Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.2588%/8h= −283.4% APRpaid last 24h −0.582%

Price spread now: Aster against Coinbase International−0.227%7-day average −0.748% · you buy dearer than you sell

Net, funding: paid 7d − costs−$244as in the Funding arb table

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$740.735% of the position

Long on Coinbase International Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days−1.708%−$171 on $10k

Price spread, last 3 days (all we have)−0.107%−$11 · spread now −0.227%, 7d avg −0.748%

Together, before fees−1.815%+ Points / potential airdropAster: Stage 5 · farm board−$181 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Aster is 0.522% dearer against Coinbase International than usual: you sell high and buy low (spread −0.227% now, against its 7-day average of −0.748%): +$52 on $10k if it goes back. Holding the pair costs −$78 a day in funding at the current rate, which eats that in about 16 hours. At the pace of the last 7 days (−1.708% in total) that is about 2.1 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -1.708% in total (about -89.0% a year). A funding rate is set anew for every payment. 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	Coinbase International PENGU-PERP-INTX	0.008850	0.2688	pay 0.0336% / 1h	49m 57s	$94K	$104K	50x
Short	Aster PENGUUSDT	0.008830	0.0100	get 0.0050% / 4h	49m 57s	$191K	$467K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Coinbase International. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Coinbase InternationalbpFee AsterbpOrdersPrice spread, now −0.227%Rate

Funding earned: −$543.48
Price spread: −0.227% → −0.748%: $52.16
Slippage, 4 orders: −$55.54
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Aster: 4 bp × 2 orders: −$8
Net: −$564.85
Costs to cover: 0.735%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 58 min ago; Aster: live order book, 27 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 Coinbase International live order book, 58 min ago	19.92 bp	24.9 bp −$25	doesn't fit	doesn't fit	doesn't fit
Sell Aster live order book, 27 min ago	5.12 bp	11.6 bp −$12	57.5 bp −$575	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	−0.0339%	1h	0.008830	−0.227%	$372K	$2.3M	50x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0317%	1h	0.008820	−0.339%	$19K	$9K	10x	as long as short
Gate PENGU_USDT	−0.0244%	4h	0.008820	−0.339%	$3.4M	$15.6M	75x	as long as short
Bybit PENGUUSDT	−0.0221%	4h	0.008818	−0.362%	$22.9M	$36.5M	75x	as long as short
Variational Omni PENGU	−0.0156%	4h	0.008825	−0.278%	$804K	$802K	—	as long as short
01 Exchange PENGUUSD	−0.0120%	1h	0.008823	−0.305%	$202	$59	5x	as long as short
Injective PENGU/USDC PERP	−0.0114%	1h	0.008789	−0.689%	$3K	$117K	5.5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008822	−0.312%	$34K	—	150x	as long as short
dYdX PENGU-USD	+0.0041%	1h	0.008834	−0.183%	$12K	$4K	5x	as long as short
Nado PENGU-PERP	+0.0074%	1h	0.008823	−0.299%	$689K	$761K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter PENGU	+0.0096%	1h	0.008824	−0.294%	$308K	$740K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008821	−0.328%	$24K	$186K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008822	−0.316%	$8.5M	$15.3M	5x	as long as short
Aster PENGUUSDTshort	+0.0100%	4h	0.008830	−0.227%	$191K	$467K	20x
Pacifica PENGU	+0.0100%	1h	0.008833	−0.192%	$152K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008822	−0.316%	$36.7M	$153.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008823	−0.305%	$7.6M	$47.3M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008820	−0.339%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008821	−0.328%	$12.6M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008828	−0.249%	$4.8M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008828	−0.249%	$8.4M	$12.6M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008821	−0.328%	—	$3.9M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008819	−0.350%	$315K	$308K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008836	−0.158%	$462K	$2.2M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008830	−0.226%	$80K	$254K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009050	+2.260%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008818	−0.362%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008851	+0.011%	$92K	$250K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008821	−0.330%	$182K	$622K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008821	−0.328%	$204K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008819	−0.350%	$298	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008825	−0.282%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0511% / S −0.0711%	1h	0.008822	−0.316%	$115K	—	100x	as long as short
Coinbase International PENGU-PERP-INTXlong	+0.2688%	1h	0.008850	long leg	$94K	$104K	50x