Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0016%/8h= +1.8% APRpaid last 24h +0.026%

Price spread now: Gate against Deribit+0.194%7-day average — · you sell dearer than you buy

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

Long on Deribit Short on Gate

What this pair did over the last

the charts below follow

Funding, last 5 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 $0 a day on $10k at the current rate, and Gate is 0.194% dearer against Deribit than usual: you sell high and buy low: +$19 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	Deribit PENGU_USDC-PERPETUAL	0.008785	0	get 0.0000% / 1h	32m 30s	$18K	$10K	10x
Short	Gate PENGU_USDT	0.008802	0.0016	get 0.0008% / 4h	2h 32m	$3.4M	$15.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Deribit. 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 DeribitbpFee GatebpOrdersPrice spread, now +0.194%Rate

Funding earned: $3.36
Price spread: +0.194% → 0.000%: $19.35
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: $0.71
Costs to cover: 0.220%
Break-even: 5.5 days

Slippage unknown: Deribit: no order-book sample; Gate: live order book, 1 min ago. 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 Deribit no order-book sample	—	—	—	—	—
Sell Gate live order book, 1 min ago	2.85 bp	16.1 bp −$16	47.5 bp −$475	doesn't fit	doesn't fit

Deribit: 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 33 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
Variational Omni PENGU	−0.0010%	4h	0.008770	−0.169%	$872K	$1.0M	—	as long as short
Deribit PENGU_USDC-PERPETUALlong	0.0000%	1h	0.008785	long leg	$18K	$10K	10x
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008792	+0.078%	$32K	—	150x	as long as short
Gate PENGU_USDTshort	+0.0016%	4h	0.008802	+0.194%	$3.4M	$15.5M	75x
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.046%	$3K	$117K	5.5x	as long as short
01 Exchange PENGUUSD	+0.0072%	1h	0.008813	+0.319%	$202	$64	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008811	+0.296%	$311K	$707K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008790	+0.057%	$19K	$169K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008817	+0.364%	$594K	$991K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008817	+0.364%	$8.3M	$14.9M	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster PENGUUSDT	+0.0100%	4h	0.008798	+0.148%	$168K	$506K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008804	+0.216%	$155K	$245K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008811	+0.300%	$37.6M	$157.6M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008805	+0.228%	$23.0M	$38.2M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008815	+0.341%	$7.5M	$47.8M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008810	+0.285%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008805	+0.228%	$12.0M	$12.9M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008796	+0.125%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008818	+0.376%	$8.3M	$12.7M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008803	+0.205%	—	$3.6M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008779	−0.068%	$301K	$318K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008804	+0.216%	$472K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008802	+0.194%	$80K	$248K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008998	+2.425%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008783	−0.023%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008802	+0.194%	$89K	$337K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008805	+0.225%	$181K	$939K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008779	−0.068%	$203K	—	3x	as long as short
Kraken Futures PF_PENGUUSD	+0.0210%	1h	0.008788	+0.031%	$362K	$2.3M	50x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008815	+0.336%	$298	—	10x	as long as short
dYdX PENGU-USD	+0.0239%	1h	0.008803	+0.200%	$12K	$4K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0512% / S −0.0708%	1h	0.008793	+0.091%	$114K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1352%	1h	0.008967	+2.072%	$95K	$104K	50x	as long as short