, before fees−0.104%−$10 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: Bybit is 0.028% cheaper against BingX than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of −0.040%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX PENGU-USDT	0.008889	0.0100	pay 0.0050% / 4h	2h 18m	—	$3.8M	—
Short	Bybit PENGUUSDT	0.008883	0.0100	get 0.0050% / 4h	2h 18m	$23.5M	$42.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against BingX. 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 BingXbpFee BybitbpOrdersPrice spread, now −0.067%Rate

Funding earned: $0
Price spread: −0.067% → −0.040%: −$2.77
Slippage, 4 orders: −$17.94
Fee BingX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$41.71
Costs to cover: 0.389%
Break-even: never at this rate

Slippage from BingX: live order book, 2 min ago; Bybit: live order book, 1 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 BingX live order book, 2 min ago	1.13 bp	7.6 bp −$8	15.3 bp −$153	62.8 bp −$6,280	371.8 bp −$185.9K
Sell Bybit live order book, 1 min ago	0.56 bp	11.0 bp −$11	27.2 bp −$272	78.8 bp −$7,879	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
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008888	−0.015%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−1.125%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008898	+0.101%	$322K	$750K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008890	+0.017%	$603K	$1.1M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008897	+0.090%	$8.2M	$15.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008892	+0.035%	$122K	$667K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008881	−0.090%	$135K	$273K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008893	+0.045%	$37.6M	$177.6M	75x	as long as short
Bybit PENGUUSDTshort	+0.0100%	4h	0.008883	−0.067%	$23.5M	$42.0M	75x
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008884	−0.056%	$7.6M	$51.6M	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	0.008890	+0.011%	$18K	$26K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.008885	−0.045%	$3.3M	$16.6M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008888	−0.011%	$10.5M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008889	0.000%	$5.0M	$9.7M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008892	+0.034%	$8.5M	$13.4M	75x	as long as short
BingX PENGU-USDTlong	+0.0100%	4h	0.008889	long leg	—	$3.8M	—
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008876	−0.146%	$292K	$338K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008816	−0.822%	$920K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008765	−1.392%	$458K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008756	−1.496%	$79K	$250K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008896	+0.079%	$23K	$176K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009108	+2.464%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008894	+0.056%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008892	+0.034%	$92K	$392K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008894	+0.053%	$183K	$876K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008885	−0.045%	$205K	—	3x	as long as short
dYdX PENGU-USD	+0.0184%	1h	0.008876	−0.142%	$12K	$6K	5x	as long as short
01 Exchange PENGUUSD	+0.0192%	1h	0.008890	+0.011%	$203	$64	5x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.008890	+0.014%	$300	—	10x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0312%	1h	0.008897	+0.090%	$15K	$14K	10x	as long as short
Kraken Futures PF_PENGUUSD	+0.0317%	1h	0.008901	+0.137%	$325K	$2.4M	50x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008886	−0.034%	$1.5M	$4.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0504% / S −0.0466%	1h	0.008888	−0.011%	$123K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1752%	1h	0.008896	+0.079%	$78K	$77K	50x	as long as short