Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0141%/8h= +15.4% APRpaid last 24h +0.041%

Price spread now: Reya against BingX−0.075%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on BingX Short on Reya

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropReya: Active · farm boardneeds both histories

Funding pays, the price is against you. Reya is 0.075% cheaper against BingX than usual: you would sell low and buy high (spread −0.075% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$7 on $10k: about 42 hours of funding at the current rate (+$4 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX PENGU-USDT	0.009074	0.0100	pay 0.0050% / 4h	3h 34m	—	$3.8M	—
Short	Reya PENGURUSDPERP	0.009067	0.0241	get 0.0030% / 1h	34m 45s	$306	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now −0.075%Rate

Funding earned: $29.53
Price spread: −0.075% → 0.000%: −$7.46
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee Reya: 3 bp × 2 orders: −$6
Net: $6.07
Costs to cover: 0.160%
Break-even: 5.6 days

Slippage unknown: BingX: live order book, 15 min ago; Reya: no order-book sample. Net counts fees only.

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, 15 min ago	0.55 bp	11.0 bp −$11	14.5 bp −$145	53.7 bp −$5,367	370.5 bp −$185.3K
Sell Reya no order-book sample	—	—	—	—	—

Reya: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Gate PENGU_USDT	−0.0196%	4h	0.009066	−0.088%	$3.7M	$17.8M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.009074	0.000%	$1K	$29K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009085	+0.124%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−3.141%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.009079	+0.055%	$330K	$756K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009096	+0.242%	$647K	$1.1M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.009082	+0.088%	$9.3M	$16.8M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009073	−0.008%	$133K	$761K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009071	−0.033%	$137K	$274K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009072	−0.022%	$40.1M	$196.7M	75x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit PENGUUSDT	+0.0100%	4h	0.009061	−0.143%	$24.5M	$46.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009060	−0.154%	$8.2M	$58.0M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.009090	+0.176%	$18K	$26K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009072	−0.022%	$11.5M	$13.0M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009067	−0.077%	$5.1M	$10.5M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009079	+0.055%	$8.8M	$15.1M	75x	as long as short
BingX PENGU-USDTlong	+0.0100%	4h	0.009074	long leg	—	$3.8M	—
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009068	−0.066%	$315K	$388K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.009099	+0.275%	$940K	$1.2M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009097	+0.253%	$474K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009132	+0.639%	$80K	$252K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009075	+0.011%	$23K	$327K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009314	+2.645%	$3K	$2.2M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009072	−0.022%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009086	+0.132%	$94K	$414K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009070	−0.048%	$190K	$744K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009071	−0.033%	$210K	—	3x	as long as short
Reya PENGURUSDPERPshort	+0.0241%	1h	0.009067	−0.075%	$306	—	10x
BloFin PENGU-USDT	+0.0340%	4h	0.009090	+0.176%	$1.6M	$5.3M	75x	as long as short
01 Exchange PENGUUSD	+0.0368%	1h	0.009106	+0.353%	$208	$41	5x	as long as short
Kraken Futures PF_PENGUUSD	+0.0380%	1h	0.009074	0.000%	$337K	$2.7M	50x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0431% / S −0.0351%	1h	0.009072	−0.022%	$104K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2088%	1h	0.009211	+1.510%	$81K	$73K	50x	as long as short
dYdX PENGU-USD	+0.2255%	1h	0.009100	+0.288%	$16K	$11K	5x	as long as short