Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: KuCoin against Lighter−0.046%7-day average −0.020% · you buy dearer than you sell

Net, funding: paid 7d − costs−$80as in the Funding arb table

Net, price: spread back to 7d avg − costs−$84as in the Price arb table

costs, in and out, $10k−$810.812% of the position

Long on Lighter Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.009%+$1 on $10k

Price spread, last 4 days (all we have)+0.175%+$17 · spread now −0.046%, 7d avg −0.020%

Together, before fees+0.184%+ Points / potential airdropLighter: Season 3 · farm board+$18 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: KuCoin is 0.025% cheaper against Lighter than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of −0.020%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PENGU	0.008742	0.0096	pay 0.0012% / 1h	26m 05s	$310K	$709K	8x
Short	KuCoin PENGUUSDTM	0.008738	0.0100	get 0.0050% / 4h	1h 26m	$4.8M	$9.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Lighter. 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 LighterbpFee KuCoinbpOrdersPrice spread, now −0.046%Rate

Funding earned: $0.84
Price spread: −0.046% → −0.020%: −$2.53
Slippage, 4 orders: −$69.23
Fee Lighter: 0 bp × 2 orders: $0
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$82.92
Costs to cover: 0.812%
Break-even: 698.0 days

Slippage from Lighter: live order book, 34 min ago; KuCoin: 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 Lighter live order book, 34 min ago	3.41 bp	22.8 bp −$23	97.9 bp −$979	doesn't fit	doesn't fit
Sell KuCoin live order book, 2 min ago	3.44 bp	23.2 bp −$23	54.6 bp −$546	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
01 Exchange PENGUUSD	−0.0056%	1h	0.008744	+0.023%	$200	$64	5x	as long as short
Gate PENGU_USDT	−0.0008%	4h	0.008742	0.000%	$3.3M	$15.6M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008737	−0.057%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008739	−0.036%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.538%	$3K	$117K	5.5x	as long as short
Lighter PENGUlong	+0.0096%	1h	0.008742	long leg	$310K	$709K	8x
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008738	−0.046%	$22K	$166K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008743	+0.009%	$586K	$1.0M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008747	+0.057%	$8.2M	$14.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008738	−0.044%	$121K	$578K	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica PENGU	+0.0100%	1h	0.008738	−0.046%	$154K	$243K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008744	+0.028%	$36.5M	$160.1M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008738	−0.046%	$23.1M	$38.8M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008745	+0.034%	$7.5M	$46.3M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008740	−0.023%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008746	+0.046%	$11.4M	$12.4M	125x	as long as short
KuCoin PENGUUSDTMshort	+0.0100%	4h	0.008738	−0.046%	$4.8M	$9.1M	75x
Bitget PENGUUSDT	+0.0100%	4h	0.008747	+0.057%	$8.3M	$12.4M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008744	+0.023%	—	$3.6M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008742	0.000%	$299K	$274K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008753	+0.122%	$870K	$985K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008731	−0.126%	$455K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008767	+0.286%	$80K	$243K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008944	+2.311%	$3K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008739	−0.034%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008742	0.000%	$90K	$351K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008733	−0.101%	$184K	$945K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008729	−0.149%	$202K	—	3x	as long as short
dYdX PENGU-USD	+0.0209%	1h	0.008737	−0.056%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008739	−0.034%	$295	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008723	−0.217%	$1.5M	$3.3M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0554% / S −0.0662%	1h	0.008738	−0.046%	$131K	—	100x	as long as short
Kraken Futures PF_PENGUUSD	+0.0650%	1h	0.008745	+0.037%	$351K	$2.3M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2296%	1h	0.008967	+2.574%	$95K	$94K	50x	as long as short