Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.004%

Price spread now: Nado against KuCoin−0.045%7-day average −0.017% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$63as in the Price arb table

costs, in and out, $10k−$600.597% of the position

Long on KuCoin Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.068%−$7 on $10k

Price spread, last 3 days (all we have)+0.351%+$35 · spread now −0.045%, 7d avg −0.017%

Together, before fees+0.283%+ Points / potential airdropNado: Active · farm board+$28 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: Nado is 0.028% cheaper against KuCoin than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of −0.017%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin PENGUUSDTM	0.008806	0.0100	pay 0.0050% / 4h	1h 28m	$4.8M	$8.9M	75x
Short	Nado PENGU-PERP	0.008802	0.0100	get 0.0012% / 1h	28m 33s	$681K	$757K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now −0.045%Rate

Funding earned: $0
Price spread: −0.045% → −0.017%: −$2.82
Slippage, 4 orders: −$40.73
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$62.55
Costs to cover: 0.597%
Break-even: never at this rate

Slippage from KuCoin: live order book, 5 min ago; Nado: live order book, 55 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, 5 min ago	1.14 bp	24.9 bp −$25	63.3 bp −$633	doesn't fit	doesn't fit
Sell Nado live order book, 55 min ago	1.72 bp	7.8 bp −$8	25.1 bp −$251	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	−0.0605%	1h	0.008816	+0.111%	$372K	$2.2M	50x	as long as short
Gate PENGU_USDT	−0.0314%	4h	0.008801	−0.057%	$3.5M	$15.5M	75x	as long as short
Bybit PENGUUSDT	−0.0138%	4h	0.008800	−0.068%	$22.9M	$36.3M	75x	as long as short
01 Exchange PENGUUSD	−0.0080%	1h	0.008811	+0.057%	$202	$59	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008810	+0.045%	$19K	$9K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008802	−0.049%	$33K	—	150x	as long as short
Variational Omni PENGU	+0.0017%	4h	0.008778	−0.313%	$801K	$802K	—	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008715	−1.033%	$3K	$81K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008806	0.000%	$309K	$735K	8x	as long as short
Nado PENGU-PERPshort	+0.0100%	1h	0.008802	−0.045%	$681K	$757K	5x

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid PENGU	+0.0100%	1h	0.008811	+0.057%	$8.8M	$15.0M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008807	+0.010%	$190K	$466K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008804	−0.023%	$151K	$238K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008807	+0.011%	$36.7M	$152.6M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008799	−0.079%	$7.7M	$47.2M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008810	+0.045%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008807	+0.011%	$12.8M	$12.8M	125x	as long as short
KuCoin PENGUUSDTMlong	+0.0100%	4h	0.008806	long leg	$4.8M	$8.9M	75x
Bitget PENGUUSDT	+0.0100%	4h	0.008807	+0.011%	$8.4M	$12.6M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008802	−0.045%	—	$3.9M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008807	+0.011%	$314K	$309K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008777	−0.330%	$459K	$2.3M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008788	−0.204%	$80K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008809	+0.034%	$23K	$186K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009010	+2.317%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008807	+0.011%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008819	+0.148%	$92K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008801	−0.058%	$181K	$682K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008805	−0.011%	$203K	$17K	3x	as long as short
dYdX PENGU-USD	+0.0142%	1h	0.008808	+0.027%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008792	−0.164%	$297	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008804	−0.023%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0511% / S −0.0711%	1h	0.008801	−0.057%	$115K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2504%	1h	0.008945	+1.578%	$95K	$105K	50x	as long as short