Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.1652%/8h= +180.9% APRpaid last 24h +0.637%

Price spread now: Coinbase International against Orderly+0.847%7-day average — · you sell dearer than you buy

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

Long on Orderly Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+1.841%+$184 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$50 a day on $10k at the current rate, and Coinbase International is 0.847% dearer against Orderly than usual: you sell high and buy low: +$85 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_PENGU_USDC	0.008738	0.0100	pay 0.0050% / 4h	2h 39m	$22K	$153K	20x
Short	Coinbase International PENGU-PERP-INTX	0.008812	0.1752	get 0.0219% / 1h	39m 48s	$78K	$76K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Orderly. 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 OrderlybpFee Coinbase InternationalbpOrdersPrice spread, now +0.847%Rate

Funding earned: $346.92
Price spread: +0.847% → 0.000%: $84.69
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $415.61
Costs to cover: 0.160%
Break-even: from the start

Slippage unknown: Orderly: no order-book sample; Coinbase International: 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 Orderly no order-book sample	—	—	—	—	—
Sell Coinbase International no order-book sample	—	—	—	—	—

Orderly and Coinbase International: 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	0.0000%	1h	0.008743	+0.057%	$17K	$12K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008735	−0.033%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.584%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008740	+0.023%	$317K	$749K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008724	−0.154%	$585K	$1.1M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008746	+0.092%	$8.0M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008734	−0.050%	$120K	$667K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008723	−0.172%	$132K	$274K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008733	−0.052%	$36.8M	$176.2M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008721	−0.195%	$23.2M	$41.7M	75x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008727	−0.126%	$7.5M	$50.1M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008730	−0.092%	$18K	$25K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.008728	−0.114%	$3.3M	$16.4M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008735	−0.034%	$10.3M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008730	−0.092%	$4.9M	$9.7M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008731	−0.080%	$8.4M	$13.2M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008718	−0.229%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008735	−0.034%	$289K	$339K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008744	+0.070%	$913K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008798	+0.687%	$460K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008778	+0.458%	$79K	$250K	50x	as long as short
Orderly PERP_PENGU_USDClong	+0.0100%	4h	0.008738	long leg	$22K	$153K	20x
SunX PENGU-USDT	+0.0100%	4h	0.008953	+2.461%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008737	−0.011%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008734	−0.046%	$90K	$387K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008730	−0.088%	$180K	$869K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008733	−0.057%	$202K	—	3x	as long as short
dYdX PENGU-USD	+0.0176%	1h	0.008729	−0.108%	$12K	$6K	5x	as long as short
01 Exchange PENGUUSD	+0.0184%	1h	0.008729	−0.103%	$200	$64	5x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.008727	−0.124%	$295	—	10x	as long as short
Kraken Futures PF_PENGUUSD	+0.0323%	1h	0.008746	+0.095%	$320K	$2.4M	50x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008746	+0.092%	$1.5M	$4.2M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0497% / S −0.0413%	1h	0.008730	−0.092%	$125K	—	100x	as long as short
Coinbase International PENGU-PERP-INTXshort	+0.1752%	1h	0.008812	+0.847%	$78K	$76K	50x