Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.020%

Price spread now: Bybit against KuCoin−0.098%7-day average −0.065% · you buy dearer than you sell

Net, funding: paid 7d − costs−$88as in the Funding arb table

Net, price: spread back to 7d avg − costs−$77as in the Price arb table

costs, in and out, $10k−$740.741% of the position

Long on KuCoin Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.136%−$14 on $10k

Price spread, last 7 days+0.067%+$7 · spread now −0.098%, 7d avg −0.065%

Together, before fees−0.068%−$7 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.033% cheaper against KuCoin than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of −0.065%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin PENGUUSDTM	0.009150	0.0100	pay 0.0050% / 4h	16m 43s	$5.1M	$10.4M	75x
Short	Bybit PENGUUSDT	0.009141	0.0100	get 0.0050% / 4h	16m 43s	$24.6M	$45.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against KuCoin. 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 KuCoinbpFee BybitbpOrdersPrice spread, now −0.098%Rate

Funding earned: $0
Price spread: −0.098% → −0.065%: −$3.29
Slippage, 4 orders: −$51.08
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$77.37
Costs to cover: 0.741%
Break-even: never at this rate

Slippage from KuCoin: live order book, 2 min ago; Bybit: live order book, 2 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 KuCoin live order book, 2 min ago	1.10 bp	36.0 bp −$36	66.7 bp −$667	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	0.55 bp	11.4 bp −$11	26.8 bp −$268	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
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009129	−0.226%	$34K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−3.945%	$3K	$117K	5.5x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0078%	1h	0.009136	−0.153%	$1K	$29K	10x	as long as short
Lighter PENGU	+0.0096%	1h	0.009159	+0.098%	$331K	$773K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009128	−0.235%	$642K	$1.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009151	+0.016%	$146K	$730K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009152	+0.022%	$138K	$267K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009155	+0.055%	$40.3M	$194.3M	75x	as long as short
Bybit PENGUUSDTshort	+0.0100%	4h	0.009141	−0.098%	$24.6M	$45.9M	75x
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009144	−0.066%	$8.2M	$57.2M	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	0.009150	0.000%	$18K	$25K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.009134	−0.175%	$3.7M	$18.1M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009150	0.000%	$11.3M	$13.1M	125x	as long as short
KuCoin PENGUUSDTMlong	+0.0100%	4h	0.009150	long leg	$5.1M	$10.4M	75x
Bitget PENGUUSDT	+0.0100%	4h	0.009156	+0.066%	$9.0M	$14.5M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.009139	−0.120%	—	$3.8M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009132	−0.197%	$316K	$382K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.009113	−0.405%	$907K	$1.2M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009149	−0.014%	$480K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009155	+0.055%	$80K	$252K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009131	−0.208%	$23K	$297K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009353	+2.219%	$3K	$2.2M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009134	−0.175%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009163	+0.142%	$95K	$414K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009130	−0.214%	$187K	$744K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009129	−0.230%	$211K	—	3x	as long as short
Hyperliquid PENGU	+0.0205%	1h	0.009168	+0.197%	$9.3M	$16.6M	5x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.009129	−0.227%	$308	—	10x	as long as short
01 Exchange PENGUUSD	+0.0328%	1h	0.009156	+0.066%	$209	$41	5x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009131	−0.208%	$1.6M	$5.0M	75x	as long as short
dYdX PENGU-USD	+0.0376%	1h	0.009151	+0.007%	$12K	$6K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0434% / S −0.0352%	1h	0.009132	−0.197%	$105K	—	100x	as long as short
Kraken Futures PF_PENGUUSD	+0.0534%	1h	0.009140	−0.109%	$354K	$2.6M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1928%	1h	0.009196	+0.503%	$81K	$74K	50x	as long as short