PENGU

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.2896%/8h= −317.1% APRnext payment −$3.62 per $10,000 · paid last 24h −0.557%

Price spread now: Lighter against Coinbase International−2.640%7-day average −0.719% · you buy dearer than you sell

Net, funding: paid 7d − costs−$237as in the Funding arb table

Net, price: spread back to 7d avg − costs−$261as in the Price arb table

costs, in and out, $10k−$690.686% of the position

Long on Coinbase International Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−1.688%−$169 on $10k

Price spread, last 3 days (all we have)+2.576%+$258 · spread now −2.640%, 7d avg −0.719%

Together, before fees+0.888%+ Points / potential airdropLighter: Season 3 · farm board+$89 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 Lighter is 1.920% cheaper against Coinbase International than usual: you would sell low and buy high (−$192 if the spread goes back to its 7-day average of −0.719%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -1.688% in total (about -88.0% a year). A funding rate is set anew for every payment; at this rate the next one is about −$3.62 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	45m 17s	$94K	$97K	50x
Short	Lighter PENGU	0.008668	0.0096	get 0.0012% / 1h	45m 17s	$294K	$719K	8x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now −2.640%Rate

Funding earned: −$608.16
Price spread: −2.640% → −0.719%: −$192.02
Slippage, 4 orders: −$58.62
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$868.8
Costs to cover: 0.686%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 63 min ago; Lighter: live order book, 39 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, 63 min ago	15.76 bp	20.8 bp −$21	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 39 min ago	4.58 bp	8.1 bp −$8	68.0 bp −$680	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	−0.0552%	1h	0.008671	−2.604%	$384K	$2.1M	50x	as long as short
Gate PENGU_USDT	−0.0348%	4h	0.008664	−2.684%	$3.4M	$15.3M	75x	as long as short
Bybit PENGUUSDT	−0.0336%	4h	0.008658	−2.752%	$22.6M	$35.7M	75x	as long as short
Backpack PENGU_USDC_PERP	−0.0237%	1h	0.008664	−2.684%	$309K	$315K	10x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0211%	1h	0.008668	−2.640%	$19K	$9K	10x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	−2.112%	$3K	$81K	5.5x	as long as short
dYdX PENGU-USD	0.0000%	1h	0.008668	−2.640%	$11K	$4K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008671	−2.602%	$33K	—	150x	as long as short
01 Exchange PENGUUSD	+0.0032%	1h	0.008671	−2.606%	$198	$59	5x	as long as short
Lighter PENGUshort	+0.0096%	1h	0.008668	−2.640%	$294K	$719K	8x

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid PENGU	+0.0100%	1h	0.008674	−2.572%	$8.7M	$15.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008671	−2.610%	$171K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008667	−2.651%	$142K	$232K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008669	−2.630%	$35.8M	$150.8M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008661	−2.718%	$7.7M	$46.4M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008670	−2.617%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008670	−2.617%	$12.8M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008667	−2.651%	$4.7M	$8.6M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008670	−2.617%	$8.2M	$12.5M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008663	−2.696%	—	$4.0M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008657	−2.768%	$795K	$712K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008668	−2.645%	$453K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008670	−2.617%	$79K	$253K	50x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008665	−2.668%	$672K	$758K	5x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008670	−2.617%	$21K	$184K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008871	−0.359%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008666	−2.662%	$981	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008689	−2.404%	$91K	$248K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008663	−2.699%	$177K	$681K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008665	−2.673%	$200K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008667	−2.652%	$293	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008660	−2.729%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0490% / S −0.0675%	1h	0.008669	−2.628%	$108K	—	100x	as long as short
Coinbase International PENGU-PERP-INTXlong	+0.2992%	1h	0.008903	long leg	$94K	$97K	50x