Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.1828%/8h= +200.2% APRpaid last 24h +0.670%

Price spread now: Coinbase International against Bybit+0.800%7-day average — · you sell dearer than you buy

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

Long on Bybit Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+1.973%+$197 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 +$55 a day on $10k at the current rate, and Coinbase International is 0.800% dearer against Bybit than usual: you sell high and buy low: +$80 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	Bybit PENGUUSDT	0.009123	0.0100	pay 0.0050% / 4h	20m 17s	$24.5M	$45.6M	75x
Short	Coinbase International PENGU-PERP-INTX	0.009196	0.1928	get 0.0241% / 1h	20m 17s	$81K	$74K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Bybit. 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 BybitbpFee Coinbase InternationalbpOrdersPrice spread, now +0.800%Rate

Funding earned: $383.88
Price spread: +0.800% → 0.000%: $80.02
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $442.9
Costs to cover: 0.210%
Break-even: from the start

Slippage unknown: Bybit: live order book, 4 min ago; 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 Bybit live order book, 4 min ago	0.55 bp	11.1 bp −$11	25.0 bp −$250	142.1 bp −$14.2K	doesn't fit
Sell Coinbase International no order-book sample	—	—	—	—	—

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
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009128	+0.055%	$34K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−3.661%	$3K	$117K	5.5x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0079%	1h	0.009123	0.000%	$1K	$29K	10x	as long as short
Lighter PENGU	+0.0096%	1h	0.009135	+0.132%	$330K	$773K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009116	−0.079%	$642K	$1.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009133	+0.111%	$146K	$718K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009119	−0.044%	$138K	$267K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009130	+0.074%	$40.2M	$193.9M	75x	as long as short
Bybit PENGUUSDTlong	+0.0100%	4h	0.009123	long leg	$24.5M	$45.6M	75x
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009126	+0.033%	$8.2M	$57.0M	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	0.009130	+0.077%	$18K	$25K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.009109	−0.153%	$3.7M	$18.0M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009131	+0.088%	$11.3M	$13.1M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009127	+0.044%	$5.0M	$10.4M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009135	+0.132%	$9.0M	$14.5M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.009128	+0.055%	—	$3.8M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009125	+0.022%	$316K	$382K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.009113	−0.111%	$907K	$1.2M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009117	−0.066%	$478K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009182	+0.647%	$80K	$252K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009120	−0.033%	$23K	$292K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009338	+2.357%	$2K	$2.2M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009126	+0.033%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009132	+0.099%	$94K	$414K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009123	−0.005%	$187K	$744K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009120	−0.033%	$211K	—	3x	as long as short
Hyperliquid PENGU	+0.0174%	1h	0.009132	+0.099%	$9.3M	$16.6M	5x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.009113	−0.105%	$308	—	10x	as long as short
01 Exchange PENGUUSD	+0.0328%	1h	0.009126	+0.033%	$209	$41	5x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009141	+0.197%	$1.6M	$5.0M	75x	as long as short
dYdX PENGU-USD	+0.0382%	1h	0.009126	+0.035%	$12K	$6K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0434% / S −0.0352%	1h	0.009125	+0.022%	$104K	—	100x	as long as short
Kraken Futures PF_PENGUUSD	+0.0535%	1h	0.009133	+0.110%	$353K	$2.6M	50x	as long as short
Coinbase International PENGU-PERP-INTXshort	+0.1928%	1h	0.009196	+0.800%	$81K	$74K	50x