Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.1252%/8h= +137.1% APRpaid last 24h +0.610%

Price spread now: Coinbase International against GRVT+2.508%76s7-day average +0.732% · you sell dearer than you buy

Net, funding: paid 7d − costs+$100as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$800.797% of the position

Long on GRVT Short on Coinbase International

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)−2.076%−$208 · spread now +2.508%, 7d avg +0.732%

Together, before fees−0.283%+ Points / potential airdropGRVT: Active · farm board−$28 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$38 a day on $10k at the current rate, and Coinbase International is 1.775% dearer against GRVT than usual: you sell high and buy low: +$178 more if the spread goes back to its 7-day average of +0.732%. The two prices were read 76 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT PENGU_USDT_Perp	0.008748	0.0100	pay 0.0050% / 4h	2h 53m	$457K	$2.0M	10x
Short	Coinbase International PENGU-PERP-INTX	0.008967	0.1352	get 0.0169% / 1h	53m 56s	$95K	$104K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against GRVT. 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 GRVTbpFee Coinbase InternationalbpOrdersPrice spread, now +2.508%Rate

Funding earned: $262.92
Price spread: +2.508% → +0.732%: $177.54
Slippage, 4 orders: −$60.68
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $360.79
Costs to cover: 0.797%
Break-even: from the start

Slippage from GRVT: live order book, 5 min ago; Coinbase International: live order book, 44 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 GRVT live order book, 5 min ago	3.42 bp	19.4 bp −$19	35.9 bp −$359	doesn't fit	doesn't fit
Sell Coinbase International live order book, 44 min ago	17.61 bp	22.6 bp −$23	doesn't fit	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
ApeX Omni PENGUUSDT	−0.1869%	1h	0.008781	+0.381%	$80K	$249K	50x	as long as short
Nado PENGU-PERP	−0.0200%	1h	0.008718	−0.339%	$516K	$899K	5x	as long as short
Variational Omni PENGU	−0.0113%	4h	0.008707	−0.463%	$863K	$1.0M	—	as long as short
Gate PENGU_USDT	−0.0078%	4h	0.008749	+0.016%	$3.4M	$15.3M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008745	−0.030%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008726	−0.246%	$32K	—	150x	as long as short
01 Exchange PENGUUSD	+0.0016%	1h	0.008714	−0.384%	$199	$59	5x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.473%	$3K	$117K	5.5x	as long as short
dYdX PENGU-USD	+0.0080%	1h	0.008730	−0.204%	$12K	$4K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008752	+0.050%	$304K	$698K	8x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_PENGU_USDC	+0.0097%	4h	0.008740	−0.087%	$19K	$179K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008756	+0.096%	$8.2M	$14.9M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008748	+0.010%	$168K	$485K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008731	−0.190%	$151K	$240K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008755	+0.084%	$37.0M	$156.4M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008755	+0.084%	$22.8M	$37.8M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008760	+0.141%	$7.5M	$47.3M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008720	−0.316%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008766	+0.210%	$12.3M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008750	+0.027%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008766	+0.210%	$8.3M	$12.6M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008749	+0.016%	—	$3.8M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008753	+0.061%	$300K	$323K	10x	as long as short
GRVT PENGU_USDT_Perplong	+0.0100%	4h	0.008748	long leg	$457K	$2.0M	10x
SunX PENGU-USDT	+0.0100%	4h	0.008939	+2.188%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008748	+0.004%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008743	−0.053%	$90K	$303K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008764	+0.189%	$180K	$940K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008747	−0.007%	$202K	—	3x	as long as short
Kraken Futures PF_PENGUUSD	+0.0211%	1h	0.008760	+0.147%	$362K	$2.3M	50x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008720	−0.318%	$294	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008732	−0.179%	$1.5M	$3.2M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0498% / S −0.0683%	1h	0.008724	−0.270%	$110K	—	100x	as long as short
Coinbase International PENGU-PERP-INTXshort	+0.1352%	1h	0.008967	+2.508%	$95K	$104K	50x