Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Lighter against KuCoin+0.034%7-day average +0.021% · you sell dearer than you buy

Net, funding: paid 7d − costs−$88as in the Funding arb table

Net, price: spread back to 7d avg − costs−$86as in the Price arb table

costs, in and out, $10k−$870.871% of the position

Long on KuCoin Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.011%−$1 on $10k

Price spread, last 4 days (all we have)−0.056%−$6 · spread now +0.034%, 7d avg +0.021%

Together, before fees−0.067%+ Points / potential airdropLighter: Season 3 · farm board−$7 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin PENGUUSDTM	0.008769	0.0100	pay 0.0050% / 4h	3h 00m	$4.9M	$9.6M	75x
Short	Lighter PENGU	0.008772	0.0096	get 0.0012% / 1h	0m 13s	$318K	$755K	8x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.034%Rate

Funding earned: −$0.84
Price spread: +0.034% → +0.021%: $1.36
Slippage, 4 orders: −$75.06
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$86.54
Costs to cover: 0.871%
Break-even: never at this rate

Slippage from KuCoin: live order book, 3 min ago; Lighter: live order book, 50 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	3.41 bp	26.6 bp −$27	65.7 bp −$657	doesn't fit	doesn't fit
Sell Lighter live order book, 50 min ago	5.54 bp	18.8 bp −$19	79.6 bp −$796	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
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008775	+0.068%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008771	+0.021%	$32K	—	150x	as long as short
Gate PENGU_USDT	+0.0020%	4h	0.008763	−0.068%	$3.3M	$16.6M	75x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.228%	$3K	$117K	5.5x	as long as short
dYdX PENGU-USD	+0.0070%	1h	0.008762	−0.085%	$12K	$5K	5x	as long as short
Lighter PENGUshort	+0.0096%	1h	0.008772	+0.034%	$318K	$755K	8x
Nado PENGU-PERP	+0.0100%	1h	0.008766	−0.040%	$588K	$1.1M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008770	+0.011%	$8.1M	$15.4M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008769	0.000%	$119K	$662K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008763	−0.068%	$134K	$273K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance PENGUUSDT	+0.0100%	4h	0.008769	−0.006%	$37.2M	$174.8M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008763	−0.068%	$23.3M	$41.5M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008764	−0.057%	$7.6M	$49.7M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008770	+0.011%	$19K	$25K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008767	−0.023%	$10.5M	$12.8M	125x	as long as short
KuCoin PENGUUSDTMlong	+0.0100%	4h	0.008769	long leg	$4.9M	$9.6M	75x
Bitget PENGUUSDT	+0.0100%	4h	0.008771	+0.023%	$8.5M	$13.1M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008768	−0.011%	—	$3.6M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008765	−0.046%	$290K	$337K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008756	−0.149%	$915K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008839	+0.800%	$469K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008796	+0.308%	$80K	$251K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008775	+0.068%	$23K	$132K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008982	+2.429%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008772	+0.034%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008781	+0.137%	$91K	$378K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008768	−0.013%	$181K	$869K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008766	−0.034%	$202K	—	3x	as long as short
01 Exchange PENGUUSD	+0.0120%	1h	0.008778	+0.103%	$201	$64	5x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008772	+0.031%	$296	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008773	+0.046%	$1.5M	$4.1M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0497% / S −0.0415%	1h	0.008771	+0.023%	$125K	—	100x	as long as short
Kraken Futures PF_PENGUUSD	+0.0624%	1h	0.008775	+0.072%	$321K	$2.4M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2704%	1h	0.008886	+1.334%	$94K	$59K	50x	as long as short