Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0097%/8h= −10.6% APRpaid last 24h −0.029%

Price spread now: gTrade (Gains Network) against BingX+0.130%7-day average — · you sell dearer than you buy

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

Long on BingX 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

The price spread pays, funding is against you. gTrade (Gains Network) is 0.130% dearer against BingX than usual: you sell high and buy low (spread +0.130% now, against zero (this spread has no 7-day history yet)): +$13 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 4.5 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX PENGU-USDC	0.008641	0.0100	pay 0.0050% / 4h	2h 36m	—	$2.3M	—
Short	gTrade (Gains Network) PENGU/USD	0.008652	L +0.0007% / S −0.0003%	get 0.0000% / 1h	36m 22s	$33K	—	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) against BingX. 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 BingXbpFee gTrade (Gains Network)bpOrdersPrice spread, now +0.130%Rate

Funding earned: −$20.35
Price spread: +0.130% → 0.000%: $12.98
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Net: −$27.37
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: BingX: live order book, 2 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 BingX live order book, 2 min ago	1.73 bp	17.5 bp −$18	60.6 bp −$606	429.8 bp −$43.0K	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	−0.0552%	1h	0.008672	+0.364%	$384K	$2.1M	50x	as long as short
Gate PENGU_USDT	−0.0404%	4h	0.008647	+0.069%	$3.4M	$15.4M	75x	as long as short
Bybit PENGUUSDT	−0.0240%	4h	0.008642	+0.012%	$22.4M	$35.9M	75x	as long as short
Backpack PENGU_USDC_PERP	−0.0137%	1h	0.008669	+0.324%	$309K	$315K	10x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	+0.856%	$3K	$81K	5.5x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0096%	1h	0.008673	+0.370%	$19K	$9K	10x	as long as short
dYdX PENGU-USD	0.0000%	1h	0.008666	+0.284%	$11K	$4K	5x	as long as short
gTrade (Gains Network) PENGU/USDshort	L +0.0007% / S −0.0003%	1h	0.008652	+0.130%	$33K	—	150x
01 Exchange PENGUUSD	+0.0016%	1h	0.008653	+0.139%	$198	$59	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008653	+0.139%	$293K	$719K	8x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado PENGU-PERP	+0.0100%	1h	0.008647	+0.069%	$671K	$758K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008655	+0.162%	$8.6M	$15.2M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008653	+0.139%	$171K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008654	+0.150%	$142K	$232K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008649	+0.093%	$35.7M	$150.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008647	+0.069%	$7.6M	$46.2M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008650	+0.104%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008651	+0.116%	$12.8M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008649	+0.093%	$4.7M	$8.7M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008653	+0.139%	$8.2M	$12.5M	75x	as long as short
BingX PENGU-USDClong	+0.0100%	4h	0.008641	long leg	—	$2.3M	—
Variational Omni PENGU	+0.0100%	4h	0.008661	+0.226%	$794K	$713K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008663	+0.258%	$453K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008667	+0.301%	$79K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008652	+0.127%	$21K	$184K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008885	+2.824%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008668	+0.312%	$979	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008691	+0.579%	$91K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008644	+0.036%	$177K	$681K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008668	+0.312%	$200K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008651	+0.114%	$292	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008673	+0.370%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0489% / S −0.0675%	1h	0.008654	+0.150%	$108K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008785	+1.666%	$92K	$96K	50x	as long as short