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: BingX against gTrade (Gains Network)−0.168%7-day average — · you buy dearer than you sell

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

Long on gTrade (Gains Network)Short on BingX

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

Funding pays, the price is against you. BingX is 0.168% cheaper against gTrade (Gains Network) than usual: you would sell low and buy high (spread −0.168% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$17 on $10k: about 6.0 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	gTrade (Gains Network) PENGU/USD	0.008709	L +0.0007% / S −0.0003%	pay 0.0001% / 1h	51m 54s	$32K	—	150x
Short	BingX PENGU-USDC	0.008694	0.0100	get 0.0050% / 4h	51m 54s	—	$2.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.168%Rate

Funding earned: $19.52
Price spread: −0.168% → 0.000%: −$16.78
Slippage, 4 orders: no order book: not counted
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$17.25
Costs to cover: 0.200%
Break-even: 13.2 days

Slippage unknown: gTrade (Gains Network): no order-book sample; BingX: live order book, 11 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 BingX live order book, 11 min ago	2.87 bp	22.5 bp −$23	62.5 bp −$625	460.2 bp −$46.0K	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
ApeX Omni PENGUUSDT	−0.0359%	1h	0.008737	+0.326%	$80K	$242K	50x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008706	−0.030%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USDlong	L +0.0007% / S −0.0003%	1h	0.008709	long leg	$32K	—	150x
Gate PENGU_USDT	+0.0014%	4h	0.008701	−0.087%	$3.3M	$15.5M	75x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.923%	$3K	$117K	5.5x	as long as short
01 Exchange PENGUUSD	+0.0056%	1h	0.008704	−0.053%	$199	$64	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008712	+0.039%	$310K	$712K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008709	+0.004%	$23K	$132K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008707	−0.018%	$583K	$1.0M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008704	−0.053%	$8.1M	$14.7M	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster PENGUUSDT	+0.0100%	4h	0.008713	+0.047%	$120K	$579K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008722	+0.154%	$153K	$243K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008701	−0.087%	$36.2M	$161.3M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008697	−0.133%	$23.0M	$39.0M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008699	−0.110%	$7.2M	$46.4M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008710	+0.016%	$19K	$23K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008705	−0.041%	$11.1M	$12.2M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008709	+0.004%	$4.8M	$9.2M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008702	−0.076%	$8.2M	$12.2M	75x	as long as short
BingX PENGU-USDCshort	+0.0100%	4h	0.008694	−0.168%	—	$2.3M	—
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008704	−0.053%	$297K	$293K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008747	+0.441%	$870K	$985K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008757	+0.554%	$460K	$2.1M	10x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008928	+2.519%	$3K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008706	−0.030%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008723	+0.165%	$91K	$372K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008703	−0.063%	$184K	$942K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008700	−0.099%	$201K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008709	+0.001%	$294	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008736	+0.315%	$1.5M	$3.5M	75x	as long as short
Kraken Futures PF_PENGUUSD	+0.0368%	1h	0.008714	+0.063%	$341K	$2.4M	50x	as long as short
dYdX PENGU-USD	+0.0451%	1h	0.008725	+0.183%	$12K	$5K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0509% / S −0.0439%	1h	0.008707	−0.018%	$128K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2928%	1h	0.008967	+2.967%	$95K	$61K	50x	as long as short