Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.002%

Price spread now: Nado against KuCoin−0.088%7-day average −0.023% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$75as in the Price arb table

costs, in and out, $10k−$680.681% of the position

Long on KuCoin Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.070%−$7 on $10k

Price spread, last 4 days (all we have)+0.269%+$27 · spread now −0.088%, 7d avg −0.023%

Together, before fees+0.199%+ Points / potential airdropNado: Active · farm board+$20 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: Nado is 0.065% cheaper against KuCoin than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of −0.023%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin PENGUUSDTM	0.009074	0.0100	pay 0.0050% / 4h	1h 41m	$5.1M	$10.0M	75x
Short	Nado PENGU-PERP	0.009066	0.0100	get 0.0012% / 1h	41m 50s	$637K	$1.1M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now −0.088%Rate

Funding earned: $0
Price spread: −0.088% → −0.023%: −$6.49
Slippage, 4 orders: −$49.06
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$74.56
Costs to cover: 0.681%
Break-even: never at this rate

Slippage from KuCoin: live order book, 6 min ago; Nado: 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, 6 min ago	1.64 bp	19.0 bp −$19	43.7 bp −$437	doesn't fit	doesn't fit
Sell Nado live order book, 2 min ago	1.65 bp	11.7 bp −$12	37.7 bp −$377	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	0.009063	−0.120%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−3.141%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.009079	+0.055%	$325K	$767K	8x	as long as short
Nado PENGU-PERPshort	+0.0100%	1h	0.009066	−0.088%	$637K	$1.1M	5x
Aster PENGUUSDT	+0.0100%	4h	0.009089	+0.163%	$131K	$716K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009065	−0.099%	$139K	$291K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009094	+0.223%	$40.0M	$188.3M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.009087	+0.143%	$24.1M	$44.0M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009095	+0.231%	$8.0M	$54.7M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.009070	−0.044%	$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	0.009075	+0.011%	$3.5M	$17.1M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009090	+0.176%	$11.5M	$12.8M	125x	as long as short
KuCoin PENGUUSDTMlong	+0.0100%	4h	0.009074	long leg	$5.1M	$10.0M	75x
Bitget PENGUUSDT	+0.0100%	4h	0.009104	+0.331%	$8.7M	$13.9M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.009090	+0.176%	—	$3.8M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009070	−0.044%	$312K	$362K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.009074	−0.001%	$925K	$1.1M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009109	+0.384%	$482K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009127	+0.584%	$80K	$251K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009068	−0.066%	$23K	$210K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009279	+2.259%	$3K	$2.2M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009068	−0.066%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009073	−0.011%	$94K	$404K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009074	−0.005%	$188K	$847K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009066	−0.088%	$209K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.009064	−0.113%	$306	—	10x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0302%	1h	0.009069	−0.055%	$1K	$29K	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009067	−0.077%	$1.6M	$4.9M	75x	as long as short
01 Exchange PENGUUSD	+0.0360%	1h	0.009071	−0.033%	$208	$64	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0444% / S −0.0368%	1h	0.009061	−0.143%	$107K	—	100x	as long as short
Hyperliquid PENGU	+0.0469%	1h	0.009109	+0.386%	$9.4M	$16.1M	5x	as long as short
Kraken Futures PF_PENGUUSD	+0.0672%	1h	0.009083	+0.102%	$332K	$2.5M	50x	as long as short
dYdX PENGU-USD	+0.0814%	1h	0.009063	−0.126%	$12K	$6K	5x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1664%	1h	0.009151	+0.849%	$81K	$69K	50x	as long as short