Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.2944%/8h= +322.4% APRpaid last 24h +0.556%

Price spread now: Coinbase International against Bybit+0.242%7-day average +0.812% · you sell dearer than you buy

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

Long on Bybit Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+1.796%+$180 on $10k

Price spread, last 3 days (all we have)+0.089%+$9 · spread now +0.242%, 7d avg +0.812%

Together, before fees+1.885%+$188 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.570% cheaper against Bybit than usual: you would sell low and buy high (spread +0.242% now, against its 7-day average of +0.812%). If the spread goes back, that is −$57 on $10k: about 15 hours of funding at the current rate (+$88 a day). At the pace of the last 7 days (+1.796% in total) that is about 2.2 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 1.796% in total (about 93.7% 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	Bybit PENGUUSDT	0.008678	0.0048	pay 0.0024% / 4h	2h 10m	$22.6M	$36.0M	75x
Short	Coinbase International PENGU-PERP-INTX	0.008699	0.2992	get 0.0374% / 1h	10m 03s	$93K	$97K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Bybit. 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 BybitbpFee Coinbase InternationalbpOrdersPrice spread, now +0.242%Rate

Funding earned: $618.26
Price spread: +0.242% → +0.812%: −$56.96
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $540.3
Costs to cover: 0.210%
Break-even: 0.9 days

Slippage unknown: Bybit: live order book, 9 min ago; 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 Bybit live order book, 9 min ago	0.57 bp	13.9 bp −$14	29.8 bp −$298	141.5 bp −$14.2K	doesn't fit
Sell Coinbase International no order-book sample	—	—	—	—	—

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	−0.0550%	1h	0.008692	+0.161%	$385K	$2.1M	50x	as long as short
Gate PENGU_USDT	−0.0260%	4h	0.008686	+0.092%	$3.4M	$15.4M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0210%	1h	0.008695	+0.196%	$19K	$9K	10x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	+0.426%	$3K	$81K	5.5x	as long as short
Backpack PENGU_USDC_PERP	−0.0040%	1h	0.008687	+0.104%	$310K	$314K	10x	as long as short
01 Exchange PENGUUSD	0.0000%	1h	0.008692	+0.161%	$199	$59	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008697	+0.219%	$33K	—	150x	as long as short
dYdX PENGU-USD	+0.0007%	1h	0.008688	+0.120%	$11K	$4K	5x	as long as short
Bybit PENGUUSDTlong	+0.0048%	4h	0.008678	long leg	$22.6M	$36.0M	75x
Lighter PENGU	+0.0096%	1h	0.008691	+0.150%	$298K	$723K	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	0.008685	+0.081%	$674K	$757K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008688	+0.115%	$8.7M	$15.2M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008696	+0.204%	$172K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008684	+0.069%	$146K	$236K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008687	+0.100%	$35.9M	$151.3M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008681	+0.035%	$7.7M	$46.4M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008690	+0.138%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008692	+0.161%	$12.9M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008694	+0.184%	$4.7M	$8.7M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008690	+0.138%	$8.2M	$12.5M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008686	+0.092%	—	$3.9M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008647	−0.360%	$799K	$726K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008656	−0.251%	$453K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008681	+0.035%	$79K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008694	+0.184%	$23K	$186K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008901	+2.570%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008689	+0.127%	$988	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008698	+0.230%	$91K	$250K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008680	+0.024%	$178K	$682K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008688	+0.115%	$201K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008687	+0.107%	$293	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008670	−0.092%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0502% / S −0.0703%	1h	0.008692	+0.161%	$112K	—	100x	as long as short
Coinbase International PENGU-PERP-INTXshort	+0.2992%	1h	0.008699	+0.242%	$93K	$97K	50x