Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.020%

Price spread now: Bybit against KuCoin−0.023%7-day average −0.066% · you buy dearer than you sell

Net, funding: paid 7d − costs−$84as in the Funding arb table

Net, price: spread back to 7d avg − costs−$67as in the Price arb table

costs, in and out, $10k−$710.711% of the position

Long on KuCoin Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.134%−$13 on $10k

Price spread, last 7 days+0.006%+$1 · spread now −0.023%, 7d avg −0.066%

Together, before fees−0.128%−$13 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.043% dearer against KuCoin than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of −0.066%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin PENGUUSDTM	0.008689	0.0100	pay 0.0050% / 4h	50m 26s	$4.8M	$9.1M	75x
Short	Bybit PENGUUSDT	0.008687	0.0100	get 0.0050% / 4h	50m 26s	$22.9M	$39.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against KuCoin. 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 KuCoinbpFee BybitbpOrdersPrice spread, now −0.023%Rate

Funding earned: $0
Price spread: −0.023% → −0.066%: $4.27
Slippage, 4 orders: −$48.09
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$66.82
Costs to cover: 0.711%
Break-even: never at this rate

Slippage from KuCoin: live order book, 3 min ago; Bybit: live order book, 3 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 KuCoin live order book, 3 min ago	1.14 bp	22.3 bp −$22	55.8 bp −$558	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	0.57 bp	11.1 bp −$11	23.8 bp −$238	78.5 bp −$7,852	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
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008703	+0.161%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008690	+0.011%	$32K	—	150x	as long as short
Gate PENGU_USDT	+0.0016%	4h	0.008688	−0.012%	$3.3M	$15.5M	75x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+1.151%	$3K	$117K	5.5x	as long as short
01 Exchange PENGUUSD	+0.0048%	1h	0.008692	+0.035%	$199	$64	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008692	+0.035%	$309K	$712K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008684	−0.058%	$23K	$130K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008691	+0.023%	$582K	$1.0M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008691	+0.023%	$8.1M	$14.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008686	−0.031%	$120K	$579K	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica PENGU	+0.0100%	1h	0.008691	+0.023%	$153K	$243K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008691	+0.023%	$36.2M	$161.3M	75x	as long as short
Bybit PENGUUSDTshort	+0.0100%	4h	0.008687	−0.023%	$22.9M	$39.0M	75x
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008683	−0.069%	$7.2M	$46.4M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008690	+0.012%	$19K	$23K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008692	+0.035%	$11.1M	$12.2M	125x	as long as short
KuCoin PENGUUSDTMlong	+0.0100%	4h	0.008689	long leg	$4.8M	$9.1M	75x
Bitget PENGUUSDT	+0.0100%	4h	0.008690	+0.012%	$8.2M	$12.3M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008690	+0.012%	—	$3.6M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008700	+0.127%	$297K	$293K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008695	+0.069%	$864K	$985K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008741	+0.602%	$459K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008743	+0.621%	$80K	$243K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008915	+2.601%	$3K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008701	+0.138%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008714	+0.288%	$91K	$372K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008685	−0.049%	$183K	$942K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008695	+0.069%	$201K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008687	−0.017%	$293	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008698	+0.104%	$1.5M	$3.5M	75x	as long as short
Kraken Futures PF_PENGUUSD	+0.0368%	1h	0.008708	+0.220%	$341K	$2.3M	50x	as long as short
dYdX PENGU-USD	+0.0404%	1h	0.008685	−0.049%	$11K	$5K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0509% / S −0.0439%	1h	0.008691	+0.023%	$128K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2928%	1h	0.008967	+3.199%	$95K	$61K	50x	as long as short