Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.2892%/8h= +316.7% APRpaid last 24h +0.556%

Price spread now: Coinbase International against BingX+0.115%7-day average +0.772% · you sell dearer than you buy

Net, funding: paid 7d − costs+$103as in the Funding arb table

Net, price: spread back to 7d avg − costs−$130as in the Price arb table

costs, in and out, $10k−$650.647% of the position

Long on BingX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+1.677%+$168 on $10k

Price spread, last 3 days (all we have)+0.178%+$18 · spread now +0.115%, 7d avg +0.772%

Together, before fees+1.855%+$185 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.657% cheaper against BingX than usual: you would sell low and buy high (spread +0.115% now, against its 7-day average of +0.772%). If the spread goes back, that is −$66 on $10k: about 18 hours of funding at the current rate (+$87 a day). At the pace of the last 7 days (+1.677% in total) that is about 2.7 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 1.677% in total (about 87.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX PENGU-USDT	0.008712	0.0100	pay 0.0050% / 4h	2h 22m	—	$3.9M	—
Short	Coinbase International PENGU-PERP-INTX	0.008722	0.2992	get 0.0374% / 1h	22m 05s	$93K	$96K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.115%Rate

Funding earned: $607.32
Price spread: +0.115% → +0.772%: −$65.73
Slippage, 4 orders: −$44.67
Fee BingX: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $476.92
Costs to cover: 0.647%
Break-even: 1.5 days

Slippage from BingX: live order book, 8 min ago; Coinbase International: live order book, 86 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, 8 min ago	0.58 bp	8.7 bp −$9	13.6 bp −$136	44.9 bp −$4,487	392.3 bp −$196.1K
Sell Coinbase International live order book, 86 min ago	15.76 bp	25.8 bp −$26	doesn't fit	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	−0.0548%	1h	0.008722	+0.110%	$387K	$2.1M	50x	as long as short
Gate PENGU_USDT	−0.0274%	4h	0.008712	0.000%	$3.4M	$15.4M	75x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	+0.034%	$3K	$81K	5.5x	as long as short
Bybit PENGUUSDT	−0.0018%	4h	0.008704	−0.092%	$22.6M	$35.9M	75x	as long as short
dYdX PENGU-USD	0.0000%	1h	0.008701	−0.121%	$11K	$4K	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008721	+0.103%	$19K	$9K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008722	+0.109%	$33K	—	150x	as long as short
01 Exchange PENGUUSD	+0.0016%	1h	0.008716	+0.046%	$199	$59	5x	as long as short
Backpack PENGU_USDC_PERP	+0.0017%	1h	0.008716	+0.046%	$311K	$315K	10x	as long as short
Lighter PENGU	+0.0096%	1h	0.008719	+0.080%	$298K	$723K	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-PERP	+0.0100%	1h	0.008710	−0.017%	$676K	$758K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008722	+0.115%	$8.7M	$15.2M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008720	+0.089%	$172K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008707	−0.057%	$147K	$236K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008715	+0.040%	$36.0M	$151.1M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008712	0.000%	$7.7M	$46.6M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008710	−0.023%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008717	+0.057%	$12.9M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008720	+0.092%	$4.8M	$8.7M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008722	+0.115%	$8.2M	$12.5M	75x	as long as short
BingX PENGU-USDTlong	+0.0100%	4h	0.008712	long leg	—	$3.9M	—
Variational Omni PENGU	+0.0100%	4h	0.008674	−0.434%	$794K	$714K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008670	−0.482%	$454K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008672	−0.459%	$79K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008723	+0.126%	$21K	$184K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008932	+2.525%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008718	+0.069%	$992	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008740	+0.321%	$91K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008715	+0.040%	$179K	$682K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008715	+0.034%	$201K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008718	+0.067%	$294	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008705	−0.080%	$1.5M	$2.7M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0503% / S −0.0703%	1h	0.008723	+0.126%	$113K	—	100x	as long as short
Coinbase International PENGU-PERP-INTXshort	+0.2992%	1h	0.008722	+0.115%	$93K	$96K	50x