Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0097%/8h= −10.6% APRpaid last 24h −0.029%

Price spread now: gTrade (Gains Network) against Binance−0.170%52s7-day average — · you buy dearer than you sell

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

Long on Binance Short on gTrade (Gains Network)

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—needs both histories

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and gTrade (Gains Network) is 0.170% cheaper against Binance than usual: you would sell low and buy high (−$17 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 52 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance PENGUUSDT	0.008843	0.0100	pay 0.0050% / 4h	55m 33s	$36.7M	$153.8M	75x
Short	gTrade (Gains Network) PENGU/USD	0.008828	L +0.0007% / S −0.0003%	get 0.0000% / 1h	55m 33s	$34K	—	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) against Binance. 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 BinancebpFee gTrade (Gains Network)bpOrdersPrice spread, now −0.170%Rate

Funding earned: −$20.35
Price spread: −0.170% → 0.000%: −$16.96
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Net: −$57.32
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Binance: live order book, 3 min ago; gTrade (Gains Network): no order-book sample. 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 Binance live order book, 3 min ago	0.57 bp	7.8 bp −$8	18.0 bp −$180	70.1 bp −$7,007	doesn't fit
Sell gTrade (Gains Network) no order-book sample	—	—	—	—	—

gTrade (Gains Network): 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
Kraken Futures PF_PENGUUSD	−0.0339%	1h	0.008839	−0.048%	$369K	$2.2M	50x	as long as short
Gate PENGU_USDT	−0.0258%	4h	0.008837	−0.068%	$3.4M	$15.6M	75x	as long as short
Bybit PENGUUSDT	−0.0217%	4h	0.008836	−0.079%	$22.9M	$36.6M	75x	as long as short
01 Exchange PENGUUSD	−0.0120%	1h	0.008842	−0.011%	$202	$59	5x	as long as short
Injective PENGU/USDC PERP	−0.0114%	1h	0.008789	−0.611%	$3K	$117K	5.5x	as long as short
Variational Omni PENGU	−0.0108%	4h	0.008765	−0.878%	$801K	$802K	—	as long as short
Nado PENGU-PERP	−0.0004%	1h	0.008838	−0.051%	$689K	$761K	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008831	−0.136%	$19K	$9K	10x	as long as short
gTrade (Gains Network) PENGU/USDshort	L +0.0007% / S −0.0003%	1h	0.008828	−0.170%	$34K	—	150x
dYdX PENGU-USD	+0.0021%	1h	0.008832	−0.125%	$12K	$4K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter PENGU	+0.0096%	1h	0.008831	−0.136%	$310K	$737K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008832	−0.124%	$24K	$186K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008842	−0.011%	$8.6M	$15.2M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008840	−0.029%	$191K	$467K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008833	−0.113%	$152K	$239K	5x	as long as short
Binance PENGUUSDTlong	+0.0100%	4h	0.008843	long leg	$36.7M	$153.8M	75x
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008841	−0.023%	$7.6M	$47.5M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008840	−0.034%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008843	0.000%	$12.7M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008839	−0.045%	$4.8M	$8.9M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008845	+0.023%	$8.4M	$12.6M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008837	−0.068%	—	$3.9M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008826	−0.192%	$315K	$309K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008813	−0.337%	$461K	$2.2M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008819	−0.271%	$80K	$254K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009029	+2.103%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008827	−0.181%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008824	−0.215%	$92K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008837	−0.068%	$181K	$622K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008827	−0.181%	$204K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008837	−0.068%	$298	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008810	−0.373%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0511% / S −0.0711%	1h	0.008827	−0.181%	$115K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2688%	1h	0.008841	−0.023%	$94K	$104K	50x	as long as short