Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0189%/8h= −20.7% APRpaid last 24h −0.307%

Price spread now: KuCoin against dYdX−0.029%7-day average — · you buy dearer than you sell

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

Long on dYdX Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 6 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 against this trade now: funding costs −$6 a day on $10k at the current rate, and KuCoin is 0.029% cheaper against dYdX than usual: you would sell low and buy high (−$3 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	dYdX PENGU-USD	0.009071	0.0289	pay 0.0036% / 1h	3m 30s	$12K	$6K	5x
Short	KuCoin PENGUUSDTM	0.009068	0.0100	get 0.0050% / 4h	2h 03m	$5.2M	$9.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against dYdX. 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 dYdXbpFee KuCoinbpOrdersPrice spread, now −0.029%Rate

Funding earned: −$39.76
Price spread: −0.029% → 0.000%: −$2.86
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$64.62
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: dYdX: no order-book sample; KuCoin: live order book, 5 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 dYdX no order-book sample	—	—	—	—	—
Sell KuCoin live order book, 5 min ago	1.64 bp	21.2 bp −$21	64.0 bp −$640	doesn't fit	doesn't fit

dYdX: 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	0.009082	+0.124%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−3.104%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.009077	+0.071%	$334K	$759K	8x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.009085	+0.159%	$9.4M	$15.8M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009078	+0.079%	$120K	$691K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009073	+0.027%	$139K	$285K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009078	+0.082%	$39.7M	$184.2M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.009067	−0.040%	$24.0M	$43.2M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009068	−0.029%	$8.0M	$53.9M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.009080	+0.104%	$18K	$26K	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	0.009073	+0.027%	$3.4M	$17.0M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009076	+0.060%	$11.0M	$12.8M	125x	as long as short
KuCoin PENGUUSDTMshort	+0.0100%	4h	0.009068	−0.029%	$5.2M	$9.9M	75x
Bitget PENGUUSDT	+0.0100%	4h	0.009074	+0.038%	$8.6M	$13.8M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.009075	+0.049%	—	$3.8M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009071	+0.004%	$300K	$363K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.009068	−0.030%	$924K	$1.1M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009091	+0.222%	$481K	$2.2M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009101	+0.335%	$82K	$250K	50x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009076	+0.060%	$638K	$1.1M	5x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009078	+0.082%	$23K	$188K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009295	+2.474%	$3K	$2.2M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009073	+0.027%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009096	+0.280%	$94K	$401K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009075	+0.052%	$187K	$841K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009075	+0.049%	$210K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.009068	−0.029%	$306	—	10x	as long as short
01 Exchange PENGUUSD	+0.0280%	1h	0.009082	+0.126%	$208	$64	5x	as long as short
dYdX PENGU-USDlong	+0.0289%	1h	0.009071	long leg	$12K	$6K	5x
Deribit PENGU_USDC-PERPETUAL	+0.0301%	1h	0.009077	+0.071%	$1K	$29K	10x	as long as short
Kraken Futures PF_PENGUUSD	+0.0311%	1h	0.009081	+0.115%	$339K	$2.5M	50x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009105	+0.379%	$1.5M	$4.9M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0391% / S −0.0291%	1h	0.009081	+0.115%	$92K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1752%	1h	0.009185	+1.261%	$81K	$80K	50x	as long as short