Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.2164%/8h= +237.0% APRpaid last 24h +0.496%

Price spread now: Coinbase International against BloFin+1.810%7-day average +0.736% · you sell dearer than you buy

Net, funding: paid 7d − costs+$53as in the Funding arb table

Net, price: spread back to 7d avg − costs+$38as in the Price arb table

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

Long on BloFin Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+1.222%+$122 on $10k

Price spread, last 3 days (all we have)−1.759%−$176 · spread now +1.810%, 7d avg +0.736%

Together, before fees−0.537%−$54 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$65 a day on $10k at the current rate, and Coinbase International is 1.074% dearer against BloFin than usual: you sell high and buy low: +$107 more if the spread goes back to its 7-day average of +0.736%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 1.222% in total (about 63.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin PENGU-USDT	0.008786	0.0340	pay 0.0170% / 4h	1h 22m	$1.5M	$2.8M	75x
Short	Coinbase International PENGU-PERP-INTX	0.008945	0.2504	get 0.0313% / 1h	22m 25s	$95K	$105K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against BloFin. 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 BloFinbpFee Coinbase InternationalbpOrdersPrice spread, now +1.810%Rate

Funding earned: $454.44
Price spread: +1.810% → +0.736%: $107.36
Slippage, 4 orders: −$47.42
Fee BloFin: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $492.38
Costs to cover: 0.694%
Break-even: from the start

Slippage from BloFin: live order book, 6 min ago; Coinbase International: live order book, 26 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 BloFin live order book, 6 min ago	1.71 bp	8.9 bp −$9	14.1 bp −$141	54.7 bp −$5,470	doesn't fit
Sell Coinbase International live order book, 26 min ago	19.92 bp	24.9 bp −$25	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	−0.0606%	1h	0.008803	+0.192%	$369K	$2.2M	50x	as long as short
Gate PENGU_USDT	−0.0292%	4h	0.008797	+0.125%	$3.4M	$15.6M	75x	as long as short
Bybit PENGUUSDT	−0.0145%	4h	0.008797	+0.125%	$22.9M	$36.5M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0091%	1h	0.008793	+0.080%	$19K	$9K	10x	as long as short
01 Exchange PENGUUSD	−0.0080%	1h	0.008804	+0.205%	$201	$59	5x	as long as short
Variational Omni PENGU	+0.0001%	4h	0.008766	−0.223%	$801K	$802K	—	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008806	+0.227%	$34K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.034%	$3K	$117K	5.5x	as long as short
Nado PENGU-PERP	+0.0095%	1h	0.008797	+0.122%	$685K	$759K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008795	+0.102%	$309K	$736K	8x	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	0.008802	+0.182%	$8.7M	$15.0M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008805	+0.219%	$190K	$466K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008796	+0.114%	$151K	$238K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008802	+0.182%	$36.6M	$152.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008800	+0.159%	$7.7M	$47.2M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008800	+0.159%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008800	+0.159%	$12.7M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008799	+0.148%	$4.8M	$8.9M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008805	+0.216%	$8.4M	$12.6M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008799	+0.148%	—	$3.9M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008790	+0.046%	$314K	$309K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008788	+0.028%	$460K	$2.3M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008792	+0.068%	$80K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008804	+0.205%	$23K	$186K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008996	+2.390%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008789	+0.034%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008815	+0.330%	$92K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008801	+0.175%	$181K	$682K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008786	0.000%	$203K	$17K	3x	as long as short
dYdX PENGU-USD	+0.0135%	1h	0.008798	+0.141%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008797	+0.120%	$297	—	10x	as long as short
BloFin PENGU-USDTlong	+0.0340%	4h	0.008786	long leg	$1.5M	$2.8M	75x
GMX PENGU/USD [WBTC.b-USDC]	L +0.0511% / S −0.0711%	1h	0.008805	+0.216%	$115K	—	100x	as long as short
Coinbase International PENGU-PERP-INTXshort	+0.2504%	1h	0.008945	+1.810%	$95K	$105K	50x