Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.1253%/8h= +137.2% APRpaid last 24h +0.586%

Price spread now: Coinbase International against Orderly+1.932%7-day average +0.788% · you sell dearer than you buy

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

Long on Orderly Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+1.745%+$175 on $10k

Price spread, last 3 days (all we have)−1.227%−$123 · spread now +1.932%, 7d avg +0.788%

Together, before fees+0.518%+$52 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 1.144% dearer against Orderly than usual: you sell high and buy low: +$114 more if the spread goes back to its 7-day average of +0.788%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_PENGU_USDC	0.008797	0.0099	pay 0.0049% / 4h	2h 04m	$19K	$161K	20x
Short	Coinbase International PENGU-PERP-INTX	0.008967	0.1352	get 0.0169% / 1h	4m 39s	$95K	$94K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Orderly. 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 OrderlybpFee Coinbase InternationalbpOrdersPrice spread, now +1.932%Rate

Funding earned: $263.21
Price spread: +1.932% → +0.788%: $114.4
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $361.62
Costs to cover: 0.160%
Break-even: from the start

Slippage unknown: Orderly: no order-book sample; Coinbase International: live order book, 29 min ago. 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 Orderly no order-book sample	—	—	—	—	—
Sell Coinbase International live order book, 29 min ago	84.41 bp	90.2 bp −$90	doesn't fit	doesn't fit	doesn't fit

Orderly: 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 33 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	0.008798	+0.011%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008800	+0.039%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.091%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008824	+0.307%	$313K	$709K	8x	as long as short
01 Exchange PENGUUSD	+0.0096%	1h	0.008826	+0.330%	$202	$64	5x	as long as short
Orderly PERP_PENGU_USDClong	+0.0099%	4h	0.008797	long leg	$19K	$161K	20x
Nado PENGU-PERP	+0.0100%	1h	0.008796	−0.014%	$593K	$989K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008806	+0.102%	$8.2M	$14.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008798	+0.011%	$138K	$521K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008815	+0.205%	$155K	$245K	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance PENGUUSDT	+0.0100%	4h	0.008819	+0.245%	$37.5M	$157.8M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008817	+0.227%	$23.2M	$38.2M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008825	+0.318%	$7.5M	$47.2M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008820	+0.261%	$19K	$24K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.008817	+0.227%	$3.4M	$15.6M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008819	+0.250%	$11.9M	$12.9M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008803	+0.068%	$4.7M	$9.1M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008825	+0.318%	$8.3M	$12.5M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008810	+0.148%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008793	−0.045%	$301K	$296K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008813	+0.181%	$876K	$987K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008793	−0.043%	$463K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008824	+0.307%	$80K	$243K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009006	+2.376%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008799	+0.023%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008818	+0.239%	$94K	$337K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008818	+0.244%	$185K	$941K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008790	−0.080%	$203K	—	3x	as long as short
Kraken Futures PF_PENGUUSD	+0.0210%	1h	0.008807	+0.114%	$362K	$2.3M	50x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008801	+0.047%	$297	—	10x	as long as short
dYdX PENGU-USD	+0.0332%	1h	0.008812	+0.172%	$12K	$4K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0513% / S −0.0582%	1h	0.008802	+0.057%	$120K	—	100x	as long as short
Coinbase International PENGU-PERP-INTXshort	+0.1352%	1h	0.008967	+1.932%	$95K	$94K	50x