Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0093%/8h= +10.2% APRpaid last 24h +0.028%

Price spread now: Binance against gTrade (Gains Network)+0.113%52s7-day average — · you sell dearer than you buy

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

Long on gTrade (Gains Network)Short on Binance

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 +$3 a day on $10k at the current rate, and Binance is 0.113% dearer against gTrade (Gains Network) than usual: you sell high and buy low: +$11 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 52 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	gTrade (Gains Network) PENGU/USD	0.008932	L +0.0007% / S −0.0003%	pay 0.0001% / 1h	0m 35s	$33K	—	150x
Short	Binance PENGUUSDT	0.008942	0.0100	get 0.0050% / 4h	0m 35s	$38.2M	$166.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against gTrade (Gains Network). 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 gTrade (Gains Network)bpFee BinancebpOrdersPrice spread, now +0.113%Rate

Funding earned: $19.52
Price spread: +0.113% → 0.000%: $11.3
Slippage, 4 orders: no order book: not counted
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: $10.82
Costs to cover: 0.200%
Break-even: 3.1 days

Slippage unknown: gTrade (Gains Network): no order-book sample; Binance: live order book, 13 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 gTrade (Gains Network) no order-book sample	—	—	—	—	—
Sell Binance live order book, 13 min ago	0.56 bp	7.4 bp −$7	17.6 bp −$176	65.9 bp −$6,594	doesn't fit

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
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008934	+0.021%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USDlong	L +0.0007% / S −0.0003%	1h	0.008932	long leg	$33K	—	150x
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−1.602%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008952	+0.223%	$319K	$720K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008933	+0.010%	$24K	$91K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008936	+0.049%	$600K	$1.0M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008940	+0.089%	$8.3M	$14.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008939	+0.078%	$129K	$599K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008946	+0.156%	$157K	$243K	5x	as long as short
Binance PENGUUSDTshort	+0.0100%	4h	0.008942	+0.113%	$38.2M	$166.3M	75x

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit PENGUUSDT	+0.0100%	4h	0.008939	+0.077%	$23.7M	$39.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008938	+0.066%	$7.6M	$48.6M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008940	+0.089%	$19K	$24K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.008942	+0.111%	$3.4M	$15.9M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008944	+0.133%	$10.9M	$12.4M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008936	+0.044%	$4.8M	$9.3M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008949	+0.189%	$8.7M	$12.7M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008937	+0.055%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008935	+0.033%	$297K	$326K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008928	−0.046%	$931K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008928	−0.049%	$476K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008929	−0.034%	$81K	$242K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009149	+2.429%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008932	−0.001%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008971	+0.436%	$93K	$377K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008936	+0.044%	$184K	$943K	10x	as long as short
01 Exchange PENGUUSD	+0.0104%	1h	0.008941	+0.100%	$205	$64	5x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008926	−0.068%	$206K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008935	+0.029%	$302	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008954	+0.245%	$1.5M	$3.8M	75x	as long as short
Kraken Futures PF_PENGUUSD	+0.0358%	1h	0.008944	+0.135%	$350K	$2.4M	50x	as long as short
dYdX PENGU-USD	+0.0412%	1h	0.008945	+0.142%	$12K	$5K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0512% / S −0.0572%	1h	0.008932	−0.001%	$120K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2928%	1h	0.008962	+0.335%	$95K	$60K	50x	as long as short