Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.2828%/8h= +309.7% APRpaid last 24h +0.629%

Price spread now: Coinbase International against Bybit+0.271%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Bybit Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+1.914%+$191 on $10k

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

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$85 a day on $10k at the current rate, and Coinbase International is 0.271% dearer against Bybit than usual: you sell high and buy low: +$27 more if the spread goes back to zero (this spread has no 7-day history yet).

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 1.914% in total (about 99.8% 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	Bybit PENGUUSDT	0.008862	0.0100	pay 0.0050% / 4h	29m 47s	$23.5M	$39.3M	75x
Short	Coinbase International PENGU-PERP-INTX	0.008886	0.2928	get 0.0366% / 1h	29m 47s	$95K	$61K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Bybit. 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 BybitbpFee Coinbase InternationalbpOrdersPrice spread, now +0.271%Rate

Funding earned: $593.88
Price spread: +0.271% → 0.000%: $27.08
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $599.96
Costs to cover: 0.210%
Break-even: from the start

Slippage unknown: Bybit: live order book, 4 min ago; Coinbase International: no order-book sample. Net counts fees only.

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 Bybit live order book, 4 min ago	0.57 bp	11.0 bp −$11	23.9 bp −$239	104.1 bp −$10.4K	doesn't fit
Sell Coinbase International no order-book sample	—	—	—	—	—

Coinbase International: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008845	−0.190%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.824%	$3K	$117K	5.5x	as long as short
Gate PENGU_USDT	+0.0064%	4h	0.008861	−0.011%	$3.3M	$15.7M	75x	as long as short
01 Exchange PENGUUSD	+0.0080%	1h	0.008853	−0.102%	$203	$64	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0089%	1h	0.008851	−0.124%	$18K	$10K	10x	as long as short
Lighter PENGU	+0.0096%	1h	0.008870	+0.090%	$316K	$718K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008852	−0.113%	$23K	$124K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008847	−0.164%	$595K	$1.0M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008867	+0.056%	$8.2M	$14.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008864	+0.024%	$122K	$586K	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica PENGU	+0.0100%	1h	0.008858	−0.045%	$156K	$241K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008866	+0.045%	$37.1M	$162.5M	75x	as long as short
Bybit PENGUUSDTlong	+0.0100%	4h	0.008862	long leg	$23.5M	$39.3M	75x
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008866	+0.045%	$7.4M	$47.6M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008870	+0.090%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008865	+0.034%	$11.0M	$12.3M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008869	+0.079%	$4.9M	$9.2M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008866	+0.045%	$8.3M	$12.3M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008860	−0.023%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008863	+0.011%	$294K	$310K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008831	−0.350%	$877K	$985K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008750	−1.264%	$456K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008788	−0.835%	$80K	$242K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009069	+2.336%	$3K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008851	−0.124%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008873	+0.124%	$92K	$371K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008863	+0.014%	$181K	$943K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008842	−0.226%	$204K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008843	−0.215%	$299	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008834	−0.316%	$1.5M	$3.6M	75x	as long as short
Kraken Futures PF_PENGUUSD	+0.0362%	1h	0.008858	−0.046%	$346K	$2.4M	50x	as long as short
dYdX PENGU-USD	+0.0487%	1h	0.008854	−0.091%	$12K	$5K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0516% / S −0.0584%	1h	0.008844	−0.203%	$121K	—	100x	as long as short
Coinbase International PENGU-PERP-INTXshort	+0.2928%	1h	0.008886	+0.271%	$95K	$61K	50x