Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.001%

Price spread now: Orderly against KuCoin+0.044%7-day average −0.041% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on KuCoin Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.021%−$2 on $10k

Price spread, last 4 days (all we have)−0.071%−$7 · spread now +0.044%, 7d avg −0.041%

Together, before fees−0.092%−$9 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: Orderly is 0.085% dearer against KuCoin than usual: you sell high and buy low, +$8 on $10k if it goes back to its 7-day average of −0.041%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin PENGUUSDTM	0.009070	0.0100	pay 0.0050% / 4h	3h 57m	$5.1M	$10.5M	75x
Short	Orderly PERP_PENGU_USDC	0.009074	0.0100	get 0.0050% / 4h	3h 57m	$23K	$314K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.044%Rate

Funding earned: $0
Price spread: +0.044% → −0.041%: $8.47
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$9.53
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: KuCoin: live order book, 11 min ago; Orderly: no order-book sample. Net counts fees only.

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, 11 min ago	1.10 bp	27.3 bp −$27	66.5 bp −$665	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0963%	1h	0.009061	−0.099%	$1K	$29K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009071	+0.009%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−3.098%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.009098	+0.309%	$328K	$747K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009078	+0.091%	$644K	$1.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009089	+0.209%	$142K	$737K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009089	+0.209%	$137K	$270K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009094	+0.261%	$40.0M	$195.8M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.009088	+0.198%	$24.4M	$46.3M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009091	+0.232%	$8.1M	$57.7M	50x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus PENGU-USD	+0.0100%	1h	0.009100	+0.331%	$18K	$25K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.009087	+0.187%	$3.7M	$17.4M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009094	+0.265%	$11.4M	$12.8M	125x	as long as short
KuCoin PENGUUSDTMlong	+0.0100%	4h	0.009070	long leg	$5.1M	$10.5M	75x
Bitget PENGUUSDT	+0.0100%	4h	0.009101	+0.342%	$8.8M	$14.9M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.009085	+0.165%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009052	−0.198%	$312K	$387K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.009072	+0.025%	$934K	$1.2M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009085	+0.171%	$477K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009089	+0.209%	$80K	$252K	50x	as long as short
Orderly PERP_PENGU_USDCshort	+0.0100%	4h	0.009074	+0.044%	$23K	$314K	20x
SunX PENGU-USDT	+0.0100%	4h	0.009279	+2.304%	$3K	$2.2M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009059	−0.121%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009095	+0.276%	$94K	$414K	25x	as long as short
dYdX PENGU-USD	+0.0104%	1h	0.009088	+0.202%	$12K	$6K	5x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009095	+0.278%	$186K	$743K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009068	−0.022%	$209K	—	3x	as long as short
Hyperliquid PENGU	+0.0104%	1h	0.009077	+0.077%	$9.2M	$16.8M	5x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.009071	+0.010%	$306	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009074	+0.044%	$1.6M	$5.1M	75x	as long as short
Kraken Futures PF_PENGUUSD	+0.0381%	1h	0.009066	−0.042%	$351K	$2.6M	50x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0431% / S −0.0351%	1h	0.009070	0.000%	$104K	—	100x	as long as short
01 Exchange PENGUUSD	+0.0448%	1h	0.009104	+0.375%	$208	$41	5x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2088%	1h	0.009233	+1.797%	$81K	$74K	50x	as long as short