Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h +0.231%

Price spread now: dYdX against Gate−0.147%61s7-day average — · you buy dearer than you sell

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

Long on Gate Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 6 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 −$3 a day on $10k at the current rate, and dYdX is 0.147% cheaper against Gate than usual: you would sell low and buy high (−$15 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 61 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate PENGU_USDT	0.008895	0.0100	pay 0.0050% / 4h	1h 31m	$3.6M	$18.2M	75x
Short	dYdX PENGU-USD	0.008882	0	get 0.0000% / 1h	31m 34s	$19K	$21K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now −0.147%Rate

Funding earned: −$21
Price spread: −0.147% → 0.000%: −$14.69
Slippage, 4 orders: no order book: not counted
Fee Gate: 7.5 bp × 2 orders: −$15
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$60.69
Costs to cover: 0.250%
Break-even: never at this rate

Slippage unknown: Gate: live order book, 5 min ago; dYdX: 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, 5 min ago	3.92 bp	19.3 bp −$19	61.3 bp −$613	doesn't fit	doesn't fit
Sell dYdX no order-book sample	—	—	—	—	—

dYdX: 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 exchanges

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
dYdX PENGU-USDshort	0.0000%	1h	0.008882	−0.147%	$19K	$21K	5x
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008879	−0.180%	$1K	$27K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008880	−0.169%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−1.192%	$3K	$117K	5.5x	as long as short
Kraken Futures PF_PENGUUSD	+0.0065%	1h	0.008893	−0.023%	$328K	$2.7M	50x	as long as short
01 Exchange PENGUUSD	+0.0080%	1h	0.008846	−0.551%	$202	$141	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008901	+0.067%	$318K	$709K	8x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008902	+0.079%	$8.6M	$17.6M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008900	+0.059%	$107K	$786K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008897	+0.022%	$134K	$224K	5x	as long as short

Show all 34 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance PENGUUSDT	+0.0100%	4h	0.008905	+0.108%	$38.5M	$195.0M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008899	+0.045%	$23.7M	$47.2M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008905	+0.112%	$8.3M	$55.8M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008900	+0.056%	$18K	$26K	5x	as long as short
Gate PENGU_USDTlong	+0.0100%	4h	0.008895	long leg	$3.6M	$18.2M	75x
MEXC PENGU_USDT	+0.0100%	4h	0.008898	+0.034%	$12.4M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008897	+0.022%	$5.1M	$10.5M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008903	+0.090%	$8.5M	$14.1M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008890	−0.056%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008892	−0.034%	$296K	$367K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008914	+0.216%	$883K	$1.2M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008895	0.000%	$463K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008910	+0.169%	$80K	$247K	50x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008900	+0.056%	$635K	$1.1M	5x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008881	−0.157%	$23K	$357K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009091	+2.203%	$2K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008886	−0.101%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008896	+0.011%	$93K	$369K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008897	+0.024%	$179K	$742K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008883	−0.135%	$205K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0241%	1h	0.008886	−0.101%	$300	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008869	−0.292%	$1.6M	$5.4M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0431% / S −0.0359%	1h	0.008913	+0.202%	$103K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2136%	1h	0.008905	+0.112%	$81K	$92K	50x	as long as short