Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h +0.036%

Price spread now: KuCoin against Deribit−0.045%7-day average — · you buy dearer than you sell

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

Long on Deribit Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and KuCoin is 0.045% cheaper against Deribit than usual: you would sell low and buy high (−$4 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit PENGU_USDC-PERPETUAL	0.008897	0.0200	pay 0.0025% / 1h	5m 35s	$1K	$27K	10x
Short	KuCoin PENGUUSDTM	0.008893	0.0100	get 0.0050% / 4h	1h 05m	$5.3M	$10.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Deribit. 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 DeribitbpFee KuCoinbpOrdersPrice spread, now −0.045%Rate

Funding earned: −$21
Price spread: −0.045% → 0.000%: −$4.5
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$44.5
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Deribit: no order-book sample; KuCoin: live order book, 6 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 Deribit no order-book sample	—	—	—	—	—
Sell KuCoin live order book, 6 min ago	1.13 bp	19.0 bp −$19	46.5 bp −$465	doesn't fit	doesn't fit

Deribit: 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 exchanges

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
dYdX PENGU-USD	0.0000%	1h	0.008887	−0.110%	$19K	$21K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008888	−0.103%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−1.214%	$3K	$117K	5.5x	as long as short
Kraken Futures PF_PENGUUSD	+0.0065%	1h	0.008900	+0.030%	$339K	$2.7M	50x	as long as short
01 Exchange PENGUUSD	+0.0088%	1h	0.008887	−0.112%	$203	$141	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008896	−0.011%	$316K	$724K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008894	−0.031%	$615K	$1.1M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008899	+0.022%	$8.5M	$17.8M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008896	−0.017%	$108K	$830K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008892	−0.056%	$133K	$221K	5x	as long as short

Show all 34 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance PENGUUSDT	+0.0100%	4h	0.008892	−0.054%	$38.2M	$197.7M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008888	−0.101%	$23.9M	$47.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008891	−0.067%	$8.4M	$56.3M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008890	−0.079%	$18K	$25K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.008888	−0.101%	$3.6M	$18.4M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008892	−0.056%	$12.1M	$12.9M	125x	as long as short
KuCoin PENGUUSDTMshort	+0.0100%	4h	0.008893	−0.045%	$5.3M	$10.7M	75x
Bitget PENGUUSDT	+0.0100%	4h	0.008894	−0.034%	$8.5M	$14.0M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008885	−0.135%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008889	−0.090%	$297K	$402K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008890	−0.077%	$880K	$1.2M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008897	+0.005%	$467K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008898	+0.011%	$81K	$247K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008893	−0.045%	$23K	$357K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009104	+2.327%	$3K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008894	−0.034%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008907	+0.112%	$92K	$350K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008885	−0.139%	$179K	$746K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008893	−0.045%	$205K	—	3x	as long as short
Deribit PENGU_USDC-PERPETUALlong	+0.0200%	1h	0.008897	long leg	$1K	$27K	10x
Reya PENGURUSDPERP	+0.0241%	1h	0.008893	−0.042%	$300	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008901	+0.045%	$1.6M	$5.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0431% / S −0.0359%	1h	0.008893	−0.045%	$103K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2136%	1h	0.008982	+0.955%	$82K	$89K	50x	as long as short