Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0037%/8h= −4.1% APRpaid last 24h −0.007%

Price spread now: Gate against gTrade (Gains Network)−0.069%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 Gate

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 −$1 a day on $10k at the current rate, and Gate is 0.069% cheaper against gTrade (Gains Network) than usual: you would sell low and buy high (−$7 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	0.008995	L +0.0007% / S −0.0003%	pay 0.0001% / 1h	32m 24s	$33K	—	150x
Short	Gate PENGU_USDT	0.008989	−0.0030	pay 0.0015% / 4h	3h 32m	$3.4M	$16.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.069%Rate

Funding earned: −$7.78
Price spread: −0.069% → 0.000%: −$6.88
Slippage, 4 orders: no order book: not counted
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$39.66
Costs to cover: 0.250%
Break-even: never at this rate

Slippage unknown: gTrade (Gains Network): no order-book sample; Gate: 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 Gate live order book, 1 min ago	3.35 bp	18.4 bp −$18	55.5 bp −$555	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
Gate PENGU_USDTshort	−0.0030%	4h	0.008989	−0.069%	$3.4M	$16.4M	75x
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008973	−0.247%	$19K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USDlong	L +0.0007% / S −0.0003%	1h	0.008995	long leg	$33K	—	150x
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−2.292%	$3K	$117K	5.5x	as long as short
dYdX PENGU-USD	+0.0041%	1h	0.008959	−0.398%	$12K	$5K	5x	as long as short
01 Exchange PENGUUSD	+0.0080%	1h	0.008992	−0.035%	$206	$64	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008972	−0.258%	$327K	$751K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008993	−0.019%	$603K	$1.0M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008996	+0.009%	$8.5M	$14.8M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008994	−0.009%	$139K	$640K	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica PENGU	+0.0100%	1h	0.008967	−0.313%	$137K	$272K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008997	+0.018%	$38.5M	$171.5M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008990	−0.058%	$23.9M	$40.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008986	−0.102%	$7.8M	$50.3M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008980	−0.169%	$19K	$25K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009000	+0.053%	$11.1M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008989	−0.069%	$5.0M	$9.4M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008996	+0.009%	$8.8M	$12.9M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008981	−0.158%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008957	−0.425%	$299K	$327K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008981	−0.159%	$937K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008984	−0.124%	$468K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009012	+0.187%	$82K	$251K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008994	−0.013%	$24K	$101K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009189	+2.155%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008964	−0.347%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008982	−0.147%	$93K	$379K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008967	−0.308%	$186K	$939K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008991	−0.047%	$208K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008991	−0.048%	$304	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008962	−0.369%	$1.6M	$4.2M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0505% / S −0.0415%	1h	0.008997	+0.020%	$128K	—	100x	as long as short
Kraken Futures PF_PENGUUSD	+0.0610%	1h	0.008970	−0.280%	$351K	$2.4M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2704%	1h	0.009010	+0.165%	$95K	$62K	50x	as long as short