Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0176%/8h= −19.3% APRpaid last 24h −0.034%

Price spread now: Gate against Lighter−0.114%7-day average −0.049% · you buy dearer than you sell

Net, funding: paid 7d − costs−$78as in the Funding arb table

Net, price: spread back to 7d avg − costs−$74as in the Price arb table

costs, in and out, $10k−$670.674% of the position

Long on Lighter Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.106%−$11 on $10k

Price spread, last 4 days (all we have)+0.122%+$12 · spread now −0.114%, 7d avg −0.049%

Together, before fees+0.016%+ Points / potential airdropLighter: Season 3 · farm board+$2 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Gate is 0.065% cheaper against Lighter than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.049%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PENGU	0.008738	0.0096	pay 0.0012% / 1h	55m 13s	$303K	$698K	8x
Short	Gate PENGU_USDT	0.008728	−0.0080	pay 0.0040% / 4h	2h 55m	$3.4M	$15.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Lighter. 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 LighterbpFee GatebpOrdersPrice spread, now −0.114%Rate

Funding earned: −$36.96
Price spread: −0.114% → −0.049%: −$6.52
Slippage, 4 orders: −$52.36
Fee Lighter: 0 bp × 2 orders: $0
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$110.84
Costs to cover: 0.674%
Break-even: never at this rate

Slippage from Lighter: live order book, 10 min ago; Gate: live order book, 3 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 Lighter live order book, 10 min ago	3.92 bp	23.9 bp −$24	91.9 bp −$919	doesn't fit	doesn't fit
Sell Gate live order book, 3 min ago	3.99 bp	18.4 bp −$18	48.5 bp −$485	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
ApeX Omni PENGUUSDT	−0.1869%	1h	0.008781	+0.492%	$80K	$249K	50x	as long as short
Nado PENGU-PERP	−0.0170%	1h	0.008722	−0.186%	$518K	$898K	5x	as long as short
Variational Omni PENGU	−0.0113%	4h	0.008707	−0.353%	$863K	$1.0M	—	as long as short
Gate PENGU_USDTshort	−0.0080%	4h	0.008728	−0.114%	$3.4M	$15.3M	75x
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008733	−0.057%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008738	−0.005%	$32K	—	150x	as long as short
01 Exchange PENGUUSD	+0.0016%	1h	0.008723	−0.172%	$200	$59	5x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.584%	$3K	$117K	5.5x	as long as short
Lighter PENGUlong	+0.0096%	1h	0.008738	long leg	$303K	$698K	8x
Orderly PERP_PENGU_USDC	+0.0097%	4h	0.008734	−0.046%	$19K	$179K	20x	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	+0.0100%	1h	0.008724	−0.165%	$12K	$4K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008726	−0.137%	$8.2M	$15.3M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008727	−0.126%	$168K	$485K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008729	−0.103%	$151K	$240K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008738	+0.002%	$36.9M	$156.5M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008732	−0.069%	$22.8M	$37.8M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008733	−0.057%	$7.5M	$47.1M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008730	−0.092%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008734	−0.046%	$12.3M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008736	−0.023%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008735	−0.034%	$8.3M	$12.6M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008726	−0.137%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008705	−0.378%	$298K	$327K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008748	+0.110%	$457K	$2.0M	10x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008948	+2.403%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008733	−0.057%	$999	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008735	−0.034%	$90K	$303K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008729	−0.103%	$180K	$940K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008733	−0.057%	$202K	—	3x	as long as short
Kraken Futures PF_PENGUUSD	+0.0212%	1h	0.008744	+0.071%	$362K	$2.3M	50x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008723	−0.168%	$295	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008732	−0.069%	$1.5M	$3.2M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0498% / S −0.0683%	1h	0.008731	−0.080%	$110K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1352%	1h	0.008967	+2.621%	$95K	$104K	50x	as long as short