Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0260%/8h= +28.4% APRpaid last 24h +0.012%

Price spread now: Nado against Gate+0.040%50s7-day average +0.015% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$550.549% of the position

Long on Gate Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.046%−$5 on $10k

Price spread, last 3 days (all we have)+0.193%+$19 · spread now +0.040%, 7d avg +0.015%

Together, before fees+0.147%+ Points / potential airdropNado: Active · farm board+$15 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and Nado is 0.026% dearer against Gate than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.015%. The two prices were read 50 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.046% in total (about -5.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate PENGU_USDT	0.008742	−0.0266	get 0.0133% / 4h	31m 40s	$3.4M	$15.6M	75x
Short	Nado PENGU-PERP	0.008745	−0.0006	pay 0.0001% / 1h	31m 40s	$694K	$774K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now +0.040%Rate

Funding earned: $54.54
Price spread: +0.040% → +0.015%: $2.55
Slippage, 4 orders: −$32.85
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Nado: 3.5 bp × 2 orders: −$7
Net: $2.23
Costs to cover: 0.549%
Break-even: 6.7 days

Slippage from Gate: live order book, 2 min ago; Nado: live order book, 47 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, 2 min ago	1.72 bp	14.9 bp −$15	40.6 bp −$406	doesn't fit	doesn't fit
Sell Nado live order book, 47 min ago	1.71 bp	8.6 bp −$9	48.9 bp −$489	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
Kraken Futures PF_PENGUUSD	−0.0342%	1h	0.008751	+0.099%	$368K	$2.3M	50x	as long as short
Gate PENGU_USDTlong	−0.0266%	4h	0.008742	long leg	$3.4M	$15.6M	75x
Bybit PENGUUSDT	−0.0253%	4h	0.008740	−0.023%	$22.7M	$36.7M	75x	as long as short
01 Exchange PENGUUSD	−0.0232%	1h	0.008740	−0.023%	$200	$59	5x	as long as short
Variational Omni PENGU	−0.0189%	4h	0.008745	+0.040%	$799K	$802K	—	as long as short
Injective PENGU/USDC PERP	−0.0114%	1h	0.008789	+0.538%	$3K	$117K	5.5x	as long as short
Backpack PENGU_USDC_PERP	−0.0112%	1h	0.008744	+0.023%	$312K	$313K	10x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0093%	1h	0.008746	+0.046%	$19K	$9K	10x	as long as short
Nado PENGU-PERPshort	−0.0006%	1h	0.008745	+0.040%	$694K	$774K	5x
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008749	+0.084%	$33K	—	150x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX PENGU-USD	+0.0028%	1h	0.008750	+0.095%	$12K	$4K	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008749	+0.080%	$306K	$741K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008748	+0.069%	$23K	$186K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008745	+0.034%	$8.4M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008750	+0.090%	$188K	$468K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008745	+0.034%	$151K	$239K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008745	+0.034%	$36.2M	$154.5M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008746	+0.046%	$7.5M	$46.9M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008750	+0.092%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008746	+0.046%	$12.4M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008749	+0.080%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008750	+0.092%	$8.3M	$12.6M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008744	+0.023%	—	$3.9M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008753	+0.120%	$458K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008740	−0.023%	$80K	$254K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008959	+2.482%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008743	+0.011%	$999	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008759	+0.194%	$91K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008744	+0.023%	$180K	$622K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008740	−0.023%	$202K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008743	+0.007%	$295	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008751	+0.103%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0496% / S −0.0683%	1h	0.008748	+0.069%	$110K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2688%	1h	0.008788	+0.526%	$94K	$103K	50x	as long as short