Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Lighter against BingX−0.022%7-day average +0.052% · you buy dearer than you sell

Net, funding: paid 7d − costs−$46as in the Funding arb table

Net, price: spread back to 7d avg − costs−$52as in the Price arb table

costs, in and out, $10k−$440.445% of the position

Long on BingX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.011%−$1 on $10k

Price spread, last 4 days (all we have)+0.061%+$6 · spread now −0.022%, 7d avg +0.052%

Together, before fees+0.050%+ Points / potential airdropLighter: Season 3 · farm board+$5 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: Lighter is 0.074% cheaper against BingX than usual: you would sell low and buy high, −$7 on $10k if it goes back to its 7-day average of +0.052%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX PENGU-USDT	0.009022	0.0100	pay 0.0050% / 4h	1h 31m	—	$3.8M	—
Short	Lighter PENGU	0.009020	0.0096	get 0.0012% / 1h	31m 36s	$324K	$768K	8x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now −0.022%Rate

Funding earned: −$0.84
Price spread: −0.022% → +0.052%: −$7.38
Slippage, 4 orders: −$34.47
Fee BingX: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$52.7
Costs to cover: 0.445%
Break-even: never at this rate

Slippage from BingX: live order book, 8 min ago; Lighter: live order book, 8 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	0.55 bp	7.0 bp −$7	13.5 bp −$135	52.2 bp −$5,223	381.4 bp −$190.7K
Sell Lighter live order book, 8 min ago	5.52 bp	10.1 bp −$10	77.1 bp −$771	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
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009008	−0.156%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−2.583%	$3K	$117K	5.5x	as long as short
Lighter PENGUshort	+0.0096%	1h	0.009020	−0.022%	$324K	$768K	8x
Nado PENGU-PERP	+0.0100%	1h	0.009003	−0.205%	$633K	$1.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009019	−0.033%	$142K	$716K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009016	−0.067%	$136K	$295K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009023	+0.006%	$39.4M	$188.8M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.009016	−0.067%	$23.9M	$44.1M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009023	+0.011%	$7.9M	$54.4M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.009030	+0.089%	$18K	$26K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate PENGU_USDT	+0.0100%	4h	0.009019	−0.033%	$3.4M	$17.2M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009024	+0.022%	$11.0M	$12.9M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009006	−0.177%	$5.0M	$10.1M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009031	+0.100%	$8.6M	$13.9M	75x	as long as short
BingX PENGU-USDTlong	+0.0100%	4h	0.009022	long leg	—	$3.8M	—
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009003	−0.211%	$310K	$360K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008984	−0.422%	$916K	$1.1M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008995	−0.299%	$474K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009006	−0.177%	$79K	$252K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009010	−0.133%	$23K	$216K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009228	+2.283%	$3K	$2.2M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009009	−0.144%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009026	+0.044%	$93K	$404K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009024	+0.020%	$185K	$526K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009004	−0.200%	$208K	—	3x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0194%	1h	0.009011	−0.122%	$1K	$29K	10x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.009004	−0.202%	$304	—	10x	as long as short
Hyperliquid PENGU	+0.0311%	1h	0.009012	−0.111%	$9.0M	$16.2M	5x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009020	−0.022%	$1.6M	$4.9M	75x	as long as short
01 Exchange PENGUUSD	+0.0344%	1h	0.009029	+0.078%	$207	$64	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0442% / S −0.0368%	1h	0.009010	−0.133%	$106K	—	100x	as long as short
Kraken Futures PF_PENGUUSD	+0.0677%	1h	0.009018	−0.044%	$336K	$2.5M	50x	as long as short
dYdX PENGU-USD	+0.0683%	1h	0.009013	−0.096%	$12K	$6K	5x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1664%	1h	0.009151	+1.430%	$81K	$69K	50x	as long as short