Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0096%/8h= −10.5% APRpaid last 24h −0.028%

Price spread now: gTrade (Gains Network) against Orderly+0.069%7-day average — · you sell dearer than you buy

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

Long on Orderly 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 0.069% dearer against Orderly than usual: you sell high and buy low (spread +0.069% now, against zero (this spread has no 7-day history yet)): +$7 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 2.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_PENGU_USDC	0.008684	0.0099	pay 0.0050% / 4h	50m 05s	$23K	$130K	20x
Short	gTrade (Gains Network) PENGU/USD	0.008690	L +0.0007% / S −0.0003%	get 0.0000% / 1h	50m 05s	$32K	—	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) against Orderly. 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 OrderlybpFee gTrade (Gains Network)bpOrdersPrice spread, now +0.069%Rate

Funding earned: −$20.18
Price spread: +0.069% → 0.000%: $6.9
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Net: −$29.29
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; 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 Orderly no order-book sample	—	—	—	—	—
Sell gTrade (Gains Network) no order-book sample	—	—	—	—	—

Orderly and 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 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
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008688	+0.046%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USDshort	L +0.0007% / S −0.0003%	1h	0.008690	+0.069%	$32K	—	150x
Gate PENGU_USDT	+0.0016%	4h	0.008678	−0.069%	$3.3M	$15.5M	75x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+1.209%	$3K	$117K	5.5x	as long as short
01 Exchange PENGUUSD	+0.0048%	1h	0.008692	+0.092%	$199	$64	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008691	+0.081%	$309K	$712K	8x	as long as short
Orderly PERP_PENGU_USDClong	+0.0099%	4h	0.008684	long leg	$23K	$130K	20x
Nado PENGU-PERP	+0.0100%	1h	0.008691	+0.081%	$582K	$1.0M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008680	−0.046%	$8.1M	$14.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008687	+0.035%	$120K	$579K	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica PENGU	+0.0100%	1h	0.008691	+0.081%	$153K	$243K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008677	−0.085%	$36.1M	$161.3M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008670	−0.161%	$22.9M	$39.0M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008671	−0.150%	$7.2M	$46.3M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008690	+0.069%	$19K	$23K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008680	−0.046%	$11.0M	$12.3M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008687	+0.035%	$4.8M	$9.1M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008681	−0.035%	$8.2M	$12.3M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008685	+0.012%	—	$3.6M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008679	−0.058%	$296K	$293K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008695	+0.126%	$864K	$985K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008741	+0.660%	$459K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008743	+0.679%	$80K	$243K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008899	+2.476%	$2K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008686	+0.023%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008703	+0.219%	$91K	$372K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008682	−0.026%	$183K	$942K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008678	−0.069%	$200K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008687	+0.040%	$293	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008698	+0.161%	$1.5M	$3.5M	75x	as long as short
Kraken Futures PF_PENGUUSD	+0.0369%	1h	0.008692	+0.096%	$340K	$2.4M	50x	as long as short
dYdX PENGU-USD	+0.0404%	1h	0.008685	+0.008%	$11K	$5K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0509% / S −0.0439%	1h	0.008691	+0.081%	$128K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2928%	1h	0.008967	+3.259%	$95K	$61K	50x	as long as short