Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0012%/8h= +1.3% APRpaid last 24h +0.054%

Price spread now: KuCoin against Deribit−0.034%7-day average — · you buy dearer than you sell

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

Long on Deribit Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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

Together, before fees—needs both histories

Funding pays, the price is against you. KuCoin is 0.034% cheaper against Deribit than usual: you would sell low and buy high (spread −0.034% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$3 on $10k: about 9.4 days of funding at the current rate ($0 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit PENGU_USDC-PERPETUAL	0.008870	0.0088	pay 0.0011% / 1h	16m 59s	$14K	$15K	10x
Short	KuCoin PENGUUSDTM	0.008867	0.0100	get 0.0050% / 4h	2h 16m	$4.9M	$9.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Deribit. 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 DeribitbpFee KuCoinbpOrdersPrice spread, now −0.034%Rate

Funding earned: $2.52
Price spread: −0.034% → 0.000%: −$3.38
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$19.86
Costs to cover: 0.190%
Break-even: 62.2 days

Slippage unknown: Deribit: no order-book sample; KuCoin: live order book, 1 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 Deribit no order-book sample	—	—	—	—	—
Sell KuCoin live order book, 1 min ago	1.13 bp	16.5 bp −$16	44.1 bp −$441	doesn't fit	doesn't fit

Deribit: 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	0.008864	−0.072%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.913%	$3K	$117K	5.5x	as long as short
Deribit PENGU_USDC-PERPETUALlong	+0.0088%	1h	0.008870	long leg	$14K	$15K	10x
Lighter PENGU	+0.0096%	1h	0.008874	+0.045%	$321K	$750K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008872	+0.023%	$602K	$1.1M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008875	+0.056%	$8.2M	$15.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008870	−0.003%	$122K	$675K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008879	+0.101%	$135K	$273K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008873	+0.034%	$37.5M	$177.9M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008898	+0.316%	$23.6M	$42.2M	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	0.008896	+0.293%	$7.5M	$51.7M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008880	+0.113%	$18K	$26K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.008865	−0.056%	$3.3M	$16.6M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008867	−0.034%	$10.5M	$12.7M	125x	as long as short
KuCoin PENGUUSDTMshort	+0.0100%	4h	0.008867	−0.034%	$4.9M	$9.7M	75x
Bitget PENGUUSDT	+0.0100%	4h	0.008903	+0.372%	$8.5M	$13.5M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008867	−0.034%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008864	−0.068%	$290K	$341K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008816	−0.609%	$920K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008883	+0.143%	$466K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008872	+0.023%	$80K	$250K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008865	−0.056%	$23K	$176K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009079	+2.356%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008870	0.000%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008877	+0.079%	$92K	$392K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008896	+0.295%	$183K	$876K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008865	−0.056%	$205K	—	3x	as long as short
dYdX PENGU-USD	+0.0191%	1h	0.008878	+0.095%	$12K	$6K	5x	as long as short
01 Exchange PENGUUSD	+0.0200%	1h	0.008880	+0.113%	$203	$64	5x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.008862	−0.087%	$299	—	10x	as long as short
Kraken Futures PF_PENGUUSD	+0.0318%	1h	0.008877	+0.079%	$328K	$2.4M	50x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008878	+0.090%	$1.5M	$4.7M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0503% / S −0.0466%	1h	0.008859	−0.124%	$123K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1752%	1h	0.008896	+0.293%	$78K	$77K	50x	as long as short