Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.2196%/8h= −240.5% APRpaid last 24h −0.593%

Price spread now: Aster against Coinbase International−2.818%7-day average −0.755% · you buy dearer than you sell

Net, funding: paid 7d − costs−$399as in the Funding arb table

Net, price: spread back to 7d avg − costs−$431as in the Price arb table

costs, in and out, $10k−$2242.245% of the position

Long on Coinbase International Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days−1.750%−$175 on $10k

Price spread, last 3 days (all we have)+2.121%+$212 · spread now −2.818%, 7d avg −0.755%

Together, before fees+0.371%+ Points / potential airdropAster: Stage 5 · farm board+$37 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$66 a day on $10k at the current rate, and Aster is 2.063% cheaper against Coinbase International than usual: you would sell low and buy high (−$206 if the spread goes back to its 7-day average of −0.755%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International PENGU-PERP-INTX	0.008967	0.2296	pay 0.0287% / 1h	45m 14s	$95K	$94K	50x
Short	Aster PENGUUSDT	0.008714	0.0100	get 0.0050% / 4h	1h 45m	$128K	$573K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Coinbase International. 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 Coinbase InternationalbpFee AsterbpOrdersPrice spread, now −2.818%Rate

Funding earned: −$461.16
Price spread: −2.818% → −0.755%: −$206.31
Slippage, 4 orders: −$206.48
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Aster: 4 bp × 2 orders: −$8
Net: −$891.95
Costs to cover: 2.245%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 48 min ago; Aster: 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 Coinbase International live order book, 48 min ago	84.41 bp	112.0 bp −$112	doesn't fit	doesn't fit	doesn't fit
Sell Aster live order book, 17 min ago	3.97 bp	12.1 bp −$12	79.2 bp −$792	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
Deribit PENGU_USDC-PERPETUAL	−0.0094%	1h	0.008713	−2.833%	$18K	$10K	10x	as long as short
01 Exchange PENGUUSD	0.0000%	1h	0.008722	−2.732%	$200	$64	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008712	−2.844%	$32K	—	150x	as long as short
Gate PENGU_USDT	+0.0030%	4h	0.008712	−2.844%	$3.4M	$15.5M	75x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−1.985%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008706	−2.911%	$309K	$709K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008713	−2.833%	$23K	$165K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008717	−2.782%	$587K	$1.0M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008721	−2.743%	$8.1M	$14.6M	5x	as long as short
Aster PENGUUSDTshort	+0.0100%	4h	0.008714	−2.818%	$128K	$573K	20x

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica PENGU	+0.0100%	1h	0.008706	−2.911%	$153K	$243K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008712	−2.844%	$36.6M	$159.2M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008712	−2.844%	$23.2M	$38.5M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008714	−2.821%	$7.4M	$46.1M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008720	−2.755%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008719	−2.766%	$11.5M	$12.3M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008718	−2.777%	$4.8M	$9.1M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008717	−2.788%	$8.2M	$12.4M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008705	−2.922%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008699	−2.989%	$298K	$276K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008701	−2.967%	$863K	$986K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008688	−3.108%	$455K	$2.0M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008708	−2.888%	$79K	$243K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008921	−0.513%	$3K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008712	−2.844%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008734	−2.598%	$91K	$348K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008711	−2.858%	$182K	$941K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008710	−2.866%	$201K	—	3x	as long as short
dYdX PENGU-USD	+0.0219%	1h	0.008704	−2.929%	$11K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008719	−2.769%	$294	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008710	−2.866%	$1.5M	$3.3M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0510% / S −0.0582%	1h	0.008712	−2.844%	$119K	—	100x	as long as short
Kraken Futures PF_PENGUUSD	+0.0652%	1h	0.008721	−2.738%	$357K	$2.3M	50x	as long as short
Coinbase International PENGU-PERP-INTXlong	+0.2296%	1h	0.008967	long leg	$95K	$94K	50x