Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Binance against Pacifica−0.195%7-day average −0.024% · you buy dearer than you sell

Net, funding: paid 7d − costs−$45as in the Funding arb table

Net, price: spread back to 7d avg − costs−$60as in the Price arb table

costs, in and out, $10k−$430.433% of the position

Long on Pacifica Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.017%−$2 on $10k

Price spread, last 4 days (all we have)+0.093%+$9 · spread now −0.195%, 7d avg −0.024%

Together, before fees+0.076%+ Points / potential airdropPacifica: Active · farm board+$8 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: Binance is 0.171% cheaper against Pacifica than usual: you would sell low and buy high, −$17 on $10k if it goes back to its 7-day average of −0.024%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Pacifica PENGU	0.008721	0.0100	pay 0.0013% / 1h	38m 06s	$153K	$243K	5x
Short	Binance PENGUUSDT	0.008704	0.0100	get 0.0050% / 4h	1h 38m	$36.4M	$159.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Pacifica. 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 PacificabpFee BinancebpOrdersPrice spread, now −0.195%Rate

Funding earned: $0
Price spread: −0.195% → −0.024%: −$17.12
Slippage, 4 orders: −$25.32
Fee Pacifica: 4 bp × 2 orders: −$8
Fee Binance: 5 bp × 2 orders: −$10
Net: −$60.43
Costs to cover: 0.433%
Break-even: never at this rate

Slippage from Pacifica: live order book, 25 min ago; Binance: live order book, 5 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 Pacifica live order book, 25 min ago	2.27 bp	12.0 bp −$12	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 5 min ago	0.57 bp	8.8 bp −$9	21.7 bp −$217	72.2 bp −$7,215	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
Deribit PENGU_USDC-PERPETUAL	−0.0209%	1h	0.008707	−0.161%	$18K	$10K	10x	as long as short
01 Exchange PENGUUSD	−0.0032%	1h	0.008715	−0.069%	$199	$64	5x	as long as short
Gate PENGU_USDT	−0.0004%	4h	0.008697	−0.275%	$3.3M	$15.6M	75x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008710	−0.123%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.780%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008706	−0.172%	$309K	$709K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008709	−0.138%	$23K	$166K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008717	−0.040%	$585K	$1.0M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008699	−0.252%	$8.1M	$14.6M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008712	−0.109%	$120K	$577K	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica PENGUlong	+0.0100%	1h	0.008721	long leg	$153K	$243K	5x
Binance PENGUUSDTshort	+0.0100%	4h	0.008704	−0.195%	$36.4M	$159.8M	75x
Bybit PENGUUSDT	+0.0100%	4h	0.008703	−0.206%	$23.2M	$38.6M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008704	−0.195%	$7.4M	$46.1M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008720	−0.011%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008701	−0.229%	$11.5M	$12.3M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008699	−0.252%	$4.8M	$9.1M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008707	−0.161%	$8.2M	$12.4M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008698	−0.264%	—	$3.6M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008698	−0.264%	$298K	$275K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008712	−0.105%	$866K	$985K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008753	+0.372%	$457K	$2.0M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008758	+0.424%	$80K	$243K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008911	+2.179%	$2K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008702	−0.218%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008734	+0.149%	$91K	$348K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008704	−0.196%	$179K	$944K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008696	−0.287%	$201K	—	3x	as long as short
dYdX PENGU-USD	+0.0192%	1h	0.008718	−0.031%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008708	−0.147%	$294	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008706	−0.172%	$1.5M	$3.3M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0510% / S −0.0582%	1h	0.008711	−0.115%	$118K	—	100x	as long as short
Kraken Futures PF_PENGUUSD	+0.0653%	1h	0.008709	−0.137%	$355K	$2.3M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2296%	1h	0.008967	+2.821%	$95K	$94K	50x	as long as short