Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.047%

Price spread now: KuCoin against Deribit+0.022%7-day average — · you sell dearer than you buy

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

Long on Deribit Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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 +$3 a day on $10k at the current rate, and KuCoin is 0.022% dearer against Deribit than usual: you sell high and buy low: +$2 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	Deribit PENGU_USDC-PERPETUAL	0.009065	0	get 0.0000% / 1h	19m 09s	$1K	$29K	10x
Short	KuCoin PENGUUSDTM	0.009067	0.0100	get 0.0050% / 4h	1h 19m	$5.1M	$10.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Deribit. 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 DeribitbpFee KuCoinbpOrdersPrice spread, now +0.022%Rate

Funding earned: $21
Price spread: +0.022% → 0.000%: $2.21
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: $4.21
Costs to cover: 0.190%
Break-even: 5.6 days

Slippage unknown: Deribit: no order-book sample; KuCoin: live order book, 9 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 Deribit no order-book sample	—	—	—	—	—
Sell KuCoin live order book, 9 min ago	1.11 bp	31.3 bp −$31	68.2 bp −$682	doesn't fit	doesn't fit

Deribit: 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-PERPETUALlong	0.0000%	1h	0.009065	long leg	$1K	$29K	10x
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009093	+0.313%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−3.045%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.009074	+0.099%	$326K	$768K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009065	0.000%	$639K	$1.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009074	+0.099%	$143K	$716K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009077	+0.132%	$137K	$258K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009069	+0.046%	$39.5M	$189.5M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.009058	−0.077%	$24.0M	$44.2M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009063	−0.022%	$8.0M	$54.9M	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	0.009080	+0.165%	$18K	$25K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.009062	−0.033%	$3.4M	$17.3M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009069	+0.044%	$11.1M	$13.0M	125x	as long as short
KuCoin PENGUUSDTMshort	+0.0100%	4h	0.009067	+0.022%	$5.1M	$10.2M	75x
Bitget PENGUUSDT	+0.0100%	4h	0.009073	+0.088%	$8.7M	$13.9M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.009062	−0.033%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009061	−0.044%	$309K	$360K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.009080	+0.164%	$926K	$1.1M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009090	+0.281%	$482K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009097	+0.353%	$80K	$252K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009065	0.000%	$23K	$233K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009290	+2.482%	$3K	$2.2M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009066	+0.011%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009088	+0.254%	$94K	$404K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009062	−0.031%	$186K	$525K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009060	−0.055%	$209K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.009065	−0.003%	$306	—	10x	as long as short
Hyperliquid PENGU	+0.0250%	1h	0.009075	+0.110%	$9.2M	$16.3M	5x	as long as short
01 Exchange PENGUUSD	+0.0336%	1h	0.009078	+0.143%	$208	$60	5x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009067	+0.022%	$1.6M	$4.9M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0443% / S −0.0368%	1h	0.009063	−0.022%	$107K	—	100x	as long as short
dYdX PENGU-USD	+0.0610%	1h	0.009080	+0.167%	$12K	$6K	5x	as long as short
Kraken Futures PF_PENGUUSD	+0.0673%	1h	0.009071	+0.064%	$339K	$2.5M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1664%	1h	0.009135	+0.772%	$80K	$70K	50x	as long as short