Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0070%/8h= +7.7% APRpaid last 24h −0.029%

Price spread now: gTrade (Gains Network) against Bybit+0.226%7-day average — · you sell dearer than you buy

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

Long on Bybit 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 for this trade now. Funding pays +$2 a day on $10k at the current rate, and gTrade (Gains Network) is 0.226% dearer against Bybit than usual: you sell high and buy low: +$23 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit PENGUUSDT	0.008815	−0.0067	get 0.0034% / 4h	1h 38m	$22.9M	$36.1M	75x
Short	gTrade (Gains Network) PENGU/USD	0.008835	L +0.0007% / S −0.0003%	get 0.0000% / 1h	38m 47s	$34K	—	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) against Bybit. 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 BybitbpFee gTrade (Gains Network)bpOrdersPrice spread, now +0.226%Rate

Funding earned: $14.74
Price spread: +0.226% → 0.000%: $22.55
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Net: $16.29
Costs to cover: 0.210%
Break-even: from the start

Slippage unknown: Bybit: live order book, 5 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 Bybit live order book, 5 min ago	0.57 bp	12.2 bp −$12	25.4 bp −$254	137.4 bp −$13.7K	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	−0.0604%	1h	0.008834	+0.216%	$372K	$2.2M	50x	as long as short
Gate PENGU_USDT	−0.0308%	4h	0.008822	+0.079%	$3.5M	$15.5M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0203%	1h	0.008824	+0.102%	$19K	$9K	10x	as long as short
01 Exchange PENGUUSD	−0.0080%	1h	0.008836	+0.238%	$202	$59	5x	as long as short
Bybit PENGUUSDTlong	−0.0067%	4h	0.008815	long leg	$22.9M	$36.1M	75x
gTrade (Gains Network) PENGU/USDshort	L +0.0007% / S −0.0003%	1h	0.008835	+0.226%	$34K	—	150x
Injective PENGU/USDC PERP	+0.0033%	1h	0.008715	−1.134%	$3K	$81K	5.5x	as long as short
Variational Omni PENGU	+0.0082%	4h	0.008816	+0.017%	$839K	$768K	—	as long as short
Lighter PENGU	+0.0096%	1h	0.008824	+0.102%	$302K	$726K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008836	+0.238%	$684K	$757K	5x	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	0.008823	+0.091%	$8.8M	$15.0M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008830	+0.175%	$175K	$465K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008823	+0.091%	$151K	$238K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008823	+0.091%	$36.6M	$151.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008816	+0.011%	$7.7M	$47.1M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008840	+0.284%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008821	+0.068%	$12.9M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008829	+0.159%	$4.8M	$8.8M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008821	+0.068%	$8.4M	$12.6M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008824	+0.102%	—	$3.9M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008823	+0.091%	$315K	$309K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008825	+0.113%	$462K	$2.3M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008824	+0.102%	$80K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008828	+0.147%	$24K	$186K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009044	+2.598%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008824	+0.102%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008843	+0.318%	$92K	$250K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008823	+0.096%	$182K	$682K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008820	+0.057%	$204K	$17K	3x	as long as short
dYdX PENGU-USD	+0.0143%	1h	0.008824	+0.105%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008831	+0.178%	$298	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008819	+0.045%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0511% / S −0.0711%	1h	0.008835	+0.227%	$115K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2504%	1h	0.008936	+1.373%	$95K	$105K	50x	as long as short