Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.015%

Price spread now: Gate against Bybit+0.011%7-day average +0.048% · you sell dearer than you buy

Net, funding: paid 7d − costs−$53as in the Funding arb table

Net, price: spread back to 7d avg − costs−$60as in the Price arb table

costs, in and out, $10k−$570.566% of the position

Long on Bybit Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.036%+$4 on $10k

Price spread, last 7 days+0.027%+$3 · spread now +0.011%, 7d avg +0.048%

Together, before fees+0.063%+$6 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Gate is 0.037% cheaper against Bybit than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of +0.048%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit PENGUUSDT	0.009036	0.0100	pay 0.0050% / 4h	1h 08m	$24.0M	$44.3M	75x
Short	Gate PENGU_USDT	0.009037	0.0100	get 0.0050% / 4h	1h 08m	$3.7M	$17.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.011%Rate

Funding earned: $0
Price spread: +0.011% → +0.048%: −$3.67
Slippage, 4 orders: −$30.59
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$60.26
Costs to cover: 0.566%
Break-even: never at this rate

Slippage from Bybit: live order book, 1 min ago; Gate: live order book, 1 min ago.

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, 1 min ago	0.55 bp	11.0 bp −$11	28.4 bp −$284	115.3 bp −$11.5K	doesn't fit
Sell Gate live order book, 1 min ago	3.32 bp	19.8 bp −$20	52.9 bp −$529	doesn't fit	doesn't fit

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
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009045	+0.097%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−2.734%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.009052	+0.177%	$325K	$771K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009041	+0.055%	$637K	$1.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009050	+0.155%	$143K	$716K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009037	+0.011%	$136K	$260K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009047	+0.122%	$39.5M	$189.9M	75x	as long as short
Bybit PENGUUSDTlong	+0.0100%	4h	0.009036	long leg	$24.0M	$44.3M	75x
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009039	+0.033%	$8.0M	$54.7M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.009040	+0.044%	$18K	$25K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate PENGU_USDTshort	+0.0100%	4h	0.009037	+0.011%	$3.7M	$17.6M	75x
MEXC PENGU_USDT	+0.0100%	4h	0.009039	+0.033%	$11.0M	$13.0M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009046	+0.111%	$5.1M	$10.2M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009047	+0.122%	$8.7M	$13.9M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.009042	+0.066%	—	$3.8M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009040	+0.044%	$295K	$368K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.009045	+0.098%	$921K	$1.1M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009055	+0.211%	$475K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009057	+0.232%	$80K	$252K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009046	+0.111%	$23K	$243K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009266	+2.545%	$3K	$2.2M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009046	+0.111%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009056	+0.221%	$93K	$404K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009038	+0.027%	$185K	$523K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009043	+0.077%	$209K	—	3x	as long as short
Hyperliquid PENGU	+0.0208%	1h	0.009052	+0.177%	$9.1M	$16.3M	5x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.009044	+0.090%	$305	—	10x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0303%	1h	0.009051	+0.166%	$1K	$29K	10x	as long as short
01 Exchange PENGUUSD	+0.0328%	1h	0.009038	+0.022%	$207	$60	5x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009051	+0.166%	$1.6M	$4.9M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0442% / S −0.0368%	1h	0.009045	+0.100%	$107K	—	100x	as long as short
dYdX PENGU-USD	+0.0564%	1h	0.009043	+0.079%	$12K	$6K	5x	as long as short
Kraken Futures PF_PENGUUSD	+0.0674%	1h	0.009051	+0.165%	$336K	$2.5M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1664%	1h	0.009135	+1.096%	$80K	$70K	50x	as long as short