Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0093%/8h= +10.2% APRpaid last 24h +0.028%

Price spread now: Bitget against gTrade (Gains Network)−0.103%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 Bitget

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. Bitget is 0.103% cheaper against gTrade (Gains Network) than usual: you would sell low and buy high (spread −0.103% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$10 on $10k: about 3.7 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	0.008659	L +0.0007% / S −0.0003%	pay 0.0001% / 1h	52m 23s	$33K	—	150x
Short	Bitget PENGUUSDT	0.008650	0.0100	get 0.0050% / 4h	2h 52m	$8.1M	$12.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.103%Rate

Funding earned: $19.52
Price spread: −0.103% → 0.000%: −$10.27
Slippage, 4 orders: no order book: not counted
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$12.74
Costs to cover: 0.220%
Break-even: 11.6 days

Slippage unknown: gTrade (Gains Network): no order-book sample; Bitget: 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 gTrade (Gains Network) no order-book sample	—	—	—	—	—
Sell Bitget live order book, 1 min ago	1.15 bp	15.1 bp −$15	37.5 bp −$375	doesn't fit	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
Kraken Futures PF_PENGUUSD	−0.0553%	1h	0.008658	−0.015%	$383K	$2.1M	50x	as long as short
Bybit PENGUUSDT	−0.0368%	4h	0.008648	−0.126%	$22.7M	$35.7M	75x	as long as short
Gate PENGU_USDT	−0.0336%	4h	0.008643	−0.184%	$3.4M	$15.3M	75x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0327%	1h	0.008656	−0.033%	$19K	$9K	10x	as long as short
Backpack PENGU_USDC_PERP	−0.0261%	1h	0.008656	−0.033%	$309K	$318K	10x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	+0.648%	$3K	$81K	5.5x	as long as short
dYdX PENGU-USD	0.0000%	1h	0.008655	−0.045%	$11K	$4K	5x	as long as short
gTrade (Gains Network) PENGU/USDlong	L +0.0007% / S −0.0003%	1h	0.008659	long leg	$33K	—	150x
Lighter PENGU	+0.0096%	1h	0.008643	−0.184%	$293K	$718K	8x	as long as short
Nado PENGU-PERP	+0.0098%	1h	0.008643	−0.181%	$670K	$759K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid PENGU	+0.0100%	1h	0.008653	−0.068%	$8.7M	$15.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008651	−0.091%	$171K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008645	−0.160%	$142K	$232K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008652	−0.080%	$35.8M	$150.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008652	−0.080%	$7.7M	$46.5M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008640	−0.218%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008650	−0.103%	$12.7M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008645	−0.160%	$4.7M	$8.6M	75x	as long as short
Bitget PENGUUSDTshort	+0.0100%	4h	0.008650	−0.103%	$8.1M	$12.4M	75x
BingX PENGU-USDC	+0.0100%	4h	0.008640	−0.218%	—	$2.3M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008676	+0.203%	$795K	$712K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008682	+0.263%	$454K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008677	+0.209%	$79K	$254K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008656	−0.033%	$21K	$185K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008862	+2.346%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008653	−0.068%	$979	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008679	+0.232%	$91K	$248K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008640	−0.221%	$177K	$681K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008652	−0.080%	$200K	$17K	3x	as long as short
01 Exchange PENGUUSD	+0.0160%	1h	0.008638	−0.241%	$198	$59	5x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008645	−0.156%	$292	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008648	−0.126%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0489% / S −0.0675%	1h	0.008659	+0.001%	$108K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008903	+2.819%	$94K	$97K	50x	as long as short