Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.1988%/8h= +217.7% APRpaid last 24h +0.658%

Price spread now: Coinbase International against KuCoin+0.965%51s7-day average — · you sell dearer than you buy

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

Long on KuCoin Short on Coinbase International

What this pair did over the last

the charts below follow

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

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

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$60 a day on $10k at the current rate, and Coinbase International is 0.965% dearer against KuCoin than usual: you sell high and buy low: +$96 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 51 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin PENGUUSDTM	0.009123	0.0100	pay 0.0050% / 4h	3h 42m	$5.1M	$10.6M	75x
Short	Coinbase International PENGU-PERP-INTX	0.009211	0.2088	get 0.0261% / 1h	42m 22s	$81K	$74K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against KuCoin. 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 KuCoinbpFee Coinbase InternationalbpOrdersPrice spread, now +0.965%Rate

Funding earned: $417.48
Price spread: +0.965% → 0.000%: $96.46
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $491.94
Costs to cover: 0.220%
Break-even: from the start

Slippage unknown: KuCoin: live order book, 6 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 KuCoin live order book, 6 min ago	1.64 bp	29.5 bp −$29	60.3 bp −$603	doesn't fit	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
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009150	+0.300%	$34K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−3.661%	$3K	$117K	5.5x	as long as short
Gate PENGU_USDT	+0.0062%	4h	0.009144	+0.230%	$3.7M	$17.8M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0079%	1h	0.009129	+0.066%	$1K	$29K	10x	as long as short
Lighter PENGU	+0.0096%	1h	0.009131	+0.088%	$329K	$747K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009126	+0.038%	$649K	$1.1M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.009133	+0.110%	$9.3M	$16.8M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009150	+0.301%	$132K	$751K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009124	+0.011%	$138K	$274K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009155	+0.355%	$40.4M	$196.7M	75x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit PENGUUSDT	+0.0100%	4h	0.009147	+0.263%	$24.8M	$46.8M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009146	+0.252%	$8.2M	$58.4M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.009140	+0.186%	$19K	$26K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009150	+0.296%	$11.5M	$12.9M	125x	as long as short
KuCoin PENGUUSDTMlong	+0.0100%	4h	0.009123	long leg	$5.1M	$10.6M	75x
Bitget PENGUUSDT	+0.0100%	4h	0.009161	+0.417%	$8.9M	$15.1M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.009151	+0.307%	—	$3.8M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009123	0.000%	$313K	$388K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.009105	−0.197%	$941K	$1.2M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009143	+0.219%	$484K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009145	+0.241%	$80K	$252K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009154	+0.340%	$24K	$324K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009340	+2.379%	$3K	$2.2M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009126	+0.033%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009148	+0.274%	$95K	$414K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009124	+0.013%	$190K	$744K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009148	+0.274%	$211K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0241%	1h	0.009123	+0.002%	$308	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009140	+0.186%	$1.6M	$5.3M	75x	as long as short
Kraken Futures PF_PENGUUSD	+0.0378%	1h	0.009130	+0.074%	$351K	$2.6M	50x	as long as short
01 Exchange PENGUUSD	+0.0392%	1h	0.009132	+0.099%	$209	$41	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0432% / S −0.0351%	1h	0.009153	+0.329%	$104K	—	100x	as long as short
dYdX PENGU-USD	+0.1533%	1h	0.009123	−0.005%	$12K	$6K	5x	as long as short
Coinbase International PENGU-PERP-INTXshort	+0.2088%	1h	0.009211	+0.965%	$81K	$74K	50x