Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.033%

Price spread now: Lighter against Gate+0.200%7-day average +0.050% · you sell dearer than you buy

Net, funding: paid 7d − costs−$49as in the Funding arb table

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$580.583% of the position

Long on Gate Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.089%+$9 on $10k

Price spread, last 4 days (all we have)−0.207%−$21 · spread now +0.200%, 7d avg +0.050%

Together, before fees−0.118%+ Points / potential airdropLighter: Season 3 · farm board−$12 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Lighter is 0.150% dearer against Gate than usual: you sell high and buy low, +$15 on $10k if it goes back to its 7-day average of +0.050%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate PENGU_USDT	0.009016	0.0100	pay 0.0050% / 4h	59m 07s	$3.6M	$17.4M	75x
Short	Lighter PENGU	0.009034	0.0096	get 0.0012% / 1h	59m 07s	$324K	$769K	8x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.200%Rate

Funding earned: −$0.84
Price spread: +0.200% → +0.050%: $15.01
Slippage, 4 orders: −$43.28
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Lighter: 0 bp × 2 orders: $0
Net: −$44.1
Costs to cover: 0.583%
Break-even: never at this rate

Slippage from Gate: live order book, 5 min ago; Lighter: live order book, 41 min ago.

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	2.21 bp	14.7 bp −$15	46.4 bp −$464	doesn't fit	doesn't fit
Sell Lighter live order book, 41 min ago	5.52 bp	10.1 bp −$10	77.1 bp −$771	doesn't fit	doesn't fit

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
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.009032	+0.177%	$1K	$29K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009028	+0.129%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−2.518%	$3K	$117K	5.5x	as long as short
Lighter PENGUshort	+0.0096%	1h	0.009034	+0.200%	$324K	$769K	8x
Nado PENGU-PERP	+0.0100%	1h	0.009027	+0.122%	$637K	$1.1M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.009027	+0.122%	$9.0M	$16.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009026	+0.111%	$142K	$716K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009029	+0.144%	$136K	$264K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.009021	+0.055%	$39.3M	$190.2M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.009013	−0.033%	$24.2M	$44.6M	75x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009015	−0.011%	$8.0M	$54.7M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.009030	+0.155%	$18K	$25K	5x	as long as short
Gate PENGU_USDTlong	+0.0100%	4h	0.009016	long leg	$3.6M	$17.4M	75x
MEXC PENGU_USDT	+0.0100%	4h	0.009024	+0.089%	$10.9M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009023	+0.078%	$5.0M	$10.2M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009022	+0.067%	$8.7M	$13.9M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.009020	+0.044%	—	$3.8M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.009018	+0.022%	$295K	$368K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.009035	+0.210%	$921K	$1.1M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.009042	+0.294%	$474K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.009045	+0.322%	$79K	$252K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009031	+0.166%	$23K	$250K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009250	+2.595%	$3K	$2.2M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.009029	+0.144%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009043	+0.299%	$93K	$404K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009026	+0.111%	$185K	$523K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009023	+0.078%	$208K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0240%	1h	0.009026	+0.113%	$305	—	10x	as long as short
01 Exchange PENGUUSD	+0.0304%	1h	0.009034	+0.200%	$207	$60	5x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009035	+0.211%	$1.6M	$4.9M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0442% / S −0.0368%	1h	0.009027	+0.122%	$106K	—	100x	as long as short
Kraken Futures PF_PENGUUSD	+0.0540%	1h	0.009035	+0.205%	$337K	$2.5M	50x	as long as short
dYdX PENGU-USD	+0.0543%	1h	0.009031	+0.165%	$12K	$6K	5x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1928%	1h	0.009135	+1.320%	$80K	$70K	50x	as long as short