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 +0.589%

Price spread now: Coinbase International against KuCoin+0.559%7-day average +0.761% · you sell dearer than you buy

Net, funding: paid 7d − costs+$78as in the Funding arb table

Net, price: spread back to 7d avg − costs−$113as in the Price arb table

costs, in and out, $10k−$930.933% of the position

Long on KuCoin Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+1.716%+$172 on $10k

Price spread, last 3 days (all we have)−0.216%−$22 · spread now +0.559%, 7d avg +0.761%

Together, before fees+1.500%+$150 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.201% cheaper against KuCoin than usual: you would sell low and buy high (spread +0.559% now, against its 7-day average of +0.761%). If the spread goes back, that is −$20 on $10k: about 10 hours of funding at the current rate (+$46 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin PENGUUSDTM	0.008759	0.0100	pay 0.0050% / 4h	3h 50m	$4.7M	$9.0M	75x
Short	Coinbase International PENGU-PERP-INTX	0.008808	0.1648	get 0.0206% / 1h	50m 02s	$94K	$103K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.559%Rate

Funding earned: $325.08
Price spread: +0.559% → +0.761%: −$20.13
Slippage, 4 orders: −$71.31
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $211.65
Costs to cover: 0.933%
Break-even: 2.4 days

Slippage from KuCoin: live order book, 8 min ago; Coinbase International: live order book, 53 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, 8 min ago	1.14 bp	31.7 bp −$32	60.1 bp −$601	doesn't fit	doesn't fit
Sell Coinbase International live order book, 53 min ago	18.74 bp	23.7 bp −$24	doesn't fit	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
Gate PENGU_USDT	−0.0514%	4h	0.008755	−0.046%	$3.4M	$15.4M	75x	as long as short
Kraken Futures PF_PENGUUSD	−0.0394%	1h	0.008768	+0.100%	$367K	$2.3M	50x	as long as short
Bybit PENGUUSDT	−0.0351%	4h	0.008754	−0.057%	$22.9M	$37.2M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0321%	1h	0.008756	−0.034%	$18K	$10K	10x	as long as short
Variational Omni PENGU	−0.0293%	4h	0.008777	+0.207%	$871K	$931K	—	as long as short
01 Exchange PENGUUSD	−0.0128%	1h	0.008763	+0.046%	$200	$59	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008769	+0.119%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.343%	$3K	$117K	5.5x	as long as short
Backpack PENGU_USDC_PERP	+0.0048%	1h	0.008758	−0.011%	$307K	$315K	10x	as long as short
Lighter PENGU	+0.0096%	1h	0.008758	−0.011%	$306K	$727K	8x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008759	0.000%	$23K	$185K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008762	+0.034%	$8.4M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008764	+0.056%	$188K	$481K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008767	+0.091%	$151K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008759	0.000%	$36.4M	$155.6M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008763	+0.046%	$7.6M	$47.1M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008770	+0.126%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008760	+0.011%	$12.3M	$12.6M	125x	as long as short
KuCoin PENGUUSDTMlong	+0.0100%	4h	0.008759	long leg	$4.7M	$9.0M	75x
Bitget PENGUUSDT	+0.0100%	4h	0.008761	+0.023%	$8.3M	$12.7M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008760	+0.011%	—	$3.9M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008816	+0.652%	$467K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008817	+0.662%	$80K	$254K	50x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008768	+0.103%	$697K	$779K	5x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008957	+2.261%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008753	−0.069%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008759	0.000%	$90K	$300K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008758	−0.009%	$181K	$680K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008747	−0.137%	$202K	—	3x	as long as short
dYdX PENGU-USD	+0.0116%	1h	0.008778	+0.215%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008766	+0.084%	$296	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008782	+0.263%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0497% / S −0.0608%	1h	0.008769	+0.114%	$114K	—	100x	as long as short
Coinbase International PENGU-PERP-INTXshort	+0.1648%	1h	0.008808	+0.559%	$94K	$103K	50x