Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.003%

Price spread now: Nado against KuCoin−0.003%7-day average −0.023% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$56as in the Price arb table

costs, in and out, $10k−$580.579% of the position

Long on KuCoin Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.069%−$7 on $10k

Price spread, last 4 days (all we have)+0.424%+$42 · spread now −0.003%, 7d avg −0.023%

Together, before fees+0.355%+ Points / potential airdropNado: Active · farm board+$36 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Nado is 0.020% dearer against KuCoin than usual: you sell high and buy low, +$2 on $10k if it goes back to its 7-day average of −0.023%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin PENGUUSDTM	0.008758	0.0100	pay 0.0050% / 4h	38m 19s	$4.8M	$9.2M	75x
Short	Nado PENGU-PERP	0.008758	0.0100	get 0.0012% / 1h	38m 19s	$588K	$1.0M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now −0.003%Rate

Funding earned: $0
Price spread: −0.003% → −0.023%: $2.02
Slippage, 4 orders: −$38.88
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$55.87
Costs to cover: 0.579%
Break-even: never at this rate

Slippage from KuCoin: live order book, 5 min ago; Nado: 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	1.72 bp	18.0 bp −$18	49.6 bp −$496	doesn't fit	doesn't fit
Sell Nado live order book, 5 min ago	1.72 bp	6.8 bp −$7	23.4 bp −$234	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
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008755	−0.034%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008754	−0.047%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.354%	$3K	$117K	5.5x	as long as short
01 Exchange PENGUUSD	+0.0040%	1h	0.008752	−0.069%	$200	$64	5x	as long as short
Gate PENGU_USDT	+0.0044%	4h	0.008755	−0.034%	$3.3M	$15.6M	75x	as long as short
Lighter PENGU	+0.0096%	1h	0.008735	−0.263%	$311K	$716K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008755	−0.034%	$23K	$125K	20x	as long as short
Nado PENGU-PERPshort	+0.0100%	1h	0.008758	−0.003%	$588K	$1.0M	5x
Hyperliquid PENGU	+0.0100%	1h	0.008754	−0.046%	$8.1M	$14.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008736	−0.249%	$121K	$579K	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica PENGU	+0.0100%	1h	0.008731	−0.308%	$154K	$241K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008756	−0.023%	$36.6M	$161.9M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008751	−0.080%	$23.1M	$39.2M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008752	−0.069%	$7.3M	$46.8M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008740	−0.206%	$19K	$23K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008755	−0.034%	$10.9M	$12.3M	125x	as long as short
KuCoin PENGUUSDTMlong	+0.0100%	4h	0.008758	long leg	$4.8M	$9.2M	75x
Bitget PENGUUSDT	+0.0100%	4h	0.008756	−0.023%	$8.2M	$12.3M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008747	−0.126%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008724	−0.388%	$290K	$315K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008724	−0.390%	$866K	$985K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008741	−0.198%	$455K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008734	−0.274%	$80K	$242K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008971	+2.432%	$3K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008751	−0.080%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008758	0.000%	$91K	$372K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008749	−0.105%	$180K	$943K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008748	−0.114%	$202K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008758	+0.003%	$296	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008723	−0.400%	$1.5M	$3.5M	75x	as long as short
Kraken Futures PF_PENGUUSD	+0.0366%	1h	0.008756	−0.019%	$344K	$2.4M	50x	as long as short
dYdX PENGU-USD	+0.0417%	1h	0.008729	−0.337%	$12K	$5K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0496% / S −0.0419%	1h	0.008752	−0.069%	$124K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2928%	1h	0.008732	−0.297%	$93K	$60K	50x	as long as short