Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0410%/8h= +44.9% APRpaid last 24h +0.015%

Price spread now: Pacifica against Gate+0.080%7-day average +0.022% · you sell dearer than you buy

Net, funding: paid 7d − costs−$46as in the Funding arb table

Net, price: spread back to 7d avg − costs−$51as in the Price arb table

costs, in and out, $10k−$570.571% of the position

Long on Gate Short on Pacifica

What this pair did over the last

the charts below follow

Funding, last 7 days+0.111%+$11 on $10k

Price spread, last 4 days (all we have)−0.112%−$11 · spread now +0.080%, 7d avg +0.022%

Together, before fees−0.001%+ Points / potential airdropPacifica: Active · farm board$0 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$12 a day on $10k at the current rate, and Pacifica is 0.058% dearer against Gate than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.022%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.111% in total (about 5.8% 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	0.008735	−0.0310	get 0.0155% / 4h	16m 03s	$3.4M	$15.7M	75x
Short	Pacifica PENGU	0.008742	0.0100	get 0.0013% / 1h	16m 03s	$151K	$239K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Pacifica 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 PacificabpOrdersPrice spread, now +0.080%Rate

Funding earned: $86.1
Price spread: +0.080% → +0.022%: $5.77
Slippage, 4 orders: −$34.15
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Pacifica: 4 bp × 2 orders: −$8
Net: $34.72
Costs to cover: 0.571%
Break-even: 4.2 days

Slippage from Gate: live order book, 3 min ago; Pacifica: live order book, 62 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, 3 min ago	2.29 bp	13.5 bp −$13	41.0 bp −$410	doesn't fit	doesn't fit
Sell Pacifica live order book, 62 min ago	2.84 bp	16.6 bp −$17	doesn't fit	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	0.008748	+0.148%	$368K	$2.3M	50x	as long as short
Bybit PENGUUSDT	−0.0322%	4h	0.008733	−0.023%	$22.7M	$36.8M	75x	as long as short
Gate PENGU_USDTlong	−0.0310%	4h	0.008735	long leg	$3.4M	$15.7M	75x
Variational Omni PENGU	−0.0295%	4h	0.008731	−0.043%	$767K	$832K	—	as long as short
01 Exchange PENGUUSD	−0.0264%	1h	0.008733	−0.023%	$200	$59	5x	as long as short
Backpack PENGU_USDC_PERP	−0.0165%	1h	0.008738	+0.034%	$311K	$313K	10x	as long as short
Injective PENGU/USDC PERP	−0.0114%	1h	0.008789	+0.618%	$3K	$117K	5.5x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0093%	1h	0.008741	+0.069%	$19K	$9K	10x	as long as short
Nado PENGU-PERP	−0.0013%	1h	0.008743	+0.092%	$695K	$776K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008742	+0.085%	$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	+0.0021%	1h	0.008747	+0.132%	$12K	$4K	5x	as long as short
GRVT PENGU_USDT_Perp	+0.0088%	4h	0.008733	−0.020%	$457K	$2.1M	10x	as long as short
Lighter PENGU	+0.0096%	1h	0.008740	+0.057%	$306K	$741K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008741	+0.069%	$23K	$186K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008741	+0.069%	$8.4M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008746	+0.122%	$188K	$470K	20x	as long as short
Pacifica PENGUshort	+0.0100%	1h	0.008742	+0.080%	$151K	$239K	5x
Binance PENGUUSDT	+0.0100%	4h	0.008737	+0.029%	$36.2M	$154.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008740	+0.057%	$7.5M	$47.0M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008740	+0.057%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008740	+0.057%	$12.4M	$12.6M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008743	+0.092%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008744	+0.103%	$8.3M	$12.7M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008730	−0.057%	—	$2.3M	—	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008744	+0.103%	$80K	$254K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008954	+2.507%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008738	+0.034%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008760	+0.286%	$91K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008736	+0.015%	$180K	$622K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008735	0.000%	$202K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008737	+0.027%	$295	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008736	+0.011%	$1.5M	$2.8M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0496% / S −0.0683%	1h	0.008741	+0.069%	$110K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2688%	1h	0.008768	+0.378%	$93K	$103K	50x	as long as short