Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0490%/8h= −53.7% APRpaid last 24h −0.011%

Price spread now: Gate against Nado−0.029%7-day average −0.013% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$52as in the Price arb table

costs, in and out, $10k−$500.502% of the position

Long on Nado Short on Gate

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.048%+$5 on $10k

Price spread, last 3 days (all we have)−0.383%−$38 · spread now −0.029%, 7d avg −0.013%

Together, before fees−0.335%+ Points / potential airdropNado: Active · farm board−$33 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.013%, so right now this pair is about funding alone: −$15 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.048% in total (about 5.7% 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	Nado PENGU-PERP	0.008634	0.0100	pay 0.0012% / 1h	39m 26s	$670K	$758K	5x
Short	Gate PENGU_USDT	0.008632	−0.0390	pay 0.0195% / 4h	2h 39m	$3.4M	$15.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Nado. 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 NadobpFee GatebpOrdersPrice spread, now −0.029%Rate

Funding earned: −$102.9
Price spread: −0.029% → −0.013%: −$1.58
Slippage, 4 orders: −$28.21
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$154.7
Costs to cover: 0.502%
Break-even: never at this rate

Slippage from Nado: live order book, 48 min ago; Gate: live order book, 4 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 Nado live order book, 48 min ago	1.14 bp	10.3 bp −$10	21.6 bp −$216	doesn't fit	doesn't fit
Sell Gate live order book, 4 min ago	4.04 bp	15.8 bp −$16	40.3 bp −$403	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	−0.0552%	1h	0.008674	+0.452%	$384K	$2.1M	50x	as long as short
Gate PENGU_USDTshort	−0.0390%	4h	0.008632	−0.029%	$3.4M	$15.3M	75x
Bybit PENGUUSDT	−0.0246%	4h	0.008634	−0.006%	$22.5M	$35.8M	75x	as long as short
Backpack PENGU_USDC_PERP	−0.0170%	1h	0.008672	+0.434%	$309K	$316K	10x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	+0.932%	$3K	$81K	5.5x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0096%	1h	0.008669	+0.400%	$19K	$9K	10x	as long as short
dYdX PENGU-USD	0.0000%	1h	0.008649	+0.174%	$11K	$4K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008645	+0.122%	$33K	—	150x	as long as short
01 Exchange PENGUUSD	+0.0016%	1h	0.008636	+0.017%	$198	$59	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008646	+0.133%	$293K	$719K	8x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado PENGU-PERPlong	+0.0100%	1h	0.008634	long leg	$670K	$758K	5x
Hyperliquid PENGU	+0.0100%	1h	0.008646	+0.133%	$8.7M	$15.1M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008651	+0.195%	$171K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008642	+0.087%	$142K	$232K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008637	+0.029%	$35.7M	$150.9M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008639	+0.052%	$7.6M	$46.2M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008640	+0.064%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008639	+0.052%	$12.7M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008639	+0.052%	$4.7M	$8.7M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008640	+0.064%	$8.2M	$12.5M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008637	+0.029%	—	$3.9M	—	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008661	+0.302%	$794K	$713K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008663	+0.333%	$453K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008667	+0.376%	$79K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008669	+0.400%	$21K	$184K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008879	+2.832%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008666	+0.365%	$980	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008691	+0.654%	$91K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008630	−0.047%	$177K	$681K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008665	+0.353%	$200K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008642	+0.084%	$292	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008664	+0.342%	$1.5M	$2.6M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0490% / S −0.0675%	1h	0.008669	+0.400%	$108K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008903	+3.110%	$94K	$97K	50x	as long as short