Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.002%

Price spread now: BingX against Nado+0.153%7-day average −0.002% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$14as in the Price arb table

costs, in and out, $10k−$290.293% of the position

Long on Nado Short on BingX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.070%+$7 on $10k

Price spread, last 4 days (all we have)−0.490%−$49 · spread now +0.153%, 7d avg −0.002%

Together, before fees−0.420%+ Points / potential airdropNado: Active · farm board−$42 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: BingX is 0.155% dearer against Nado than usual: you sell high and buy low, +$15 on $10k if it goes back to its 7-day average of −0.002%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado PENGU-PERP	0.008835	0.0100	pay 0.0013% / 1h	48m 33s	$592K	$1.1M	5x
Short	BingX PENGU-USDT	0.008849	0.0100	get 0.0050% / 4h	48m 33s	—	$3.6M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Nado. 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 NadobpFee BingXbpOrdersPrice spread, now +0.153%Rate

Funding earned: $0
Price spread: +0.153% → −0.002%: $15.5
Slippage, 4 orders: −$12.33
Fee Nado: 3.5 bp × 2 orders: −$7
Fee BingX: 5 bp × 2 orders: −$10
Net: −$13.84
Costs to cover: 0.293%
Break-even: never at this rate

Slippage from Nado: live order book, 3 min ago; BingX: live order book, 10 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 Nado live order book, 3 min ago	0.57 bp	9.9 bp −$10	28.3 bp −$283	doesn't fit	doesn't fit
Sell BingX live order book, 10 min ago	0.56 bp	7.2 bp −$7	14.0 bp −$140	46.5 bp −$4,647	281.7 bp −$140.9K

PENGU on 34 exchanges

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
dYdX PENGU-USD	0.0000%	1h	0.008850	+0.162%	$19K	$21K	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008800	−0.402%	$1K	$27K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008797	−0.441%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.526%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008855	+0.221%	$313K	$722K	8x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008846	+0.119%	$8.4M	$17.5M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008845	+0.106%	$110K	$834K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008851	+0.175%	$132K	$221K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008840	+0.050%	$37.9M	$198.2M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008833	−0.028%	$23.7M	$48.0M	75x	as long as short

Show all 34 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008832	−0.040%	$8.3M	$56.0M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008840	+0.051%	$18K	$25K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.008846	+0.119%	$3.6M	$18.3M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008851	+0.175%	$12.0M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008853	+0.198%	$5.3M	$10.7M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008839	+0.040%	$8.5M	$14.0M	75x	as long as short
BingX PENGU-USDTshort	+0.0100%	4h	0.008849	+0.153%	—	$3.6M	—
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008820	−0.175%	$297K	$395K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008834	−0.015%	$875K	$1.2M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008839	+0.040%	$462K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008837	+0.017%	$80K	$247K	50x	as long as short
Nado PENGU-PERPlong	+0.0100%	1h	0.008835	long leg	$592K	$1.1M	5x
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008801	−0.390%	$23K	$357K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009018	+2.066%	$3K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008825	−0.119%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008844	+0.096%	$91K	$372K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008842	+0.076%	$178K	$741K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008804	−0.357%	$203K	—	3x	as long as short
01 Exchange PENGUUSD	+0.0136%	1h	0.008839	+0.040%	$202	$141	5x	as long as short
Reya PENGURUSDPERP	+0.0242%	1h	0.008834	−0.021%	$298	—	10x	as long as short
Kraken Futures PF_PENGUUSD	+0.0261%	1h	0.008813	−0.252%	$334K	$2.7M	50x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008804	−0.357%	$1.6M	$5.5M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0429% / S −0.0359%	1h	0.008804	−0.357%	$102K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1760%	1h	0.008785	−0.572%	$80K	$86K	50x	as long as short