Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.001%

Price spread now: KuCoin against Orderly+0.023%7-day average +0.033% · you sell dearer than you buy

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

Long on Orderly Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.016%+$2 on $10k

Price spread, last 3 days (all we have)−0.004%$0 · spread now +0.023%, 7d avg +0.033%

Together, before fees+0.012%+$1 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_PENGU_USDC	0.008809	0.0100	pay 0.0050% / 4h	43m 25s	$23K	$186K	20x
Short	KuCoin PENGUUSDTM	0.008811	0.0100	get 0.0050% / 4h	43m 25s	$4.8M	$9.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Orderly. 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 OrderlybpFee KuCoinbpOrdersPrice spread, now +0.023%Rate

Funding earned: $0.08
Price spread: +0.023% → +0.033%: −$1.02
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$18.94
Costs to cover: 0.180%
Break-even: 1761.1 days

Slippage unknown: Orderly: no order-book sample; KuCoin: live order book, 5 min ago. 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 KuCoin live order book, 5 min ago	1.13 bp	23.1 bp −$23	50.3 bp −$503	doesn't fit	doesn't fit

Orderly: 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
Deribit PENGU_USDC-PERPETUAL	−0.0431%	1h	0.008804	−0.057%	$19K	$9K	10x	as long as short
Kraken Futures PF_PENGUUSD	−0.0340%	1h	0.008812	+0.032%	$371K	$2.3M	50x	as long as short
Gate PENGU_USDT	−0.0246%	4h	0.008802	−0.079%	$3.4M	$15.6M	75x	as long as short
Bybit PENGUUSDT	−0.0215%	4h	0.008799	−0.114%	$22.9M	$36.6M	75x	as long as short
Variational Omni PENGU	−0.0154%	4h	0.008831	+0.254%	$806K	$802K	—	as long as short
01 Exchange PENGUUSD	−0.0144%	1h	0.008805	−0.045%	$201	$59	5x	as long as short
Injective PENGU/USDC PERP	−0.0114%	1h	0.008789	−0.227%	$3K	$117K	5.5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008809	−0.003%	$34K	—	150x	as long as short
dYdX PENGU-USD	+0.0048%	1h	0.008830	+0.244%	$12K	$4K	5x	as long as short
Nado PENGU-PERP	+0.0053%	1h	0.008809	+0.006%	$689K	$761K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Backpack PENGU_USDC_PERP	+0.0066%	1h	0.008829	+0.227%	$315K	$308K	10x	as long as short
Lighter PENGU	+0.0096%	1h	0.008825	+0.182%	$308K	$740K	8x	as long as short
Orderly PERP_PENGU_USDClong	+0.0100%	4h	0.008809	long leg	$23K	$186K	20x
Hyperliquid PENGU	+0.0100%	1h	0.008808	−0.011%	$8.5M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008817	+0.086%	$191K	$468K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008819	+0.114%	$152K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008805	−0.045%	$36.6M	$154.0M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008803	−0.068%	$7.6M	$47.2M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008810	+0.011%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008807	−0.023%	$12.6M	$12.6M	125x	as long as short
KuCoin PENGUUSDTMshort	+0.0100%	4h	0.008811	+0.023%	$4.8M	$9.0M	75x
Bitget PENGUUSDT	+0.0100%	4h	0.008805	−0.045%	$8.4M	$12.6M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008794	−0.170%	—	$2.3M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008830	+0.239%	$462K	$2.2M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008839	+0.341%	$80K	$254K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009031	+2.520%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008800	−0.102%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008847	+0.431%	$92K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008798	−0.125%	$182K	$622K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008806	−0.034%	$203K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008805	−0.045%	$297	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008836	+0.307%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0510% / S −0.0711%	1h	0.008809	0.000%	$115K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2688%	1h	0.008850	+0.465%	$94K	$104K	50x	as long as short