Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: KuCoin against Lighter−0.087%7-day average −0.022% · you buy dearer than you sell

Net, funding: paid 7d − costs−$112as in the Funding arb table

Net, price: spread back to 7d avg − costs−$119as in the Price arb table

costs, in and out, $10k−$1131.130% of the position

Long on Lighter Short on KuCoin

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)+0.066%+$7 · spread now −0.087%, 7d avg −0.022%

Together, before fees+0.077%+ Points / potential airdropLighter: Season 3 · farm board+$8 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: KuCoin is 0.065% cheaper against Lighter than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of −0.022%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PENGU	0.009190	0.0096	pay 0.0012% / 1h	23m 07s	$332K	$773K	8x
Short	KuCoin PENGUUSDTM	0.009182	0.0100	get 0.0050% / 4h	23m 07s	$5.1M	$10.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.087%Rate

Funding earned: $0.84
Price spread: −0.087% → −0.022%: −$6.47
Slippage, 4 orders: −$101
Fee Lighter: 0 bp × 2 orders: $0
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$118.63
Costs to cover: 1.130%
Break-even: 995.5 days

Slippage from Lighter: live order book, 12 min ago; KuCoin: live order book, 5 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, 12 min ago	7.09 bp	35.5 bp −$36	91.3 bp −$913	doesn't fit	doesn't fit
Sell KuCoin live order book, 5 min ago	0.55 bp	17.9 bp −$18	45.2 bp −$452	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
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009176	−0.157%	$34K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−4.363%	$3K	$117K	5.5x	as long as short
Lighter PENGUlong	+0.0096%	1h	0.009190	long leg	$332K	$773K	8x
Nado PENGU-PERP	+0.0100%	1h	0.009168	−0.239%	$646K	$1.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009189	−0.014%	$146K	$717K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009127	−0.686%	$138K	$267K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009184	−0.065%	$40.5M	$193.5M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.009171	−0.207%	$24.6M	$45.5M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009174	−0.174%	$8.2M	$57.2M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.009170	−0.218%	$18K	$25K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate PENGU_USDT	+0.0100%	4h	0.009174	−0.174%	$3.7M	$17.9M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009183	−0.076%	$11.3M	$13.1M	125x	as long as short
KuCoin PENGUUSDTMshort	+0.0100%	4h	0.009182	−0.087%	$5.1M	$10.3M	75x
Bitget PENGUUSDT	+0.0100%	4h	0.009183	−0.076%	$9.1M	$14.4M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.009178	−0.131%	—	$3.8M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009181	−0.098%	$318K	$382K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.009119	−0.775%	$932K	$1.1M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009117	−0.794%	$478K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009121	−0.751%	$80K	$252K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009180	−0.109%	$24K	$289K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009405	+2.339%	$3K	$2.2M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009179	−0.120%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009183	−0.076%	$95K	$414K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009175	−0.168%	$188K	$744K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009176	−0.152%	$212K	—	3x	as long as short
Hyperliquid PENGU	+0.0161%	1h	0.009195	+0.054%	$9.3M	$16.6M	5x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.009174	−0.170%	$310	—	10x	as long as short
01 Exchange PENGUUSD	+0.0328%	1h	0.009178	−0.131%	$210	$41	5x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009179	−0.120%	$1.6M	$5.1M	75x	as long as short
dYdX PENGU-USD	+0.0389%	1h	0.009151	−0.428%	$12K	$6K	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0404%	1h	0.009183	−0.076%	$1K	$29K	10x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0435% / S −0.0352%	1h	0.009179	−0.120%	$105K	—	100x	as long as short
Kraken Futures PF_PENGUUSD	+0.0532%	1h	0.009185	−0.052%	$358K	$2.6M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1928%	1h	0.009196	+0.065%	$81K	$74K	50x	as long as short