Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0598%/8h= −65.5% APRpaid last 24h −0.036%

Price spread now: Gate against Extended−0.321%7-day average +0.042% · you buy dearer than you sell

Net, funding: paid 7d − costs−$65as in the Funding arb table

Net, price: spread back to 7d avg − costs−$92as in the Price arb table

costs, in and out, $10k−$550.553% of the position

Long on Extended Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.100%−$10 on $10k

Price spread, last 4 days (all we have)+0.432%+$43 · spread now −0.321%, 7d avg +0.042%

Together, before fees+0.332%+ Points / potential airdropExtended: Active · farm board+$33 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$18 a day on $10k at the current rate, and Gate is 0.363% cheaper against Extended than usual: you would sell low and buy high (−$36 if the spread goes back to its 7-day average of +0.042%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.100% in total (about -5.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended PENGU-USD	0.008784	0.0104	pay 0.0013% / 1h	46m 53s	$181K	$738K	10x
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 Extended. 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 ExtendedbpFee GatebpOrdersPrice spread, now −0.321%Rate

Funding earned: −$125.58
Price spread: −0.321% → +0.042%: −$36.3
Slippage, 4 orders: −$35.31
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$217.18
Costs to cover: 0.553%
Break-even: never at this rate

Slippage from Extended: live order book, 26 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 Extended live order book, 26 min ago	0.57 bp	9.9 bp −$10	61.4 bp −$614	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	−0.321%	$3.4M	$15.4M	75x
Kraken Futures PF_PENGUUSD	−0.0393%	1h	0.008791	+0.078%	$368K	$2.3M	50x	as long as short
Bybit PENGUUSDT	−0.0350%	4h	0.008760	−0.275%	$22.9M	$37.2M	75x	as long as short
Variational Omni PENGU	−0.0293%	4h	0.008777	−0.080%	$871K	$931K	—	as long as short
01 Exchange PENGUUSD	−0.0208%	1h	0.008770	−0.162%	$201	$59	5x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0205%	1h	0.008785	+0.009%	$18K	$10K	10x	as long as short
Backpack PENGU_USDC_PERP	−0.0043%	1h	0.008783	−0.014%	$308K	$314K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0006%	4h	0.008775	−0.104%	$465K	$2.1M	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008786	+0.019%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.055%	$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	−0.130%	$698K	$778K	5x	as long as short
dYdX PENGU-USD	+0.0087%	1h	0.008779	−0.061%	$12K	$4K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008786	+0.021%	$307K	$727K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008785	+0.009%	$23K	$185K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008785	+0.009%	$8.4M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008788	+0.043%	$188K	$481K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008777	−0.082%	$151K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008768	−0.189%	$36.7M	$155.4M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008766	−0.207%	$7.6M	$47.2M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008770	−0.162%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008758	−0.298%	$12.3M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008783	−0.014%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008778	−0.071%	$8.4M	$12.7M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008753	−0.355%	—	$2.3M	—	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008778	−0.071%	$80K	$254K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008981	+2.240%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008777	−0.082%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008792	+0.089%	$90K	$298K	25x	as long as short
Extended PENGU-USDlong	+0.0104%	1h	0.008784	long leg	$181K	$738K	10x
Aevo PENGU-PERP	+0.0104%	1h	0.008771	−0.150%	$203K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008771	−0.149%	$296	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008776	−0.093%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0497% / S −0.0608%	1h	0.008780	−0.048%	$114K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1648%	1h	0.008808	+0.271%	$94K	$103K	50x	as long as short