Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.1564%/8h= +171.3% APRpaid last 24h +0.683%

Price spread now: Coinbase International against Gate+1.096%7-day average — · you sell dearer than you buy

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

Long on Gate Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+1.932%+$193 on $10k

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 +$47 a day on $10k at the current rate, and Coinbase International is 1.096% dearer against Gate than usual: you sell high and buy low: +$110 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate PENGU_USDT	0.009036	0.0100	pay 0.0050% / 4h	1h 07m	$3.7M	$17.6M	75x
Short	Coinbase International PENGU-PERP-INTX	0.009135	0.1664	get 0.0208% / 1h	7m 52s	$80K	$70K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Gate. 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 GatebpFee Coinbase InternationalbpOrdersPrice spread, now +1.096%Rate

Funding earned: $328.44
Price spread: +1.096% → 0.000%: $109.56
Slippage, 4 orders: no order book: not counted
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $413
Costs to cover: 0.250%
Break-even: from the start

Slippage unknown: Gate: live order book, 1 min ago; Coinbase International: no order-book sample. 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 Gate live order book, 1 min ago	3.32 bp	14.9 bp −$15	39.9 bp −$399	doesn't fit	doesn't fit
Sell Coinbase International no order-book sample	—	—	—	—	—

Coinbase International: 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
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009045	+0.097%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−2.734%	$3K	$117K	5.5x	as long as short
Lighter PENGU	+0.0096%	1h	0.009041	+0.055%	$325K	$771K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009041	+0.055%	$637K	$1.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009045	+0.099%	$143K	$716K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009037	+0.011%	$136K	$260K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009036	+0.001%	$39.4M	$189.9M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.009026	−0.111%	$24.0M	$44.3M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009030	−0.066%	$8.0M	$54.7M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.009040	+0.044%	$18K	$25K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate PENGU_USDTlong	+0.0100%	4h	0.009036	long leg	$3.7M	$17.6M	75x
MEXC PENGU_USDT	+0.0100%	4h	0.009039	+0.033%	$11.0M	$13.0M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009046	+0.111%	$5.1M	$10.2M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009041	+0.055%	$8.7M	$13.9M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.009033	−0.033%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009040	+0.044%	$295K	$368K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.009045	+0.098%	$921K	$1.1M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009055	+0.211%	$475K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009057	+0.232%	$80K	$252K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009046	+0.111%	$23K	$243K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009266	+2.545%	$3K	$2.2M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009046	+0.111%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009056	+0.221%	$93K	$404K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009038	+0.027%	$185K	$523K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009043	+0.077%	$209K	—	3x	as long as short
Hyperliquid PENGU	+0.0205%	1h	0.009041	+0.055%	$9.0M	$16.3M	5x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.009044	+0.090%	$305	—	10x	as long as short
Deribit PENGU_USDC-PERPETUAL	+0.0303%	1h	0.009051	+0.166%	$1K	$29K	10x	as long as short
01 Exchange PENGUUSD	+0.0328%	1h	0.009038	+0.022%	$207	$60	5x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009051	+0.166%	$1.6M	$4.9M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0442% / S −0.0368%	1h	0.009045	+0.100%	$107K	—	100x	as long as short
dYdX PENGU-USD	+0.0564%	1h	0.009043	+0.079%	$12K	$6K	5x	as long as short
Kraken Futures PF_PENGUUSD	+0.0674%	1h	0.009051	+0.165%	$336K	$2.5M	50x	as long as short
Coinbase International PENGU-PERP-INTXshort	+0.1664%	1h	0.009135	+1.096%	$80K	$70K	50x