Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.2892%/8h= −316.7% APRpaid last 24h −0.557%

Price spread now: Orderly against Coinbase International−2.774%7-day average −0.766% · you buy dearer than you sell

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

Long on Coinbase International Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−1.699%−$170 on $10k

Price spread, last 3 days (all we have)+2.559%+$256 · spread now −2.774%, 7d avg −0.766%

Together, before fees+0.860%+$86 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 Orderly is 2.009% cheaper against Coinbase International than usual: you would sell low and buy high (−$201 if the spread goes back to its 7-day average of −0.766%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -1.699% in total (about -88.6% a year). A funding rate is set anew for every payment. 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	51m 08s	$94K	$97K	50x
Short	Orderly PERP_PENGU_USDC	0.008656	0.0100	get 0.0050% / 4h	2h 51m	$21K	$185K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −2.774%Rate

Funding earned: −$607.32
Price spread: −2.774% → −0.766%: −$200.86
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$824.18
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Coinbase International: live order book, 57 min ago; Orderly: no order-book sample. 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 live order book, 57 min ago	15.76 bp	20.8 bp −$21	doesn't fit	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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
Kraken Futures PF_PENGUUSD	−0.0553%	1h	0.008653	−2.807%	$383K	$2.1M	50x	as long as short
Bybit PENGUUSDT	−0.0411%	4h	0.008646	−2.887%	$22.7M	$35.7M	75x	as long as short
Gate PENGU_USDT	−0.0372%	4h	0.008644	−2.909%	$3.4M	$15.3M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0327%	1h	0.008656	−2.774%	$19K	$9K	10x	as long as short
Backpack PENGU_USDC_PERP	−0.0280%	1h	0.008650	−2.842%	$309K	$317K	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	0.008659	−2.741%	$11K	$4K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008659	−2.743%	$33K	—	150x	as long as short
Nado PENGU-PERP	+0.0081%	1h	0.008645	−2.898%	$671K	$759K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008654	−2.797%	$293K	$718K	8x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid PENGU	+0.0100%	1h	0.008658	−2.752%	$8.7M	$15.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008654	−2.802%	$171K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008646	−2.887%	$142K	$232K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008653	−2.807%	$35.8M	$150.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008650	−2.842%	$7.7M	$46.4M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008650	−2.842%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008655	−2.786%	$12.7M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008653	−2.808%	$4.8M	$8.6M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008653	−2.808%	$8.2M	$12.5M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008650	−2.842%	—	$4.0M	—	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	0.008682	−2.487%	$454K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008657	−2.763%	$79K	$254K	50x	as long as short
Orderly PERP_PENGU_USDCshort	+0.0100%	4h	0.008656	−2.774%	$21K	$185K	20x
SunX PENGU-USDT	+0.0100%	4h	0.008860	−0.483%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008650	−2.842%	$982	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008672	−2.595%	$91K	$248K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008652	−2.822%	$177K	$681K	10x	as long as short
01 Exchange PENGUUSD	+0.0104%	1h	0.008642	−2.932%	$198	$59	5x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008651	−2.831%	$200K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008651	−2.826%	$292	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008647	−2.875%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0489% / S −0.0675%	1h	0.008658	−2.752%	$108K	—	100x	as long as short
Coinbase International PENGU-PERP-INTXlong	+0.2992%	1h	0.008903	long leg	$94K	$97K	50x