PENGU

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.2888%/8h= −316.2% APRnext payment −$3.61 per $10,000 · paid last 24h −0.525%

Price spread now: Extended against Coinbase International−2.527%7-day average −0.812% · you buy dearer than you sell

Net, funding: paid 7d − costs−$236as in the Funding arb table

Net, price: spread back to 7d avg − costs−$240as in the Price arb table

costs, in and out, $10k−$680.685% of the position

Long on Coinbase International Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days−1.677%−$168 on $10k

Price spread, last 3 days (all we have)+2.219%+$222 · spread now −2.527%, 7d avg −0.812%

Together, before fees+0.542%+ Points / potential airdropExtended: Active · farm board+$54 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$87 a day on $10k at the current rate, and Extended is 1.716% cheaper against Coinbase International than usual: you would sell low and buy high (−$172 if the spread goes back to its 7-day average of −0.812%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -1.677% in total (about -87.4% a year). A funding rate is set anew for every payment; at this rate the next one is about −$3.61 per $10,000. 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	Coinbase International PENGU-PERP-INTX	0.008903	0.2992	pay 0.0374% / 1h	55m 28s	$94K	$97K	50x
Short	Extended PENGU-USD	0.008678	0.0104	get 0.0013% / 1h	55m 28s	$178K	$681K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −2.527%Rate

Funding earned: −$606.48
Price spread: −2.527% → −0.812%: −$171.58
Slippage, 4 orders: −$53.45
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$846.51
Costs to cover: 0.685%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 52 min ago; Extended: live order book, 32 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, 52 min ago	15.76 bp	20.8 bp −$21	doesn't fit	doesn't fit	doesn't fit
Sell Extended live order book, 32 min ago	1.71 bp	10.9 bp −$11	56.4 bp −$564	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	−0.0551%	1h	0.008689	−2.408%	$384K	$2.1M	50x	as long as short
Backpack PENGU_USDC_PERP	−0.0359%	1h	0.008675	−2.561%	$310K	$319K	10x	as long as short
Bybit PENGUUSDT	−0.0344%	4h	0.008678	−2.527%	$22.8M	$35.6M	75x	as long as short
Gate PENGU_USDT	−0.0302%	4h	0.008674	−2.572%	$3.4M	$15.3M	75x	as long as short
01 Exchange PENGUUSD	−0.0120%	1h	0.008679	−2.516%	$199	$59	5x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	−2.112%	$3K	$81K	5.5x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0096%	1h	0.008676	−2.550%	$21K	$8K	10x	as long as short
dYdX PENGU-USD	0.0000%	1h	0.008684	−2.460%	$11K	$4K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008678	−2.530%	$33K	—	150x	as long as short
Nado PENGU-PERP	+0.0088%	1h	0.008679	−2.510%	$674K	$758K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter PENGU	+0.0096%	1h	0.008675	−2.561%	$294K	$718K	8x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008683	−2.471%	$8.7M	$15.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008681	−2.499%	$171K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008674	−2.572%	$143K	$232K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008684	−2.460%	$35.9M	$150.6M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008683	−2.471%	$7.7M	$46.6M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008680	−2.505%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008673	−2.583%	$12.8M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008675	−2.561%	$4.7M	$8.6M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008681	−2.494%	$8.1M	$12.4M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008671	−2.606%	—	$2.3M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008676	−2.545%	$795K	$712K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008675	−2.561%	$454K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008677	−2.538%	$79K	$254K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008675	−2.561%	$21K	$185K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008890	−0.146%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008680	−2.505%	$983	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008691	−2.381%	$91K	$248K	25x	as long as short
Extended PENGU-USDshort	+0.0104%	1h	0.008678	−2.527%	$178K	$681K	10x
Aevo PENGU-PERP	+0.0104%	1h	0.008677	−2.538%	$200K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008670	−2.614%	$293	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008662	−2.707%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0489% / S −0.0675%	1h	0.008676	−2.550%	$109K	—	100x	as long as short
Coinbase International PENGU-PERP-INTXlong	+0.2992%	1h	0.008903	long leg	$94K	$97K	50x