PENGU

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.2592%/8h= +283.8% APRnext payment +$3.24 per $10,000 · paid last 24h +0.583%

Price spread now: Coinbase International against Lighter+0.538%7-day average +0.741% · you sell dearer than you buy

Net, funding: paid 7d − costs+$106as in the Funding arb table

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

costs, in and out, $10k−$650.655% of the position

Long on Lighter Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+1.715%+$172 on $10k

Price spread, last 3 days (all we have)−0.208%−$21 · spread now +0.538%, 7d avg +0.741%

Together, before fees+1.508%+ Points / potential airdropLighter: Season 3 · farm board+$151 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.203% cheaper against Lighter than usual: you would sell low and buy high (spread +0.538% now, against its 7-day average of +0.741%). If the spread goes back, that is −$20 on $10k: about 6 hours of funding at the current rate (+$78 a day). At the pace of the last 7 days (+1.715% in total) that is about 20 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 1.715% in total (about 89.4% a year). A funding rate is set anew for every payment; at this rate the next one is about +$3.24 per $10,000. 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	Lighter PENGU	0.008741	0.0096	pay 0.0012% / 1h	27m 31s	$306K	$741K	8x
Short	Coinbase International PENGU-PERP-INTX	0.008788	0.2688	get 0.0336% / 1h	27m 31s	$94K	$103K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Lighter. 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 LighterbpFee Coinbase InternationalbpOrdersPrice spread, now +0.538%Rate

Funding earned: $544.32
Price spread: +0.538% → +0.741%: −$20.28
Slippage, 4 orders: −$55.47
Fee Lighter: 0 bp × 2 orders: $0
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $458.57
Costs to cover: 0.655%
Break-even: 1.1 days

Slippage from Lighter: live order book, 47 min ago; Coinbase International: live order book, 16 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 Lighter live order book, 47 min ago	3.97 bp	9.4 bp −$9	74.2 bp −$742	doesn't fit	doesn't fit
Sell Coinbase International live order book, 16 min ago	18.74 bp	23.7 bp −$24	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	−0.0342%	1h	0.008752	+0.127%	$368K	$2.3M	50x	as long as short
Gate PENGU_USDT	−0.0278%	4h	0.008739	−0.023%	$3.4M	$15.6M	75x	as long as short
Bybit PENGUUSDT	−0.0272%	4h	0.008738	−0.034%	$22.7M	$36.7M	75x	as long as short
01 Exchange PENGUUSD	−0.0240%	1h	0.008744	+0.034%	$200	$59	5x	as long as short
Variational Omni PENGU	−0.0209%	4h	0.008739	−0.017%	$798K	$802K	—	as long as short
Backpack PENGU_USDC_PERP	−0.0133%	1h	0.008748	+0.080%	$312K	$313K	10x	as long as short
Injective PENGU/USDC PERP	−0.0114%	1h	0.008789	+0.549%	$3K	$117K	5.5x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008749	+0.092%	$19K	$9K	10x	as long as short
Nado PENGU-PERP	0.0000%	1h	0.008744	+0.040%	$694K	$775K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008750	+0.097%	$33K	—	150x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX PENGU-USD	+0.0028%	1h	0.008750	+0.108%	$12K	$4K	5x	as long as short
GRVT PENGU_USDT_Perp	+0.0094%	4h	0.008745	+0.045%	$458K	$2.1M	10x	as long as short
Lighter PENGUlong	+0.0096%	1h	0.008741	long leg	$306K	$741K	8x
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008750	+0.103%	$23K	$186K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008747	+0.069%	$8.4M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008748	+0.078%	$188K	$469K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008745	+0.046%	$151K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008742	+0.011%	$36.2M	$154.6M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008743	+0.023%	$7.5M	$47.0M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008740	−0.011%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008744	+0.034%	$12.4M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008749	+0.092%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008747	+0.069%	$8.3M	$12.6M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008742	+0.011%	—	$3.9M	—	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008758	+0.194%	$80K	$254K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008961	+2.517%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008746	+0.057%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008768	+0.309%	$92K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008739	−0.019%	$180K	$622K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008745	+0.046%	$202K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008739	−0.027%	$295	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008750	+0.103%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0496% / S −0.0683%	1h	0.008750	+0.103%	$110K	—	100x	as long as short
Coinbase International PENGU-PERP-INTXshort	+0.2688%	1h	0.008788	+0.538%	$94K	$103K	50x