Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

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

Price spread now: Extended against BingX+0.077%7-day average +0.005% · you sell dearer than you buy

Net, funding: paid 7d − costs−$63as in the Funding arb table

Net, price: spread back to 7d avg − costs−$54as in the Price arb table

costs, in and out, $10k−$610.610% of the position

Long on BingX Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days−0.018%−$2 on $10k

Price spread, last 4 days (all we have)−0.072%−$7 · spread now +0.077%, 7d avg +0.005%

Together, before fees−0.090%+ Points / potential airdropExtended: Active · farm board−$9 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: Extended is 0.072% dearer against BingX than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of +0.005%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX PENGU-USDC	0.008811	0.0100	pay 0.0050% / 4h	50m 09s	—	$2.3M	—
Short	Extended PENGU-USD	0.008818	0.0104	get 0.0013% / 1h	50m 09s	$182K	$622K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now +0.077%Rate

Funding earned: $0.84
Price spread: +0.077% → +0.005%: $7.21
Slippage, 4 orders: −$45.96
Fee BingX: 5 bp × 2 orders: −$10
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$52.91
Costs to cover: 0.610%
Break-even: 447.9 days

Slippage from BingX: live order book, 8 min ago; Extended: live order book, 28 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	1.70 bp	19.6 bp −$20	56.5 bp −$565	495.0 bp −$49.5K	1044.5 bp −$522.3K
Sell Extended live order book, 28 min ago	1.71 bp	10.9 bp −$11	81.3 bp −$813	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	−0.0339%	1h	0.008830	+0.215%	$372K	$2.3M	50x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0317%	1h	0.008820	+0.102%	$19K	$9K	10x	as long as short
Gate PENGU_USDT	−0.0244%	4h	0.008820	+0.102%	$3.4M	$15.6M	75x	as long as short
Bybit PENGUUSDT	−0.0221%	4h	0.008814	+0.034%	$22.9M	$36.5M	75x	as long as short
Variational Omni PENGU	−0.0156%	4h	0.008825	+0.163%	$804K	$802K	—	as long as short
01 Exchange PENGUUSD	−0.0120%	1h	0.008823	+0.136%	$202	$59	5x	as long as short
Injective PENGU/USDC PERP	−0.0114%	1h	0.008789	−0.250%	$3K	$117K	5.5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008822	+0.129%	$34K	—	150x	as long as short
dYdX PENGU-USD	+0.0041%	1h	0.008834	+0.258%	$12K	$4K	5x	as long as short
Nado PENGU-PERP	+0.0074%	1h	0.008823	+0.142%	$689K	$761K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter PENGU	+0.0096%	1h	0.008824	+0.148%	$308K	$740K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008821	+0.113%	$24K	$186K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008822	+0.125%	$8.5M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008830	+0.211%	$191K	$467K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008833	+0.250%	$152K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008818	+0.079%	$36.6M	$153.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008820	+0.102%	$7.6M	$47.3M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008820	+0.102%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008818	+0.079%	$12.6M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008826	+0.170%	$4.8M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008824	+0.148%	$8.4M	$12.6M	75x	as long as short
BingX PENGU-USDClong	+0.0100%	4h	0.008811	long leg	—	$2.3M	—
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008819	+0.091%	$315K	$308K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008836	+0.284%	$462K	$2.2M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008830	+0.216%	$80K	$254K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009050	+2.713%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008818	+0.079%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008851	+0.454%	$92K	$250K	25x	as long as short
Extended PENGU-USDshort	+0.0104%	1h	0.008818	+0.077%	$182K	$622K	10x
Aevo PENGU-PERP	+0.0104%	1h	0.008821	+0.113%	$204K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008819	+0.091%	$298	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008825	+0.159%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0511% / S −0.0711%	1h	0.008822	+0.125%	$115K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2688%	1h	0.008850	+0.443%	$94K	$104K	50x	as long as short