Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0097%/8h= −10.6% APRpaid last 24h −0.029%

Price spread now: gTrade (Gains Network) against OKX+0.168%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on OKX Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. gTrade (Gains Network) is 0.168% dearer against OKX than usual: you sell high and buy low (spread +0.168% now, against zero (this spread has no 7-day history yet)): +$17 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 5.8 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX PENGU-USDT-SWAP	0.008814	0.0100	pay 0.0050% / 4h	2h 25m	$7.5M	$47.6M	50x
Short	gTrade (Gains Network) PENGU/USD	0.008829	L +0.0007% / S −0.0003%	get 0.0000% / 1h	25m 07s	$33K	—	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) against OKX. 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 OKXbpFee gTrade (Gains Network)bpOrdersPrice spread, now +0.168%Rate

Funding earned: −$20.38
Price spread: +0.168% → 0.000%: $16.78
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Net: −$23.6
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: OKX: live order book, 4 min ago; gTrade (Gains Network): no order-book sample. Net counts fees only.

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 OKX live order book, 4 min ago	0.56 bp	12.7 bp −$13	27.8 bp −$278	doesn't fit	doesn't fit
Sell gTrade (Gains Network) no order-book sample	—	—	—	—	—

gTrade (Gains Network): no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

PENGU on 33 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	0.008827	+0.147%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USDshort	L +0.0007% / S −0.0003%	1h	0.008829	+0.168%	$33K	—	150x
Gate PENGU_USDT	+0.0022%	4h	0.008816	+0.023%	$3.4M	$15.6M	75x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.284%	$3K	$117K	5.5x	as long as short
Variational Omni PENGU	+0.0043%	4h	0.008835	+0.239%	$879K	$1.0M	—	as long as short
01 Exchange PENGUUSD	+0.0080%	1h	0.008832	+0.204%	$202	$64	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008833	+0.216%	$312K	$707K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008829	+0.170%	$19K	$161K	20x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008820	+0.068%	$8.3M	$14.9M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008827	+0.144%	$143K	$508K	20x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica PENGU	+0.0100%	1h	0.008820	+0.068%	$155K	$245K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008819	+0.057%	$37.7M	$157.4M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008811	−0.034%	$23.1M	$38.3M	75x	as long as short
OKX PENGU-USDT-SWAPlong	+0.0100%	4h	0.008814	long leg	$7.5M	$47.6M	50x
Arcus PENGU-USD	+0.0100%	1h	0.008830	+0.182%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008819	+0.057%	$12.0M	$12.9M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008822	+0.091%	$4.7M	$9.1M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008821	+0.079%	$8.3M	$12.7M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008806	−0.091%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008815	+0.011%	$302K	$304K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008842	+0.314%	$474K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008806	−0.091%	$80K	$249K	50x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008825	+0.125%	$594K	$988K	5x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009047	+2.644%	$2K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008825	+0.125%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008847	+0.374%	$94K	$337K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008824	+0.109%	$182K	$939K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008824	+0.113%	$204K	—	3x	as long as short
Kraken Futures PF_PENGUUSD	+0.0209%	1h	0.008836	+0.248%	$362K	$2.3M	50x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008824	+0.116%	$298	—	10x	as long as short
dYdX PENGU-USD	+0.0278%	1h	0.008823	+0.108%	$12K	$4K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0513% / S −0.0708%	1h	0.008829	+0.170%	$115K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1352%	1h	0.008967	+1.736%	$95K	$94K	50x	as long as short