Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.1548%/8h= −169.5% APRpaid last 24h −0.609%

Price spread now: Bybit against Coinbase International−0.855%7-day average −0.828% · you buy dearer than you sell

Net, funding: paid 7d − costs−$254as in the Funding arb table

Net, price: spread back to 7d avg − costs−$72as in the Price arb table

costs, in and out, $10k−$690.691% of the position

Long on Coinbase International Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−1.850%−$185 on $10k

Price spread, last 3 days (all we have)+0.444%+$44 · spread now −0.855%, 7d avg −0.828%

Together, before fees−1.406%−$141 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$46 a day on $10k at the current rate, and Bybit is 0.027% cheaper against Coinbase International than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.828%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International PENGU-PERP-INTX	0.009008	0.1648	pay 0.0206% / 1h	10m 21s	$96K	$104K	50x
Short	Bybit PENGUUSDT	0.008931	0.0100	get 0.0050% / 4h	3h 10m	$23.4M	$37.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Coinbase International. 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 Coinbase InternationalbpFee BybitbpOrdersPrice spread, now −0.855%Rate

Funding earned: −$325.08
Price spread: −0.855% → −0.828%: −$2.68
Slippage, 4 orders: −$48.1
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$396.87
Costs to cover: 0.691%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 28 min ago; Bybit: 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 Coinbase International live order book, 28 min ago	17.61 bp	22.6 bp −$23	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	0.56 bp	11.6 bp −$12	25.7 bp −$257	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	−0.0387%	1h	0.008936	−0.803%	$372K	$2.3M	50x	as long as short
Gate PENGU_USDT	−0.0226%	4h	0.008939	−0.766%	$3.5M	$15.8M	75x	as long as short
01 Exchange PENGUUSD	−0.0184%	1h	0.008952	−0.622%	$205	$59	5x	as long as short
Variational Omni PENGU	−0.0122%	4h	0.008913	−1.054%	$920K	$976K	—	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0086%	1h	0.008933	−0.833%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008943	−0.721%	$34K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−2.431%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008933	−0.833%	$310K	$731K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008934	−0.821%	$24K	$172K	20x	as long as short
dYdX PENGU-USD	+0.0100%	1h	0.008955	−0.593%	$12K	$4K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid PENGU	+0.0100%	1h	0.008950	−0.644%	$8.4M	$15.5M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008951	−0.631%	$192K	$465K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008950	−0.644%	$154K	$240K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008939	−0.766%	$37.9M	$156.1M	75x	as long as short
Bybit PENGUUSDTshort	+0.0100%	4h	0.008931	−0.855%	$23.4M	$37.5M	75x
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008930	−0.866%	$7.7M	$48.1M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008940	−0.755%	$20K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008948	−0.666%	$13.1M	$12.9M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008947	−0.677%	$4.8M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008928	−0.888%	$8.4M	$12.7M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008940	−0.755%	—	$3.8M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008915	−1.032%	$306K	$322K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008937	−0.788%	$468K	$2.0M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008954	−0.599%	$82K	$250K	50x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008944	−0.710%	$709K	$765K	5x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009153	+1.610%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008925	−0.921%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008971	−0.411%	$92K	$301K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008923	−0.944%	$184K	$935K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008929	−0.877%	$206K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008942	−0.729%	$302	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008922	−0.955%	$1.5M	$2.9M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0522% / S −0.0723%	1h	0.008944	−0.710%	$118K	—	100x	as long as short
Coinbase International PENGU-PERP-INTXlong	+0.1648%	1h	0.009008	long leg	$96K	$104K	50x