Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.2588%/8h= +283.4% APRpaid last 24h +0.582%

Price spread now: Coinbase International against Aster+0.300%54s7-day average +0.731% · you sell dearer than you buy

Net, funding: paid 7d − costs+$97as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$740.735% of the position

Long on Aster Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+1.708%+$171 on $10k

Price spread, last 3 days (all we have)−0.191%−$19 · spread now +0.300%, 7d avg +0.731%

Together, before fees+1.517%+ Points / potential airdropAster: Stage 5 · farm board+$152 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.431% cheaper against Aster than usual: you would sell low and buy high (spread +0.300% now, against its 7-day average of +0.731%). If the spread goes back, that is −$43 on $10k: about 13 hours of funding at the current rate (+$78 a day). At the pace of the last 7 days (+1.708% in total) that is about 42 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 1.708% in total (about 89.0% 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	Aster PENGUUSDT	0.008823	0.0100	pay 0.0050% / 4h	52m 26s	$191K	$467K	20x
Short	Coinbase International PENGU-PERP-INTX	0.008850	0.2688	get 0.0336% / 1h	52m 26s	$94K	$104K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Aster. 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 AsterbpFee Coinbase InternationalbpOrdersPrice spread, now +0.300%Rate

Funding earned: $543.48
Price spread: +0.300% → +0.731%: −$43.07
Slippage, 4 orders: −$55.54
Fee Aster: 4 bp × 2 orders: −$8
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $426.87
Costs to cover: 0.735%
Break-even: 1.5 days

Slippage from Aster: live order book, 25 min ago; Coinbase International: live order book, 56 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 Aster live order book, 25 min ago	5.12 bp	12.1 bp −$12	doesn't fit	doesn't fit	doesn't fit
Sell Coinbase International live order book, 56 min ago	19.92 bp	24.9 bp −$25	doesn't fit	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
Kraken Futures PF_PENGUUSD	−0.0339%	1h	0.008822	−0.019%	$367K	$2.2M	50x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0317%	1h	0.008810	−0.153%	$19K	$9K	10x	as long as short
Gate PENGU_USDT	−0.0260%	4h	0.008813	−0.119%	$3.4M	$15.6M	75x	as long as short
Bybit PENGUUSDT	−0.0232%	4h	0.008803	−0.232%	$22.9M	$36.6M	75x	as long as short
Variational Omni PENGU	−0.0127%	4h	0.008807	−0.183%	$804K	$802K	—	as long as short
Injective PENGU/USDC PERP	−0.0114%	1h	0.008789	−0.391%	$3K	$117K	5.5x	as long as short
01 Exchange PENGUUSD	−0.0112%	1h	0.008812	−0.130%	$202	$59	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008813	−0.114%	$34K	—	150x	as long as short
dYdX PENGU-USD	+0.0024%	1h	0.008832	+0.100%	$12K	$4K	5x	as long as short
Nado PENGU-PERP	+0.0081%	1h	0.008818	−0.062%	$688K	$761K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter PENGU	+0.0096%	1h	0.008819	−0.051%	$309K	$738K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008813	−0.119%	$23K	$186K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008813	−0.119%	$8.5M	$15.2M	5x	as long as short
Aster PENGUUSDTlong	+0.0100%	4h	0.008823	long leg	$191K	$467K	20x
Pacifica PENGU	+0.0100%	1h	0.008820	−0.040%	$152K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008809	−0.160%	$36.6M	$153.8M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008808	−0.176%	$7.6M	$47.3M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008820	−0.040%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008814	−0.108%	$12.6M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008818	−0.062%	$4.8M	$8.9M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008814	−0.108%	$8.4M	$12.6M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008815	−0.096%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008827	+0.040%	$315K	$309K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008836	+0.142%	$462K	$2.2M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008819	−0.051%	$80K	$254K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009029	+2.329%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008810	−0.153%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008847	+0.266%	$92K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008808	−0.178%	$182K	$622K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008811	−0.142%	$204K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008809	−0.164%	$297	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008825	+0.017%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0511% / S −0.0711%	1h	0.008815	−0.096%	$115K	—	100x	as long as short
Coinbase International PENGU-PERP-INTXshort	+0.2688%	1h	0.008850	+0.300%	$94K	$104K	50x