Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.1624%/8h= −177.8% APRpaid last 24h −0.610%

Price spread now: GRVT against Coinbase International−0.114%7-day average −0.732% · you buy dearer than you sell

Net, funding: paid 7d − costs−$261as in the Funding arb table

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$820.820% of the position

Long on Coinbase International Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days−1.793%−$179 on $10k

Price spread, last 3 days (all we have)−0.318%−$32 · spread now −0.114%, 7d avg −0.732%

Together, before fees−2.112%+ Points / potential airdropGRVT: Active · farm board−$211 on $10k · with fees, hour by hour

The price spread pays, funding is against you. GRVT is 0.619% dearer against Coinbase International than usual: you sell high and buy low (spread −0.114% now, against its 7-day average of −0.732%): +$62 on $10k if it goes back. Holding the pair costs −$49 a day in funding at the current rate, which eats that in about 30 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International PENGU-PERP-INTX	0.008808	0.1648	pay 0.0206% / 1h	42m 51s	$94K	$102K	50x
Short	GRVT PENGU_USDT_Perp	0.008798	0.0024	get 0.0012% / 4h	3h 42m	$466K	$2.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now −0.114%Rate

Funding earned: −$341.04
Price spread: −0.114% → −0.732%: $61.88
Slippage, 4 orders: −$63.01
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$361.17
Costs to cover: 0.820%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 61 min ago; GRVT: live order book, 1 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, 61 min ago	18.74 bp	23.7 bp −$24	doesn't fit	doesn't fit	doesn't fit
Sell GRVT live order book, 1 min ago	3.97 bp	17.6 bp −$18	72.5 bp −$725	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	−0.0391%	1h	0.008835	+0.304%	$370K	$2.3M	50x	as long as short
Gate PENGU_USDT	−0.0328%	4h	0.008818	+0.114%	$3.4M	$15.5M	75x	as long as short
Variational Omni PENGU	−0.0298%	4h	0.008761	−0.532%	$867K	$931K	—	as long as short
01 Exchange PENGUUSD	−0.0232%	1h	0.008814	+0.068%	$202	$59	5x	as long as short
Bybit PENGUUSDT	−0.0176%	4h	0.008813	+0.057%	$23.0M	$37.1M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0090%	1h	0.008826	+0.204%	$18K	$10K	10x	as long as short
Backpack PENGU_USDC_PERP	−0.0020%	1h	0.008826	+0.204%	$310K	$311K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008827	+0.218%	$34K	—	150x	as long as short
GRVT PENGU_USDT_Perpshort	+0.0024%	4h	0.008798	−0.114%	$466K	$2.1M	10x
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.216%	$3K	$117K	5.5x	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	+0.0044%	1h	0.008813	+0.062%	$699K	$773K	5x	as long as short
dYdX PENGU-USD	+0.0065%	1h	0.008811	+0.037%	$12K	$4K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008828	+0.227%	$309K	$727K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008827	+0.216%	$24K	$184K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008824	+0.182%	$8.3M	$15.6M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008829	+0.238%	$189K	$481K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008809	+0.011%	$152K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008822	+0.155%	$36.9M	$155.6M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008822	+0.159%	$7.6M	$47.4M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008820	+0.136%	$19K	$25K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008823	+0.170%	$12.4M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008826	+0.204%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008824	+0.182%	$8.4M	$12.7M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008822	+0.159%	—	$3.9M	—	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008789	−0.216%	$80K	$254K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009010	+2.293%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008824	+0.182%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008825	+0.193%	$90K	$295K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008823	+0.166%	$181K	$792K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008825	+0.193%	$204K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008819	+0.128%	$298	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008823	+0.170%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0499% / S −0.0683%	1h	0.008827	+0.216%	$111K	—	100x	as long as short
Coinbase International PENGU-PERP-INTXlong	+0.1648%	1h	0.008808	long leg	$94K	$102K	50x