Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.2142%/8h= −234.5% APRpaid last 24h −0.624%

Price spread now: Gate against Coinbase International−0.590%7-day average −0.787% · you buy dearer than you sell

Net, funding: paid 7d − costs−$266as in the Funding arb table

Net, price: spread back to 7d avg − costs−$63as in the Price arb table

costs, in and out, $10k−$830.831% of the position

Long on Coinbase International Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−1.831%−$183 on $10k

Price spread, last 3 days (all we have)+0.218%+$22 · spread now −0.590%, 7d avg −0.787%

Together, before fees−1.613%−$161 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Gate is 0.197% dearer against Coinbase International than usual: you sell high and buy low (spread −0.590% now, against its 7-day average of −0.787%): +$20 on $10k if it goes back. Holding the pair costs −$64 a day in funding at the current rate, which eats that in about 7 hours. At the pace of the last 7 days (−1.831% in total) that is about 18 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International PENGU-PERP-INTX	0.008808	0.1648	pay 0.0206% / 1h	46m 57s	$94K	$103K	50x
Short	Gate PENGU_USDT	0.008756	−0.0494	pay 0.0247% / 4h	3h 46m	$3.4M	$15.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Coinbase International. 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 Coinbase InternationalbpFee GatebpOrdersPrice spread, now −0.590%Rate

Funding earned: −$449.82
Price spread: −0.590% → −0.787%: $19.69
Slippage, 4 orders: −$58.07
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$513.2
Costs to cover: 0.831%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 56 min ago; Gate: live order book, 2 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 Coinbase International live order book, 56 min ago	18.74 bp	23.7 bp −$24	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 2 min ago	2.85 bp	17.9 bp −$18	50.9 bp −$509	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
Gate PENGU_USDTshort	−0.0494%	4h	0.008756	−0.590%	$3.4M	$15.4M	75x
Kraken Futures PF_PENGUUSD	−0.0393%	1h	0.008791	−0.192%	$368K	$2.3M	50x	as long as short
Bybit PENGUUSDT	−0.0350%	4h	0.008760	−0.545%	$22.9M	$37.2M	75x	as long as short
Variational Omni PENGU	−0.0293%	4h	0.008777	−0.350%	$871K	$931K	—	as long as short
01 Exchange PENGUUSD	−0.0208%	1h	0.008770	−0.431%	$201	$59	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0205%	1h	0.008785	−0.261%	$18K	$10K	10x	as long as short
Backpack PENGU_USDC_PERP	−0.0043%	1h	0.008783	−0.284%	$308K	$314K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0006%	4h	0.008775	−0.374%	$465K	$2.1M	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008786	−0.252%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.216%	$3K	$117K	5.5x	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	+0.0047%	1h	0.008773	−0.400%	$698K	$778K	5x	as long as short
dYdX PENGU-USD	+0.0087%	1h	0.008779	−0.332%	$12K	$4K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008786	−0.250%	$307K	$727K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008785	−0.261%	$23K	$185K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008785	−0.261%	$8.4M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008788	−0.227%	$188K	$481K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008777	−0.352%	$151K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008768	−0.458%	$36.7M	$155.4M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008766	−0.477%	$7.6M	$47.2M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008770	−0.431%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008758	−0.568%	$12.3M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008783	−0.284%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008778	−0.341%	$8.4M	$12.7M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008753	−0.624%	—	$2.3M	—	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008778	−0.341%	$80K	$254K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008981	+1.964%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008777	−0.352%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008792	−0.182%	$90K	$298K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008784	−0.270%	$181K	$738K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008771	−0.420%	$203K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008771	−0.419%	$296	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008776	−0.363%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0497% / S −0.0608%	1h	0.008780	−0.318%	$114K	—	100x	as long as short
Coinbase International PENGU-PERP-INTXlong	+0.1648%	1h	0.008808	long leg	$94K	$103K	50x