Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.1548%/8h= −169.5% APRpaid last 24h −0.589%

Price spread now: BingX against Coinbase International−0.855%7-day average — · you buy dearer than you sell

Net, funding: paid 7d − costs−$233as in the Funding arb table

Net, price: spread back to 7d avg − costs−$147as in the Price arb table

costs, in and out, $10k−$610.612% of the position

Long on Coinbase International Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−1.714%−$171 on $10k

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

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$46 a day on $10k at the current rate, and BingX is 0.855% cheaper against Coinbase International than usual: you would sell low and buy high (−$85 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International PENGU-PERP-INTX	0.009008	0.1648	pay 0.0206% / 1h	7m 49s	$96K	$104K	50x
Short	BingX PENGU-USDT	0.008931	0.0100	get 0.0050% / 4h	3h 07m	—	$3.8M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Coinbase International. 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 Coinbase InternationalbpFee BingXbpOrdersPrice spread, now −0.855%Rate

Funding earned: −$325.08
Price spread: −0.855% → 0.000%: −$85.48
Slippage, 4 orders: −$41.24
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$471.8
Costs to cover: 0.612%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 31 min ago; BingX: live order book, 12 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 Coinbase International live order book, 31 min ago	17.61 bp	22.6 bp −$23	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 12 min ago	0.56 bp	9.2 bp −$9	14.4 bp −$144	56.0 bp −$5,605	344.1 bp −$172.1K

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	−0.0386%	1h	0.008953	−0.611%	$373K	$2.3M	50x	as long as short
01 Exchange PENGUUSD	−0.0184%	1h	0.008949	−0.655%	$205	$59	5x	as long as short
Gate PENGU_USDT	−0.0182%	4h	0.008932	−0.844%	$3.5M	$15.9M	75x	as long as short
Variational Omni PENGU	−0.0122%	4h	0.008913	−1.054%	$920K	$976K	—	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008943	−0.722%	$19K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008946	−0.692%	$34K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−2.431%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008945	−0.699%	$310K	$731K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008945	−0.699%	$24K	$172K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008948	−0.663%	$709K	$765K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid PENGU	+0.0100%	1h	0.008940	−0.755%	$8.4M	$15.2M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008941	−0.742%	$191K	$465K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008943	−0.722%	$154K	$240K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008935	−0.810%	$37.9M	$156.1M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008928	−0.888%	$23.4M	$37.5M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008933	−0.833%	$7.7M	$48.2M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008940	−0.755%	$20K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008930	−0.866%	$13.1M	$12.9M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008934	−0.821%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008938	−0.777%	$8.5M	$12.7M	75x	as long as short
BingX PENGU-USDTshort	+0.0100%	4h	0.008931	−0.855%	—	$3.8M	—
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008934	−0.821%	$307K	$321K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008937	−0.788%	$468K	$2.0M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008919	−0.988%	$81K	$248K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009152	+1.599%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008942	−0.733%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008961	−0.522%	$92K	$301K	25x	as long as short
dYdX PENGU-USD	+0.0101%	1h	0.008952	−0.624%	$12K	$4K	5x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008925	−0.921%	$184K	$935K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008935	−0.810%	$206K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008946	−0.691%	$302	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008944	−0.710%	$1.5M	$3.0M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0523% / S −0.0723%	1h	0.008947	−0.677%	$118K	—	100x	as long as short
Coinbase International PENGU-PERP-INTXlong	+0.1648%	1h	0.009008	long leg	$96K	$104K	50x