Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0179%/8h= −19.6% APRpaid last 24h +0.028%

Price spread now: Bybit against gTrade (Gains Network)−0.197%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 Bybit

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 against this trade now: funding costs −$5 a day on $10k at the current rate, and Bybit is 0.197% cheaper against gTrade (Gains Network) than usual: you would sell low and buy high (−$20 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	gTrade (Gains Network) PENGU/USD	0.008799	L +0.0007% / S −0.0003%	pay 0.0001% / 1h	12m 03s	$33K	—	150x
Short	Bybit PENGUUSDT	0.008782	−0.0172	pay 0.0086% / 4h	1h 12m	$22.9M	$36.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.197%Rate

Funding earned: −$37.51
Price spread: −0.197% → 0.000%: −$19.68
Slippage, 4 orders: no order book: not counted
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$78.19
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: gTrade (Gains Network): no order-book sample; Bybit: live order book, 2 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 Bybit live order book, 2 min ago	0.57 bp	10.7 bp −$11	23.6 bp −$236	98.1 bp −$9,811	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	−0.0606%	1h	0.008804	+0.057%	$368K	$2.2M	50x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0318%	1h	0.008798	−0.015%	$19K	$9K	10x	as long as short
Gate PENGU_USDT	−0.0292%	4h	0.008792	−0.083%	$3.4M	$15.6M	75x	as long as short
Bybit PENGUUSDTshort	−0.0172%	4h	0.008782	−0.197%	$22.9M	$36.5M	75x
01 Exchange PENGUUSD	−0.0104%	1h	0.008794	−0.060%	$201	$59	5x	as long as short
Variational Omni PENGU	−0.0046%	4h	0.008785	−0.158%	$802K	$802K	—	as long as short
gTrade (Gains Network) PENGU/USDlong	L +0.0007% / S −0.0003%	1h	0.008799	long leg	$33K	—	150x
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.117%	$3K	$117K	5.5x	as long as short
Nado PENGU-PERP	+0.0076%	1h	0.008794	−0.063%	$685K	$760K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008796	−0.038%	$309K	$736K	8x	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	0.008794	−0.060%	$8.8M	$15.0M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008800	+0.002%	$189K	$467K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008797	−0.026%	$152K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008789	−0.120%	$36.5M	$153.2M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008787	−0.140%	$7.7M	$47.2M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008800	+0.008%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008794	−0.060%	$12.7M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008800	+0.008%	$4.8M	$8.9M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008794	−0.060%	$8.4M	$12.6M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008778	−0.242%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008794	−0.060%	$314K	$309K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008784	−0.174%	$459K	$2.3M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008788	−0.129%	$80K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008798	−0.015%	$23K	$186K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009006	+2.349%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008793	−0.072%	$999	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008806	+0.076%	$92K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008793	−0.070%	$181K	$682K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008791	−0.095%	$203K	$17K	3x	as long as short
dYdX PENGU-USD	+0.0119%	1h	0.008797	−0.026%	$12K	$4K	5x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008794	−0.061%	$297	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008788	−0.129%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0511% / S −0.0711%	1h	0.008800	+0.008%	$115K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2504%	1h	0.008896	+1.099%	$95K	$105K	50x	as long as short