Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0138%/8h= −15.1% APRpaid last 24h −0.040%

Price spread now: KuCoin against Reya−0.041%7-day average — · you buy dearer than you sell

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

Long on Reya Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropReya: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and KuCoin is 0.041% cheaper against Reya than usual: you would sell low and buy high (−$4 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya PENGURUSDPERP	0.008750	0.0238	pay 0.0030% / 1h	39m 06s	$295	—	10x
Short	KuCoin PENGUUSDTM	0.008746	0.0100	get 0.0050% / 4h	2h 39m	$4.7M	$9.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Reya. 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 ReyabpFee KuCoinbpOrdersPrice spread, now −0.041%Rate

Funding earned: −$29.03
Price spread: −0.041% → 0.000%: −$4.08
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$51.11
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; KuCoin: live order book, 4 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 Reya no order-book sample	—	—	—	—	—
Sell KuCoin live order book, 4 min ago	1.71 bp	18.4 bp −$18	45.7 bp −$457	doesn't fit	doesn't fit

Reya: 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
Variational Omni PENGU	−0.0046%	4h	0.008732	−0.199%	$873K	$1.0M	—	as long as short
Gate PENGU_USDT	−0.0024%	4h	0.008752	+0.028%	$3.4M	$15.4M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008743	−0.075%	$18K	$10K	10x	as long as short
Nado PENGU-PERP	+0.0002%	1h	0.008744	−0.061%	$590K	$988K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008746	−0.040%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.451%	$3K	$117K	5.5x	as long as short
01 Exchange PENGUUSD	+0.0056%	1h	0.008730	−0.224%	$200	$64	5x	as long as short
ApeX Omni PENGUUSDT	+0.0087%	1h	0.008805	+0.634%	$80K	$248K	50x	as long as short
Lighter PENGU	+0.0096%	1h	0.008752	+0.028%	$309K	$706K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0098%	4h	0.008744	−0.064%	$19K	$167K	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	0.008761	+0.131%	$8.2M	$14.9M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008746	−0.045%	$168K	$462K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008737	−0.144%	$154K	$245K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008756	+0.076%	$37.3M	$157.8M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008752	+0.028%	$22.8M	$38.2M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008755	+0.062%	$7.4M	$47.6M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008730	−0.224%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008758	+0.096%	$12.0M	$12.9M	125x	as long as short
KuCoin PENGUUSDTMshort	+0.0100%	4h	0.008746	−0.041%	$4.7M	$9.0M	75x
Bitget PENGUUSDT	+0.0100%	4h	0.008758	+0.096%	$8.3M	$12.7M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008754	+0.051%	—	$3.6M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008756	+0.073%	$300K	$324K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008733	−0.185%	$459K	$2.1M	10x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008959	+2.394%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008750	+0.005%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008761	+0.131%	$88K	$327K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008742	−0.087%	$180K	$940K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008745	−0.052%	$202K	—	3x	as long as short
dYdX PENGU-USD	+0.0191%	1h	0.008738	−0.128%	$12K	$4K	5x	as long as short
Kraken Futures PF_PENGUUSD	+0.0211%	1h	0.008763	+0.158%	$362K	$2.3M	50x	as long as short
Reya PENGURUSDPERPlong	+0.0238%	1h	0.008750	long leg	$295	—	10x
BloFin PENGU-USDT	+0.0340%	4h	0.008832	+0.942%	$1.5M	$3.2M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0510% / S −0.0708%	1h	0.008745	−0.052%	$113K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1352%	1h	0.008967	+2.485%	$95K	$104K	50x	as long as short