Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0016%/8h= +1.7% APRpaid last 24h +0.355%

Price spread now: dYdX against KuCoin+0.394%47s7-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 dYdX

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 for this trade now. Funding pays $0 a day on $10k at the current rate, and dYdX is 0.394% dearer against KuCoin than usual: you sell high and buy low: +$39 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 47 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	0.008811	0.0100	pay 0.0050% / 4h	3h 01m	$4.7M	$9.0M	75x
Short	dYdX PENGU-USD	0.008846	0.0116	get 0.0014% / 1h	1m 51s	$12K	$4K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now +0.394%Rate

Funding earned: $3.28
Price spread: +0.394% → 0.000%: $39.44
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee dYdX: 5 bp × 2 orders: −$10
Net: $20.72
Costs to cover: 0.220%
Break-even: from the start

Slippage unknown: KuCoin: live order book, 1 min ago; dYdX: 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, 1 min ago	1.70 bp	24.1 bp −$24	64.5 bp −$645	doesn't fit	doesn't fit
Sell dYdX no order-book sample	—	—	—	—	—

dYdX: 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	−0.0392%	1h	0.008824	+0.142%	$367K	$2.3M	50x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0203%	1h	0.008828	+0.193%	$18K	$10K	10x	as long as short
01 Exchange PENGUUSD	−0.0168%	1h	0.008828	+0.193%	$202	$59	5x	as long as short
Gate PENGU_USDT	−0.0136%	4h	0.008803	−0.091%	$3.4M	$15.9M	75x	as long as short
Variational Omni PENGU	−0.0108%	4h	0.008910	+1.122%	$920K	$975K	—	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008836	+0.283%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.250%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008822	+0.125%	$306K	$733K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008828	+0.193%	$19K	$177K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008815	+0.045%	$8.3M	$15.2M	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster PENGUUSDT	+0.0100%	4h	0.008804	−0.085%	$189K	$485K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008843	+0.363%	$153K	$240K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008816	+0.059%	$37.3M	$156.6M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008798	−0.148%	$23.0M	$37.7M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008804	−0.079%	$7.6M	$47.5M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008830	+0.216%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008809	−0.023%	$12.8M	$12.9M	125x	as long as short
KuCoin PENGUUSDTMlong	+0.0100%	4h	0.008811	long leg	$4.7M	$9.0M	75x
Bitget PENGUUSDT	+0.0100%	4h	0.008814	+0.034%	$8.3M	$12.7M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008806	−0.057%	—	$3.8M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008811	0.000%	$302K	$322K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008923	+1.268%	$477K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008925	+1.294%	$81K	$249K	50x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008829	+0.204%	$632K	$824K	5x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009043	+2.633%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008812	+0.011%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008854	+0.488%	$91K	$299K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008802	−0.100%	$182K	$935K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008823	+0.136%	$204K	—	3x	as long as short
dYdX PENGU-USDshort	+0.0116%	1h	0.008846	+0.394%	$12K	$4K	5x
Reya PENGURUSDPERP	+0.0238%	1h	0.008830	+0.218%	$298	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008841	+0.340%	$1.5M	$3.0M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0519% / S −0.0723%	1h	0.008835	+0.272%	$117K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1648%	1h	0.008967	+1.771%	$95K	$104K	50x	as long as short