Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.1652%/8h= −180.9% APRpaid last 24h −0.636%

Price spread now: KuCoin against Coinbase International−0.159%7-day average — · you buy dearer than you sell

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

Long on Coinbase International Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−1.821%−$182 on $10k

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

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$50 a day on $10k at the current rate, and KuCoin is 0.159% cheaper against Coinbase International than usual: you would sell low and buy high (−$16 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International PENGU-PERP-INTX	0.008788	0.1752	pay 0.0219% / 1h	37m 08s	$77K	$76K	50x
Short	KuCoin PENGUUSDTM	0.008774	0.0100	get 0.0050% / 4h	2h 37m	$4.9M	$9.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Coinbase International. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 KuCoinbpOrdersPrice spread, now −0.159%Rate

Funding earned: −$346.92
Price spread: −0.159% → 0.000%: −$15.93
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$384.85
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Coinbase International: no order-book sample; KuCoin: live order book, 6 min ago. 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 Coinbase International no order-book sample	—	—	—	—	—
Sell KuCoin live order book, 6 min ago	1.71 bp	15.7 bp −$16	49.7 bp −$497	doesn't fit	doesn't fit

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	0.008772	−0.188%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.011%	$3K	$117K	5.5x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0092%	1h	0.008775	−0.148%	$17K	$12K	10x	as long as short
Lighter PENGU	+0.0096%	1h	0.008777	−0.125%	$318K	$750K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008769	−0.211%	$588K	$1.1M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008779	−0.102%	$8.0M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008776	−0.140%	$120K	$667K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008774	−0.159%	$133K	$274K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008774	−0.156%	$37.0M	$176.3M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008770	−0.205%	$23.3M	$41.8M	75x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008775	−0.148%	$7.5M	$50.4M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008780	−0.091%	$18K	$25K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.008767	−0.239%	$3.3M	$16.4M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008774	−0.159%	$10.4M	$12.6M	125x	as long as short
KuCoin PENGUUSDTMshort	+0.0100%	4h	0.008774	−0.159%	$4.9M	$9.7M	75x
Bitget PENGUUSDT	+0.0100%	4h	0.008775	−0.148%	$8.4M	$13.3M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008771	−0.193%	—	$3.7M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008774	−0.159%	$289K	$339K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008744	−0.499%	$913K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008745	−0.484%	$457K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008742	−0.523%	$79K	$251K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008774	−0.159%	$23K	$158K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008984	+2.230%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008775	−0.148%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008786	−0.023%	$91K	$387K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008769	−0.211%	$181K	$872K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008767	−0.239%	$203K	—	3x	as long as short
dYdX PENGU-USD	+0.0167%	1h	0.008771	−0.197%	$12K	$6K	5x	as long as short
01 Exchange PENGUUSD	+0.0184%	1h	0.008773	−0.171%	$201	$64	5x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.008772	−0.178%	$296	—	10x	as long as short
Kraken Futures PF_PENGUUSD	+0.0322%	1h	0.008777	−0.124%	$321K	$2.4M	50x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008771	−0.193%	$1.5M	$4.3M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0498% / S −0.0422%	1h	0.008771	−0.193%	$124K	—	100x	as long as short
Coinbase International PENGU-PERP-INTXlong	+0.1752%	1h	0.008788	long leg	$77K	$76K	50x