PENGU

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.2892%/8h= +316.7% APRpaid last 24h +0.557%

Price spread now: Coinbase International against Orderly+0.625%54s7-day average +0.766% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Orderly Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+1.699%+$170 on $10k

Price spread, last 3 days (all we have)−0.409%−$41 · spread now +0.625%, 7d avg +0.766%

Together, before fees+1.290%+$129 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.141% cheaper against Orderly than usual: you would sell low and buy high (spread +0.625% now, against its 7-day average of +0.766%). If the spread goes back, that is −$14 on $10k: about 4 hours of funding at the current rate (+$87 a day). At the pace of the last 7 days (+1.699% in total) that is about 14 hours. The two prices were read 54 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 1.699% in total (about 88.6% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_PENGU_USDC	0.008645	0.0100	pay 0.0050% / 4h	2h 05m	$23K	$186K	20x
Short	Coinbase International PENGU-PERP-INTX	0.008699	0.2992	get 0.0374% / 1h	5m 22s	$93K	$97K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Orderly. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 OrderlybpFee Coinbase InternationalbpOrdersPrice spread, now +0.625%Rate

Funding earned: $607.32
Price spread: +0.625% → +0.766%: −$14.11
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $577.21
Costs to cover: 0.160%
Break-even: 0.3 days

Slippage unknown: Orderly: no order-book sample; Coinbase International: no order-book sample. Net counts fees only.

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 Orderly no order-book sample	—	—	—	—	—
Sell Coinbase International no order-book sample	—	—	—	—	—

Orderly and Coinbase International: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Kraken Futures PF_PENGUUSD	−0.0553%	1h	0.008652	+0.080%	$383K	$2.1M	50x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0328%	1h	0.008646	+0.012%	$19K	$9K	10x	as long as short
Gate PENGU_USDT	−0.0294%	4h	0.008637	−0.093%	$3.4M	$15.5M	75x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	+0.810%	$3K	$81K	5.5x	as long as short
Backpack PENGU_USDC_PERP	−0.0081%	1h	0.008641	−0.046%	$308K	$314K	10x	as long as short
01 Exchange PENGUUSD	−0.0016%	1h	0.008642	−0.035%	$198	$59	5x	as long as short
Bybit PENGUUSDT	0.0000%	4h	0.008637	−0.093%	$22.5M	$36.0M	75x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008647	+0.024%	$33K	—	150x	as long as short
dYdX PENGU-USD	+0.0014%	1h	0.008650	+0.053%	$11K	$4K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008642	−0.035%	$294K	$725K	8x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado PENGU-PERP	+0.0100%	1h	0.008643	−0.020%	$671K	$758K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008645	0.000%	$8.6M	$15.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008648	+0.034%	$171K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008641	−0.046%	$146K	$236K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008645	−0.005%	$35.7M	$151.2M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008641	−0.046%	$7.6M	$46.2M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008640	−0.058%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008646	+0.012%	$12.8M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008645	0.000%	$4.7M	$8.8M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008647	+0.023%	$8.2M	$12.5M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008640	−0.058%	—	$3.9M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008636	−0.109%	$798K	$726K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008663	+0.211%	$453K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008656	+0.127%	$79K	$253K	50x	as long as short
Orderly PERP_PENGU_USDClong	+0.0100%	4h	0.008645	long leg	$23K	$186K	20x
SunX PENGU-USDT	+0.0100%	4h	0.008853	+2.406%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008643	−0.023%	$986	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008666	+0.243%	$90K	$250K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008641	−0.041%	$178K	$682K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008640	−0.058%	$200K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008643	−0.026%	$292	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008648	+0.035%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0501% / S −0.0703%	1h	0.008649	+0.046%	$112K	—	100x	as long as short
Coinbase International PENGU-PERP-INTXshort	+0.2992%	1h	0.008699	+0.625%	$93K	$97K	50x