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: Coinbase International against Bitget+0.079%57s7-day average +0.733% · you sell dearer than you buy

Net, funding: paid 7d − costs+$102as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$690.694% of the position

Long on Bitget Short on Coinbase International

What this pair did over the last

the charts below follow

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

Price spread, last 3 days (all we have)+0.294%+$29 · spread now +0.079%, 7d avg +0.733%

Together, before fees+2.008%+$201 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.654% cheaper against Bitget than usual: you would sell low and buy high (spread +0.079% now, against its 7-day average of +0.733%). If the spread goes back, that is −$65 on $10k: about 34 hours of funding at the current rate (+$46 a day). The two prices were read 57 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget PENGUUSDT	0.008890	0.0100	pay 0.0050% / 4h	3h 21m	$8.5M	$12.7M	75x
Short	Coinbase International PENGU-PERP-INTX	0.008897	0.1648	get 0.0206% / 1h	21m 19s	$95K	$103K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Bitget. 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 BitgetbpFee Coinbase InternationalbpOrdersPrice spread, now +0.079%Rate

Funding earned: $325.08
Price spread: +0.079% → +0.733%: −$65.38
Slippage, 4 orders: −$47.42
Fee Bitget: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $190.28
Costs to cover: 0.694%
Break-even: 2.9 days

Slippage from Bitget: live order book, 2 min ago; Coinbase International: live order book, 17 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 Bitget live order book, 2 min ago	0.56 bp	11.0 bp −$11	23.8 bp −$238	84.1 bp −$8,412	doesn't fit
Sell Coinbase International live order book, 17 min ago	17.61 bp	22.6 bp −$23	doesn't fit	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
Kraken Futures PF_PENGUUSD	−0.0389%	1h	0.008894	+0.040%	$371K	$2.3M	50x	as long as short
Gate PENGU_USDT	−0.0218%	4h	0.008886	−0.045%	$3.4M	$15.6M	75x	as long as short
01 Exchange PENGUUSD	−0.0216%	1h	0.008879	−0.124%	$203	$59	5x	as long as short
Variational Omni PENGU	−0.0171%	4h	0.008882	−0.090%	$913K	$970K	—	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008886	−0.045%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008890	+0.001%	$34K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−1.136%	$3K	$117K	5.5x	as long as short
dYdX PENGU-USD	+0.0078%	1h	0.008895	+0.059%	$12K	$4K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008894	+0.045%	$310K	$728K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008887	−0.034%	$24K	$175K	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado PENGU-PERP	+0.0100%	1h	0.008885	−0.056%	$703K	$767K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008884	−0.067%	$8.3M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008889	−0.009%	$190K	$481K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008889	−0.011%	$153K	$238K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008889	−0.011%	$37.1M	$155.3M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008879	−0.124%	$23.4M	$37.5M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008881	−0.101%	$7.7M	$47.8M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008890	0.000%	$20K	$25K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008884	−0.067%	$13.2M	$12.9M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008885	−0.056%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDTlong	+0.0100%	4h	0.008890	long leg	$8.5M	$12.7M	75x
BingX PENGU-USDT	+0.0100%	4h	0.008885	−0.056%	—	$3.8M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008891	+0.011%	$306K	$323K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008848	−0.476%	$469K	$2.0M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008870	−0.225%	$81K	$255K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009094	+2.295%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008881	−0.101%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008891	+0.011%	$91K	$300K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008880	−0.107%	$183K	$973K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008876	−0.157%	$205K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008881	−0.098%	$300	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008862	−0.315%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0520% / S −0.0723%	1h	0.008891	+0.011%	$117K	—	100x	as long as short
Coinbase International PENGU-PERP-INTXshort	+0.1648%	1h	0.008897	+0.079%	$95K	$103K	50x