PENGU

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.1256%/8h= +137.5% APRnext payment +$1.57 per $10,000 · paid last 24h +0.586%

Price spread now: Coinbase International against Lighter+1.506%7-day average +0.747% · you sell dearer than you buy

Net, funding: paid 7d − costs+$95as in the Funding arb table

Net, price: spread back to 7d avg − costs−$2as in the Price arb table

costs, in and out, $10k−$780.783% of the position

Long on Lighter Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+1.735%+$173 on $10k

Price spread, last 3 days (all we have)−0.827%−$83 · spread now +1.506%, 7d avg +0.747%

Together, before fees+0.908%+ Points / potential airdropLighter: Season 3 · farm board+$91 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$38 a day on $10k at the current rate, and Coinbase International is 0.759% dearer against Lighter than usual: you sell high and buy low: +$76 more if the spread goes back to its 7-day average of +0.747%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PENGU	0.008834	0.0096	pay 0.0012% / 1h	47m 37s	$307K	$698K	8x
Short	Coinbase International PENGU-PERP-INTX	0.008967	0.1352	get 0.0169% / 1h	47m 37s	$95K	$104K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Lighter. 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 LighterbpFee Coinbase InternationalbpOrdersPrice spread, now +1.506%Rate

Funding earned: $263.76
Price spread: +1.506% → +0.747%: $75.88
Slippage, 4 orders: −$68.25
Fee Lighter: 0 bp × 2 orders: $0
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $261.39
Costs to cover: 0.783%
Break-even: 0.1 days

Slippage from Lighter: live order book, 17 min ago; Coinbase International: live order book, 51 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 Lighter live order book, 17 min ago	3.92 bp	23.9 bp −$24	91.9 bp −$919	doesn't fit	doesn't fit
Sell Coinbase International live order book, 51 min ago	17.61 bp	22.6 bp −$23	doesn't fit	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
Nado PENGU-PERP	−0.0162%	1h	0.008828	−0.062%	$538K	$926K	5x	as long as short
ApeX Omni PENGUUSDT	−0.0094%	1h	0.008841	+0.079%	$81K	$249K	50x	as long as short
Variational Omni PENGU	−0.0083%	4h	0.008816	−0.202%	$873K	$1.0M	—	as long as short
Gate PENGU_USDT	−0.0054%	4h	0.008825	−0.102%	$3.4M	$15.4M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008832	−0.023%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008824	−0.114%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.509%	$3K	$117K	5.5x	as long as short
01 Exchange PENGUUSD	+0.0064%	1h	0.008837	+0.034%	$202	$64	5x	as long as short
Lighter PENGUlong	+0.0096%	1h	0.008834	long leg	$307K	$698K	8x
Orderly PERP_PENGU_USDC	+0.0097%	4h	0.008832	−0.023%	$19K	$178K	20x	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	0.008839	+0.057%	$8.3M	$15.0M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008839	+0.054%	$169K	$442K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008824	−0.113%	$152K	$242K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008830	−0.046%	$37.4M	$156.9M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008822	−0.136%	$23.0M	$37.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008822	−0.136%	$7.6M	$47.7M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008830	−0.045%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008830	−0.045%	$12.3M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008838	+0.045%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008829	−0.057%	$8.3M	$12.6M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008823	−0.125%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008841	+0.079%	$303K	$323K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008848	+0.156%	$471K	$2.1M	10x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009034	+2.264%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008831	−0.034%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008846	+0.136%	$94K	$317K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008823	−0.122%	$182K	$940K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008834	0.000%	$204K	—	3x	as long as short
dYdX PENGU-USD	+0.0174%	1h	0.008826	−0.095%	$12K	$4K	5x	as long as short
Kraken Futures PF_PENGUUSD	+0.0209%	1h	0.008841	+0.074%	$365K	$2.3M	50x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008815	−0.212%	$298	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008832	−0.023%	$1.5M	$3.2M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0498% / S −0.0675%	1h	0.008823	−0.125%	$111K	—	100x	as long as short
Coinbase International PENGU-PERP-INTXshort	+0.1352%	1h	0.008967	+1.506%	$95K	$104K	50x