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 +0.556%

Price spread now: Coinbase International against KuCoin+1.385%51s7-day average +0.740% · you sell dearer than you buy

Net, funding: paid 7d − costs+$84as 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−$840.844% of the position

Long on KuCoin Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+1.683%+$168 on $10k

Price spread, last 3 days (all we have)−1.118%−$112 · spread now +1.385%, 7d avg +0.740%

Together, before fees+0.565%+$57 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$87 a day on $10k at the current rate, and Coinbase International is 0.645% dearer against KuCoin than usual: you sell high and buy low: +$64 more if the spread goes back to its 7-day average of +0.740%. The two prices were read 51 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 1.683% in total (about 87.8% 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	KuCoin PENGUUSDTM	0.008665	0.0100	pay 0.0050% / 4h	2h 27m	$4.7M	$8.7M	75x
Short	Coinbase International PENGU-PERP-INTX	0.008785	0.2992	get 0.0374% / 1h	27m 27s	$92K	$96K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +1.385%Rate

Funding earned: $607.32
Price spread: +1.385% → +0.740%: $64.48
Slippage, 4 orders: −$62.43
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $587.37
Costs to cover: 0.844%
Break-even: 0.2 days

Slippage from KuCoin: live order book, 6 min ago; Coinbase International: live order book, 80 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, 6 min ago	1.73 bp	19.0 bp −$19	59.0 bp −$590	doesn't fit	doesn't fit
Sell Coinbase International live order book, 80 min ago	15.76 bp	25.8 bp −$26	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
Kraken Futures PF_PENGUUSD	−0.0552%	1h	0.008667	+0.023%	$384K	$2.1M	50x	as long as short
Gate PENGU_USDT	−0.0344%	4h	0.008662	−0.035%	$3.4M	$15.4M	75x	as long as short
Bybit PENGUUSDT	−0.0130%	4h	0.008662	−0.035%	$22.4M	$35.9M	75x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	+0.577%	$3K	$81K	5.5x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0096%	1h	0.008671	+0.069%	$19K	$9K	10x	as long as short
Backpack PENGU_USDC_PERP	−0.0052%	1h	0.008659	−0.069%	$309K	$315K	10x	as long as short
dYdX PENGU-USD	0.0000%	1h	0.008668	+0.031%	$11K	$4K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008671	+0.064%	$33K	—	150x	as long as short
01 Exchange PENGUUSD	+0.0008%	1h	0.008669	+0.046%	$198	$59	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008668	+0.035%	$295K	$720K	8x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado PENGU-PERP	+0.0100%	1h	0.008663	−0.017%	$672K	$758K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008673	+0.092%	$8.7M	$15.2M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008669	+0.048%	$171K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008666	+0.012%	$146K	$236K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008671	+0.069%	$35.8M	$151.0M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008667	+0.023%	$7.7M	$46.3M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008670	+0.058%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008670	+0.058%	$12.8M	$12.7M	125x	as long as short
KuCoin PENGUUSDTMlong	+0.0100%	4h	0.008665	long leg	$4.7M	$8.7M	75x
Bitget PENGUUSDT	+0.0100%	4h	0.008673	+0.092%	$8.2M	$12.5M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008665	0.000%	—	$3.9M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008663	−0.022%	$793K	$713K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008671	+0.069%	$454K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008673	+0.092%	$79K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008672	+0.081%	$21K	$184K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008877	+2.447%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008668	+0.035%	$976	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008684	+0.219%	$91K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008663	−0.029%	$177K	$681K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008666	+0.012%	$200K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008665	+0.004%	$293	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008661	−0.046%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0489% / S −0.0675%	1h	0.008672	+0.081%	$108K	—	100x	as long as short
Coinbase International PENGU-PERP-INTXshort	+0.2992%	1h	0.008785	+1.385%	$92K	$96K	50x