PENGU

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0398%/8h= −43.6% APRnext payment −$1.99 per $10,000 · paid last 24h −0.015%

Price spread now: Gate against KuCoin−0.080%7-day average −0.015% · you buy dearer than you sell

Net, funding: paid 7d − costs−$89as in the Funding arb table

Net, price: spread back to 7d avg − costs−$85as in the Price arb table

costs, in and out, $10k−$780.782% of the position

Long on KuCoin Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.105%−$10 on $10k

Price spread, last 7 days+0.108%+$11 · spread now −0.080%, 7d avg −0.015%

Together, before fees+0.003%$0 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$12 a day on $10k at the current rate, and Gate is 0.064% cheaper against KuCoin than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.015%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.105% in total (about -5.5% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.99 per $10,000. 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	KuCoin PENGUUSDTM	0.008793	0.0100	pay 0.0050% / 4h	1h 13m	$4.8M	$8.9M	75x
Short	Gate PENGU_USDT	0.008786	−0.0298	pay 0.0149% / 4h	1h 13m	$3.4M	$15.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.080%Rate

Funding earned: −$83.58
Price spread: −0.080% → −0.015%: −$6.45
Slippage, 4 orders: −$51.19
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$168.22
Costs to cover: 0.782%
Break-even: never at this rate

Slippage from KuCoin: live order book, 5 min ago; Gate: live order book, 5 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 KuCoin live order book, 5 min ago	1.14 bp	20.1 bp −$20	50.6 bp −$506	doesn't fit	doesn't fit
Sell Gate live order book, 5 min ago	2.28 bp	20.0 bp −$20	49.7 bp −$497	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	−0.0606%	1h	0.008798	+0.056%	$368K	$2.2M	50x	as long as short
Gate PENGU_USDTshort	−0.0298%	4h	0.008786	−0.080%	$3.4M	$15.6M	75x
Deribit PENGU_USDC-PERPETUAL	−0.0205%	1h	0.008790	−0.034%	$19K	$9K	10x	as long as short
Bybit PENGUUSDT	−0.0174%	4h	0.008782	−0.125%	$22.9M	$36.5M	75x	as long as short
01 Exchange PENGUUSD	−0.0104%	1h	0.008782	−0.125%	$201	$59	5x	as long as short
Variational Omni PENGU	−0.0046%	4h	0.008785	−0.086%	$802K	$802K	—	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008794	+0.007%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.045%	$3K	$117K	5.5x	as long as short
Nado PENGU-PERP	+0.0077%	1h	0.008782	−0.125%	$684K	$760K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008792	−0.011%	$308K	$736K	8x	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	0.008789	−0.045%	$8.8M	$15.0M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008793	0.000%	$189K	$467K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008791	−0.023%	$152K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008788	−0.057%	$36.5M	$153.2M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008787	−0.068%	$7.7M	$47.2M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008790	−0.034%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008787	−0.068%	$12.7M	$12.8M	125x	as long as short
KuCoin PENGUUSDTMlong	+0.0100%	4h	0.008793	long leg	$4.8M	$8.9M	75x
Bitget PENGUUSDT	+0.0100%	4h	0.008790	−0.034%	$8.3M	$12.6M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008788	−0.057%	—	$3.9M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008799	+0.068%	$314K	$309K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008784	−0.102%	$459K	$2.3M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008788	−0.057%	$80K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008789	−0.045%	$23K	$186K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008997	+2.320%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008789	−0.045%	$999	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008812	+0.216%	$92K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008785	−0.088%	$181K	$682K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008785	−0.091%	$203K	$17K	3x	as long as short
dYdX PENGU-USD	+0.0122%	1h	0.008797	+0.045%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008781	−0.137%	$297	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008788	−0.057%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0511% / S −0.0711%	1h	0.008793	0.000%	$115K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2504%	1h	0.008802	+0.102%	$94K	$104K	50x	as long as short