Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.1564%/8h= −171.3% APRpaid last 24h −0.648%

Price spread now: KuCoin against Coinbase International−0.274%7-day average — · you buy dearer than you sell

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

Long on Coinbase International Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−1.833%−$183 on $10k

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

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$47 a day on $10k at the current rate, and KuCoin is 0.274% cheaper against Coinbase International than usual: you would sell low and buy high (−$27 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International PENGU-PERP-INTX	0.009135	0.1664	pay 0.0208% / 1h	24m 47s	$80K	$70K	50x
Short	KuCoin PENGUUSDTM	0.009110	0.0100	get 0.0050% / 4h	1h 24m	$5.1M	$10.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.274%Rate

Funding earned: −$328.44
Price spread: −0.274% → 0.000%: −$27.37
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$377.81
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Coinbase International: no order-book sample; KuCoin: live order book, 4 min ago. 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 Coinbase International no order-book sample	—	—	—	—	—
Sell KuCoin live order book, 4 min ago	1.11 bp	31.3 bp −$31	68.2 bp −$682	doesn't fit	doesn't fit

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	0.009110	−0.272%	$34K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−3.788%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.009113	−0.241%	$327K	$768K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009129	−0.063%	$643K	$1.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009106	−0.319%	$144K	$716K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009109	−0.285%	$137K	$276K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009107	−0.308%	$39.8M	$189.4M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.009101	−0.372%	$24.1M	$44.2M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009104	−0.339%	$8.1M	$55.0M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.009120	−0.164%	$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	0.009101	−0.372%	$3.5M	$17.2M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009105	−0.328%	$11.0M	$12.9M	125x	as long as short
KuCoin PENGUUSDTMshort	+0.0100%	4h	0.009110	−0.274%	$5.1M	$10.2M	75x
Bitget PENGUUSDT	+0.0100%	4h	0.009112	−0.252%	$8.7M	$13.9M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.009103	−0.350%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009107	−0.307%	$310K	$362K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.009105	−0.329%	$927K	$1.1M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009054	−0.887%	$475K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009050	−0.930%	$79K	$252K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009114	−0.230%	$23K	$226K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009335	+2.189%	$3K	$2.2M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009111	−0.263%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009134	−0.011%	$94K	$404K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009098	−0.407%	$187K	$526K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009105	−0.328%	$210K	—	3x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0189%	1h	0.009115	−0.219%	$1K	$29K	10x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.009115	−0.216%	$308	—	10x	as long as short
Hyperliquid PENGU	+0.0265%	1h	0.009115	−0.219%	$9.2M	$16.3M	5x	as long as short
01 Exchange PENGUUSD	+0.0336%	1h	0.009128	−0.077%	$209	$60	5x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009117	−0.197%	$1.6M	$4.9M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0443% / S −0.0368%	1h	0.009045	−0.985%	$107K	—	100x	as long as short
dYdX PENGU-USD	+0.0639%	1h	0.009101	−0.367%	$12K	$6K	5x	as long as short
Kraken Futures PF_PENGUUSD	+0.0669%	1h	0.009117	−0.200%	$340K	$2.5M	50x	as long as short
Coinbase International PENGU-PERP-INTXlong	+0.1664%	1h	0.009135	long leg	$80K	$70K	50x