Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.1548%/8h= −169.5% APRpaid last 24h −0.590%

Price spread now: Orderly against Coinbase International−0.587%7-day average −0.774% · you buy dearer than you sell

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

Long on Coinbase International Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−1.736%−$174 on $10k

Price spread, last 3 days (all we have)+0.209%+$21 · spread now −0.587%, 7d avg −0.774%

Together, before fees−1.527%−$153 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Orderly is 0.188% dearer against Coinbase International than usual: you sell high and buy low (spread −0.587% now, against its 7-day average of −0.774%): +$19 on $10k if it goes back. Holding the pair costs −$46 a day in funding at the current rate, which eats that in about 10 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International PENGU-PERP-INTX	0.008863	0.1648	pay 0.0206% / 1h	32m 47s	$94K	$103K	50x
Short	Orderly PERP_PENGU_USDC	0.008811	0.0100	get 0.0050% / 4h	3h 32m	$23K	$183K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.587%Rate

Funding earned: −$325.16
Price spread: −0.587% → −0.774%: $18.75
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$322.4
Costs to cover: 0.160%
Break-even: from the start

Slippage unknown: Coinbase International: live order book, 6 min ago; Orderly: 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 Coinbase International live order book, 6 min ago	17.61 bp	22.6 bp −$23	doesn't fit	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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
Kraken Futures PF_PENGUUSD	−0.0392%	1h	0.008819	−0.498%	$368K	$2.3M	50x	as long as short
Variational Omni PENGU	−0.0249%	4h	0.008840	−0.258%	$874K	$931K	—	as long as short
01 Exchange PENGUUSD	−0.0232%	1h	0.008821	−0.474%	$202	$59	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0204%	1h	0.008808	−0.621%	$18K	$10K	10x	as long as short
Gate PENGU_USDT	−0.0178%	4h	0.008810	−0.598%	$3.4M	$15.6M	75x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008811	−0.589%	$34K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.835%	$3K	$117K	5.5x	as long as short
Nado PENGU-PERP	+0.0083%	1h	0.008817	−0.519%	$699K	$769K	5x	as long as short
dYdX PENGU-USD	+0.0084%	1h	0.008817	−0.515%	$12K	$4K	5x	as long as short
GRVT PENGU_USDT_Perp	+0.0092%	4h	0.008826	−0.416%	$468K	$2.1M	10x	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	0.008812	−0.575%	$308K	$727K	8x	as long as short
Orderly PERP_PENGU_USDCshort	+0.0100%	4h	0.008811	−0.587%	$23K	$183K	20x
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008812	−0.575%	$305K	$323K	10x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008812	−0.575%	$8.3M	$15.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008818	−0.511%	$189K	$481K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008821	−0.474%	$152K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008810	−0.602%	$36.8M	$155.1M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008806	−0.643%	$23.1M	$37.3M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008811	−0.587%	$7.6M	$47.4M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008820	−0.485%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008812	−0.575%	$13.0M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008817	−0.519%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008817	−0.519%	$8.4M	$12.7M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008814	−0.553%	—	$2.3M	—	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008827	−0.406%	$80K	$254K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009026	+1.839%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008807	−0.632%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008833	−0.338%	$91K	$295K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008811	−0.590%	$182K	$955K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008799	−0.722%	$203K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008814	−0.555%	$298	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008812	−0.575%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0516% / S −0.0720%	1h	0.008810	−0.598%	$116K	—	100x	as long as short
Coinbase International PENGU-PERP-INTXlong	+0.1648%	1h	0.008863	long leg	$94K	$103K	50x