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 0.000%

Price spread now: KuCoin against Bitget−0.023%7-day average −0.034% · you buy dearer than you sell

Net, funding: paid 7d − costs−$71as in the Funding arb table

Net, price: spread back to 7d avg − costs−$69as in the Price arb table

costs, in and out, $10k−$700.703% of the position

Long on Bitget Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.006%−$1 on $10k

Price spread, last 7 days−0.069%−$7 · spread now −0.023%, 7d avg −0.034%

Together, before fees−0.075%−$7 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget PENGUUSDT	0.008738	0.0100	pay 0.0050% / 4h	25m 04s	$8.3M	$12.6M	75x
Short	KuCoin PENGUUSDTM	0.008736	0.0100	get 0.0050% / 4h	25m 04s	$4.7M	$9.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Bitget. 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 BitgetbpFee KuCoinbpOrdersPrice spread, now −0.023%Rate

Funding earned: $0
Price spread: −0.023% → −0.034%: $1.11
Slippage, 4 orders: −$46.31
Fee Bitget: 6 bp × 2 orders: −$12
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$69.21
Costs to cover: 0.703%
Break-even: never at this rate

Slippage from Bitget: live order book, 3 min ago; KuCoin: live order book, 3 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 Bitget live order book, 3 min ago	0.57 bp	12.1 bp −$12	26.4 bp −$264	69.0 bp −$6,897	doesn't fit
Sell KuCoin live order book, 3 min ago	0.57 bp	22.7 bp −$23	51.0 bp −$510	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	−0.0342%	1h	0.008743	+0.054%	$368K	$2.3M	50x	as long as short
Gate PENGU_USDT	−0.0284%	4h	0.008728	−0.114%	$3.4M	$15.6M	75x	as long as short
Bybit PENGUUSDT	−0.0281%	4h	0.008728	−0.114%	$22.7M	$36.7M	75x	as long as short
01 Exchange PENGUUSD	−0.0240%	1h	0.008721	−0.195%	$200	$59	5x	as long as short
Variational Omni PENGU	−0.0238%	4h	0.008725	−0.143%	$797K	$802K	—	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0208%	1h	0.008735	−0.034%	$19K	$9K	10x	as long as short
Backpack PENGU_USDC_PERP	−0.0165%	1h	0.008731	−0.080%	$311K	$313K	10x	as long as short
Injective PENGU/USDC PERP	−0.0114%	1h	0.008789	+0.584%	$3K	$117K	5.5x	as long as short
Nado PENGU-PERP	0.0000%	1h	0.008721	−0.200%	$692K	$775K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008731	−0.086%	$33K	—	150x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX PENGU-USD	+0.0026%	1h	0.008733	−0.052%	$12K	$4K	5x	as long as short
GRVT PENGU_USDT_Perp	+0.0094%	4h	0.008747	+0.101%	$458K	$2.1M	10x	as long as short
Lighter PENGU	+0.0096%	1h	0.008737	−0.011%	$306K	$741K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008732	−0.069%	$23K	$186K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008735	−0.034%	$8.4M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008740	+0.021%	$188K	$469K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008728	−0.114%	$151K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008733	−0.056%	$36.2M	$154.7M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008733	−0.057%	$7.5M	$46.9M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008730	−0.092%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008736	−0.023%	$12.3M	$12.6M	125x	as long as short
KuCoin PENGUUSDTMshort	+0.0100%	4h	0.008736	−0.023%	$4.7M	$9.0M	75x
Bitget PENGUUSDTlong	+0.0100%	4h	0.008738	long leg	$8.3M	$12.6M	75x
BingX PENGU-USDT	+0.0100%	4h	0.008731	−0.080%	—	$3.9M	—	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008758	+0.229%	$80K	$254K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008936	+2.266%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008735	−0.034%	$998	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008742	+0.046%	$91K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008732	−0.064%	$180K	$622K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008730	−0.092%	$202K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008725	−0.153%	$295	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008733	−0.057%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0496% / S −0.0683%	1h	0.008731	−0.080%	$110K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2688%	1h	0.008724	−0.160%	$93K	$103K	50x	as long as short