Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.2196%/8h= +240.5% APRpaid last 24h +0.585%

Price spread now: Coinbase International against OKX+2.014%7-day average +0.799% · you sell dearer than you buy

Net, funding: paid 7d − costs−$49as in the Funding arb table

Net, price: spread back to 7d avg − costs−$105as in the Price arb table

costs, in and out, $10k−$2272.267% of the position

Long on OKX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+1.782%+$178 on $10k

Price spread, last 3 days (all we have)−1.262%−$126 · spread now +2.014%, 7d avg +0.799%

Together, before fees+0.520%+$52 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$66 a day on $10k at the current rate, and Coinbase International is 1.215% dearer against OKX than usual: you sell high and buy low: +$121 more if the spread goes back to its 7-day average of +0.799%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX PENGU-USDT-SWAP	0.008790	0.0100	pay 0.0050% / 4h	1h 55m	$7.5M	$46.3M	50x
Short	Coinbase International PENGU-PERP-INTX	0.008967	0.2296	get 0.0287% / 1h	55m 01s	$95K	$94K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against OKX. 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 OKXbpFee Coinbase InternationalbpOrdersPrice spread, now +2.014%Rate

Funding earned: $461.16
Price spread: +2.014% → +0.799%: $121.47
Slippage, 4 orders: −$206.74
Fee OKX: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $355.89
Costs to cover: 2.267%
Break-even: 1.6 days

Slippage from OKX: live order book, 4 min ago; Coinbase International: live order book, 38 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 OKX live order book, 4 min ago	0.57 bp	10.5 bp −$11	31.0 bp −$310	doesn't fit	doesn't fit
Sell Coinbase International live order book, 38 min ago	84.41 bp	90.2 bp −$90	doesn't fit	doesn't fit	doesn't fit

PENGU on 33 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
ApeX Omni PENGUUSDT	−0.1212%	1h	0.008733	−0.648%	$80K	$243K	50x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0092%	1h	0.008774	−0.182%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008779	−0.128%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.011%	$3K	$117K	5.5x	as long as short
Gate PENGU_USDT	+0.0074%	4h	0.008786	−0.046%	$3.4M	$15.4M	75x	as long as short
Lighter PENGU	+0.0096%	1h	0.008791	+0.011%	$312K	$707K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008773	−0.193%	$19K	$160K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008775	−0.171%	$591K	$984K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008794	+0.046%	$8.2M	$14.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008783	−0.076%	$132K	$523K	20x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica PENGU	+0.0100%	1h	0.008783	−0.080%	$154K	$243K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008789	−0.011%	$37.3M	$156.4M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008785	−0.057%	$23.2M	$38.0M	75x	as long as short
OKX PENGU-USDT-SWAPlong	+0.0100%	4h	0.008790	long leg	$7.5M	$46.3M	50x
Arcus PENGU-USD	+0.0100%	1h	0.008780	−0.114%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008790	0.000%	$11.8M	$12.3M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008780	−0.114%	$4.7M	$9.1M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008793	+0.034%	$8.3M	$12.3M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008790	0.000%	—	$3.6M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008786	−0.046%	$301K	$280K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008816	+0.296%	$870K	$985K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008748	−0.482%	$464K	$2.1M	10x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008987	+2.241%	$3K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008780	−0.114%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008800	+0.114%	$92K	$340K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008775	−0.165%	$184K	$941K	10x	as long as short
01 Exchange PENGUUSD	+0.0104%	1h	0.008785	−0.057%	$201	$64	5x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008771	−0.216%	$203K	—	3x	as long as short
dYdX PENGU-USD	+0.0190%	1h	0.008786	−0.043%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008772	−0.205%	$296	—	10x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0512% / S −0.0582%	1h	0.008777	−0.148%	$119K	—	100x	as long as short
Kraken Futures PF_PENGUUSD	+0.0647%	1h	0.008786	−0.047%	$354K	$2.3M	50x	as long as short
Coinbase International PENGU-PERP-INTXshort	+0.2296%	1h	0.008967	+2.014%	$95K	$94K	50x